Fri Nov 22 11:37:23 UTC 2024: ## COP29 Stalls on Climate Finance and Emission Goals Amidst Deep Divisions

**Baku, Azerbaijan** – The COP29 climate summit in Baku is nearing its conclusion without a finalized agreement on crucial climate finance and emission reduction targets. Negotiations have been hampered by significant disagreements between developed and developing nations, threatening the summit’s success.

The central sticking point revolves around the “New Collective Quantified Goal” (NCQG), which aims to establish a new annual funding target for developed countries to assist developing nations in tackling climate change. While a previous pledge of $100 billion annually expires in 2025, the goal at COP29 was to agree on a tenfold increase to at least $1 trillion annually from 2026.

Developing nations, including India and China, are demanding $1.3 trillion annually, citing the Independent High-Level Expert Group on Climate Finance’s cost estimates for keeping global warming below 2 degrees Celsius. They insist this funding is a legal obligation under the Paris Agreement, not charity, and are critical of developed countries prioritizing emission reduction goals without sufficient financial commitments. Concerns have also been raised about the reliance on loans rather than grants, further burdening already indebted nations. The source of funding – whether from governments, multilateral banks, or the private sector – remains a major point of contention. Developing countries are pushing for prioritizing public finance, citing concerns about the accessibility and adequacy of market-based mechanisms.

Developed countries, however, are pushing for a broader contributor base, including emerging economies like China, a proposal fiercely resisted by developing nations as a violation of the Paris Agreement. The potential withdrawal of the US under a Trump presidency further complicates the financial picture.

With negotiations stalled, the Azerbaijani presidency has tasked ministers from Egypt and Australia with resolving the impasse on the NCQG’s structure, contributors, and funding amount. Ministers from Norway and South Africa are tackling the parallel challenge of defining emission reduction goals.

While the summit has yielded a COP29 Declaration endorsing sustainable practices within the tourism sector, the lack of progress on core climate finance and emission reduction targets casts a long shadow over the conference’s overall success. The looming failure to reach an agreement underscores the deep divisions and challenges in achieving global cooperation on climate action.

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