As nations find themselves in a stalemate at the ongoing UN climate talks, there are rising hopes that the G20 leaders gathering thousands of miles away may spark vital support for a resolution aimed at aiding developing nations.
Stranded halfway through a two-week-long negotiation period housed in a vast arena in Azerbaijan, diplomats are struggling to inch closer to an agreement that could ultimately decide the fate of COP29.
The government ministers diving into discussions in Baku are racing against the clock, with a deadline looming on Friday to resolve the deadlock surrounding essential financial assistance for the developing world in its battle against climate change.
The pressure on G20 leaders is palpable; many are urging them to leverage their influence during the upcoming annual summit in Brazil to back the faltering negotiations.
As UN Secretary-General António Guterres pointed out, “The spotlight is naturally on the G20. They account for 80 percent of global emissions,” emphasizing the need for this pivotal group to “lead by example.”
With the conference kicking off amidst the shadowy backdrop of Donald Trump’s re-election in the U.S., the momentum to solidify global commitment to combat climate change took another blow when Argentina’s delegation pulled out of the summit.
The near 200 countries involved in COP29 are trying to hammer out a fresh agreement that will enable developing nations to secure the financial support necessary to reduce their greenhouse gas emissions and bolster resilience against increasingly severe climate events.
According to independent economists working with the UN, this undertaking will necessitate a staggering $1 trillion (€948 billion) annually in external assistance by the end of the decade, focused on developing nations—excluding China.
Countries most susceptible to climate threats are advocating for a substantial portion of this funding to come from wealthier nations. However, donor countries argue that they cannot shoulder this burden alone, insisting that the involvement of the private sector is crucial.
At the same time, calls are emerging for affluent emerging economies—most notably China, which isn’t bound by climate finance obligations—to also contribute to this collective responsibility.
On the front lines of this financial debate, the European Union stands out as the largest contributor to international climate finance. Yet, it faces political headwinds and budgetary strains, leaving it potentially vulnerable should the U.S. opt out under Trump.
While the pace of negotiations in Baku has been sluggish, a recent meeting between Chinese and European delegates offered a glimmer of optimism amid an otherwise dreary atmosphere.
Azerbaijan, the host of COP29, is grappling with its lack of diplomatic proficiency at a critical juncture when decisive leadership is vital. Observers suggest that these negotiations are among the most intricate seen in years.
Adding to the tension, Azerbaijani President Ilham Aliyev attracted criticism for his defense of fossil fuel usage, while his controversial comments regarding France’s colonial past led to the cancellation of a planned attendance by Paris’s climate envoy.
Apart from the financing impasse, a brewing dispute is gaining traction over whether nations should recommit to the pivotal pledge made last year aimed at steering away from fossil fuels altogether.
The differing opinions on incorporating this contentious subject into the formal agenda delayed the opening of the summit for several hours on the very first day.
“We are extremely disappointed” that discussions around emission reductions have boiled down to little more than “a blank page” at COP29, lamented Veronika Skolasztika Bagi, who was speaking on behalf of the European Union.
Edited by: Ali Musa
alimusa@axadletimes.com
Axadle international–Monitoring
