Countries at UN climate summit under pressure with no finance deal entering final day
The United Nations climate summit, COP29, has entered its final day without accomplishing significant progress on the crucial objectives related to climate finance. Since its inception, COP29 has focused on securing financial commitments from wealthier nations to support developing countries in handling the consequences of extreme weather events and adapting to an increasingly warming world. This sum is estimated to exceed $1 trillion, yet the drafts from discussions over the past weeks have failed to specify the financial commitments, leaving developing nations frustrated and concerned.
It’s not uncommon for negotiations to extend beyond deadlines, primarily due to the push on affluent nations to account for the consequences of historical emissions from extensive fossil fuel usage. These delays place additional strain on Azerbaijan, the petroleum-rich host country of this year’s Conference of Parties.
In a Thursday evening statement, the COP29 presidency hinted at progress, suggesting that a financial framework was beginning to develop and mentioned the release of new draft texts aimed to foster constructive negotiations towards a much-needed outcome.
The climate summit saw COP29 President Mukhtar Babayev organizing a Qurultay, a traditional Azerbaijani assembly, to facilitate open dialogue among negotiators. Babayev promised efforts to find a “path forward” concerning future negotiations.
Independent analysts argue for at least $1 trillion in financing to steer away from fossil fuels, transition to sustainable energy resources such as solar and wind power, and address the impacts of extreme weather events as well as the necessities of climate adaptation.
Panama’s Juan Carlos Monterrey Gomez voiced frustration, describing the lack of transparent commitment as disrespectful to nations most vulnerable to climate changes. He urged developed nations to present a serious financial proposal, emphasizing that the current scenario feels dismissive of the current crisis faced by these countries.
Esa Ainuu from Niue, a small Pacific island, criticized the absence of a specified financial figure in the since-released draft deal, underlining its significance for Pacific nations that have no alternative but to bear the brunt of climate change directly. “If the finance doesn’t bring any positive outcome, what’s the point of attending COP meetings?” Ainuu questioned.
Expressing his dissatisfaction, Mohamed Adow of Power Shift Africa commented on the disappointing financial drafts as representatives from across the globe hoped for concrete commitments rather than vague assurances.
Other pertinent topics like pledging to reduce fossil fuel consumption and climate change adaptation strategies are still under intense negotiation, but there has been little advancement. European delegations and the United States have called for firmer actions to transition from fossil fuels compared to last year’s declarations.
Jennifer Morgan, the leader of Germany’s delegation, criticized the current proposal texts as insufficient in advancing emissions reductions globally, stressing the urgent need for a more effective response to global suffering caused by climate change.
The United States’ climate envoy, John Podesta, expressed surprise concerning the absence of continuity from previous dealings in last year’s discussions in Dubai. Although the U.S., historically a major polluter, has maintained a minimal role in the talks, it remains imperative for the global leadership in climate issues.
Earlier in the week, a meeting of the 20 strongest economies in Brazil notably lacked discussion about reducing reliance on fossil fuels. United Nations Secretary-General Antonio Guterres, present at the meeting, emphasized the imperative nature of phasing out fossil fuels to limit global temperature rise to 1.5 degrees Celsius, vowing that a transition is inevitable despite the formal language being negotiated.
As the summit draws to a close, the pressure mounts on global leaders to ensure that actionable commitments are solidified to mitigate the ongoing climate crisis, a collective initiative crucial for the survival and prosperity of future generations.
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