BAKU: COP29 has been marked by contentious negotiations as developed and developing nations clash over the New Collective Quantified Goal for climate finance. Progress remains slow, with only limited advances in carbon market standards under Article 6.4 of the Paris Agreement. Disputes over the rushed adoption of these guidelines highlight lingering disagreements on carbon credits, deemed by activists as “false solutions.”
Key sticking points include the operationalisation of the Loss and Damage (L&D) Fund. Established at COP27, the fund remains nearly empty, with only $10 million of the $700 million pledged at COP28 materialising. Experts, including Arif Goheer of Pakistan, emphasize the urgency of equipping the fund to address vulnerabilities and provide immediate disaster relief.
The conference has also seen a delay in the Global Stocktake, critical for revising Nationally Determined Contributions (NDCs) by 2025. Disputes over adaptation financing have further stalled progress, while activists have criticized the presence of 1,700 fossil fuel lobbyists, intensifying their call to “Kick Big Polluters Out.”
As COP29 enters its second phase, ministers will face the daunting task of forging an agreement that bridges the divide between developed and developing nations, while the spotlight turns to Brazil, the next COP host.
Story by Zaki Abbas in Baku
