BAKU: Negotiators at the COP29 UN climate summit are racing against time to secure a breakthrough trillion-dollar deal to assist poorer nations in combating global warming after both developed and developing nations rejected an initial draft proposal.
The summit, originally scheduled to conclude on Friday, is expected to extend into overtime as the Azerbaijani hosts scramble to revise the contentious draft. The primary goal of COP29 is to establish a new funding framework to succeed the $100 billion annual pledge by wealthy nations, focusing on emissions reductions and climate adaptation.
Developing countries, backed by China, are demanding $1.3 trillion annually by 2030, with at least $500 billion sourced from developed nations. However, major contributors like the European Union argue that private sector investments must also be included in the total.
The initial draft acknowledged the need for “USD [X] trillion” annually but failed to specify a figure, prompting frustration among key negotiating blocs. “The time for political games is over,” declared Cedric Schuster, chair of the Alliance of Small Island States, emphasizing the urgency of addressing rising sea levels threatening member nations.
Ali Mohamed, chair of the African Group of Negotiators and Kenya’s climate envoy, described the missing funding figure as the “elephant in the room,” stressing that reaching an agreement on this number is central to the summit’s purpose.
Azerbaijan has promised a revised draft with concrete figures later on Thursday. Meanwhile, UN Secretary-General Antonio Guterres, returning to Baku, urged negotiators to move beyond entrenched positions and make a “final push” toward a decisive agreement.
