The COP29 climate summit, currently taking place in Azerbaijan, is commanding the attention of participants and observers around the world. At the heart of the discussions is a new draft text that is generating intense discussion, particularly on financing from developed countries to help developing countries accelerate their transition to clean energy sources and adapt to climate change.
However, one crucial point missing from the draft is the exact amount that rich nations are prepared to pay. This omission threatens to jeopardize the conclusion of a concrete agreement at these crucial negotiations. Indeed, estimates of climate finance needs amount to $1.3 trillion for developing countries, while current contributions from the richest nations amount to only a few hundred billion dollars.
According to Ali Mohamed, chair of the African Group of Negotiators, it is imperative to clarify the sums at stake to reach a fair agreement. This raises a major issue that threatens the resolution of the discussions. Negotiators must also find common ground on other essential aspects: the distribution between grants and loans, as well as the contributions of each country.
Andreas Sieber of the environmental organization 350.org expresses his concern about the lack of clear leadership from island countries and the European Union. He stresses the urgency of moving forward on the energy transition, while highlighting the reluctance in terms of financing. In addition, Iskander Erzini Vernoit of the Moroccan Initiative for Climate and Development deplores the lack of concrete figures and serious commitment from developed countries at this stage of the negotiations.
While the discussions seem to be getting bogged down and the horizon of an agreement still looms far away, experts are calling for more mobilization and cooperation to overcome the current obstacles. The COP29 summit appears to be heading towards a conclusion between suspense and extra time, continuing in the tradition of previous years where talks have often concluded in a climate of tension and uncertainty.