BAKU, Azerbaijan – Intense negotiations carried on late into Saturday night at the Cop29 UN conference as countries from around the world clashed over a new trillion-dollar global deal to combat the climate crisis. The main point of contention revolved around the amount of funding required, with rich nations proposing $300 billion annually out of the $1.3 trillion needed, leaving the rest to be sourced from various other avenues including potential new taxes and private investors.
Disagreements arose as poor nations argued that the proposed amount was insufficient, expressing concerns that relying on loans or the private sector could exacerbate their debt burdens. Ali Mohamed, Kenya’s climate change envoy, representing the African group of negotiators, emphasized the importance of grants and loans at very low interest rates from developed countries, proposing that $600 billion of the required funds should come from this source to effectively combat climate change.
The day was marked by tension and dramatic developments in Baku, Azerbaijan’s capital, where the conference was scheduled to wrap up on Friday night but faced extended deliberations. Developed countries, including the UK, the US, and EU members, were pressured into increasing their initial offer of $250 billion per year to $300 billion early in the day. This move was met with resistance from poorer countries, leading to two groups representing some of the world’s most impoverished nations walking out of a crucial meeting in the evening, placing the negotiations at risk of collapse.
Throughout the discussions, allegations were levied against Saudi Arabia for disrupting the talks, with attempts to alter official negotiating texts without full consultation. Countries like Ireland condemned the fossil fuel interests for hindering progress and endangering the world. Germany’s foreign minister accused the host country, Azerbaijan, of favoring countries like Saudi Arabia, which rely heavily on fossil fuel production.
Amid speculations about postponed agreements and challenges posed by fossil-fuel producing nations, hopes remained for a transformative deal as delegates continued to engage in discussions late into the night. The focus remained on delivering substantial finance to address the urgent needs of communities impacted by the escalating climate crisis, emphasizing the importance of justice and equity in climate solutions.
