The United Nations climate talks, COP29, have been hindered by disagreements over funding for climate change mitigation efforts. Wealthier nations have offered to double their annual contributions to $250bn, but this has been rejected by poorer countries as being too low.
Background
The United Nations climate talks, known as COP29, have overrun into the weekend due to disagreements between richer and poorer countries over funding for climate change mitigation efforts.
Funding Disagreements
Wealthier nations have offered to more than double their annual contributions to developing countries to fight climate change, from $100bn to $250bn. However, this offer has been rejected by poorer countries as being too low.
Developing Countries’ Demands
Developing countries are demanding $1.3tn in funding by 2035 to cope with the growing impacts of a warmer world and to take bigger steps in cutting their carbon emissions.
Richer Nations’ Offer
The richer nations have proposed a $250bn overall goal for 2035, with $250bn coming from public and private sources. However, this offer has been met with skepticism by developing countries.
China’s Role
There is no obligation on major emerging economies like China to make additional contributions. Instead, they are “invited” to contribute voluntarily, with their contributions being counted towards the overall figure.
Challenges Ahead
Getting the extra cash to developing nations will be a challenge for richer countries, many of which are dealing with cost-of-living crises and need to sell this idea to their taxpayers.
Efforts to Limit Emissions Up in the Air
Efforts to limit emissions of planet-warming gases were also up in the air, with no indication of when agreement might be reached. The meeting had gone past the official closing time on Friday, and negotiations would continue through the night.
Previous Efforts Ran Late and Came in Loans
Previous efforts to deliver funding of $100bn to developing countries ran late and often came in the form of loans. Here in Baku, negotiators have attempted to improve the scale and sources of the funding.
Quotes from Key Figures
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“The current text doesn’t make the headway we are looking for,” said a UK government source.
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“$250 billion will require even more ambition and extraordinary reach,” said a US official.
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“It is incomprehensible that year after year we bring our stories of climate impacts to these meetings and receive only sympathy and no real action from wealthy nations,” said Tina Stege, the Marshall Islands’ climate envoy.
