BAKU – Climate negotiators at COP29 in Azerbaijan face mounting pressure as talks enter their final days, with major disagreements over the scale and structure of funding to help developing nations adapt to climate impacts and transition to cleaner energy sources.
Negotiations are focusing on determining the annual financial commitment from wealthier nations, with proposals ranging from $440 billion to $900 billion, far exceeding the previously pledged $100 billion. European Union Climate Commissioner Wopke Hoekstra urged caution, stating, “We need structural clarity before attaching a number.”
Key progress was made in exempting wealthier developing nations from contributing, a move supported by countries like Egypt and Brazil. However, disputes over fossil fuel transitions and emission reduction commitments continue to stall talks, despite increasing urgency to meet the 1.5°C global warming threshold. With a draft agreement expected on Nov 20, negotiators have just days to finalize a deal before the summit’s scheduled conclusion on Nov 22.