COP29: Countries fail to reach a deal after 24 hours of overtime
BAKU: The COP29 climate summit is nearly 24 hours into overtime with no final agreement in sight as negotiators suspended the meeting after talks through Friday and Saturday failed to produce a compromise acceptable to all.
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Developing countries, particularly small island states and least-developed countries, have rejected the draft agreement on finance released by the COP29 Presidency on Friday. They rejected the $250 billion target by 2035 — not only because it is insufficient but more so because it lacked any commitment to provide public funding.
They asked for the meeting to be suspended till their concerns are addressed after the marathon closed door meetings at the Baku Olympic Stadium to discuss a new iteration of the finance text hit another rough patch late on Saturday. «This is going the wrong way. Collecting nickel-and-dimes,» said Dipak Dasgupta, economist and IPCC lead author on finance. «They should have first raised $1 trillion in additional resources at G20, come prepared, and then funded climate cleanly. Now, there is no chance.
Better to call it off." A new version of the proposed deal had increased the target to $300 billion — a figure in line with the demand raised by Brazil's minister of environment and climate change Marina Silva.
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