COP29 week one ends in deadlock as divisions stall climate action progress
COP29 summit concluded in Baku without significant breakthroughs, as deep divisions between developed and developing nations stalled progress on key issues like climate finance, trade measures, and equitable responsibility for climate action. India, representing the G-77/China and BASIC blocs, demanded accountability from wealthier countries on unmet financial commitments.
The G-77/China bloc reiterated the call for $1.3 trillion annually in climate finance, with an emphasis on grants and concessional funding to avoid burdening vulnerable economies already grappling with the impacts of climate change.
«Loans make up nearly 70 per cent of climate finance provided so far. This is unacceptable and places undue pressure on developing economies,» an Indian negotiator had asserted, urging developed nations to move away from debt-inducing mechanisms.
UN Executive Secretary Simon Stiell added to the urgency, urging G20 countries to take bolder action, warning that without it, no economy in the grouping would be spared from climate-driven economic losses.
However, his call for solidarity failed to resolve the deadlock.
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