Countries at UN climate summit under pressure with no finance deal entering final day
Countries at the United Nations climate summit have amped up the pressure on themselves by entering their final scheduled day of talks with no visible progress on their chief goals
BAKU, Azerbaijan — Countries at the United Nations climate summit amped up the pressure on themselves Friday by entering the last scheduled day of talks with no visible progress on their chief goals.
From the start, COP29 has been about climate finance — money that wealthy nations are obligated to pay to developing countries to cover damages resulting from extreme weather and to help those nations adapt to a warming planet. Experts put the figure at $1 trillion or more, but draft texts that emerged Thursday after nearly two weeks of talks angered the developing world by essentially leaving blank the financial commitment.
The talks often run into overtime as wealthier nations are pressed to pay for impacts caused largely by their emissions from centuries of burning fossil fuels. The late finish also adds pressure on Azerbaijan, the oil-rich nation presiding over this year's COP, or Conference of Parties.
In a statement late Thursday, the presidency struck an optimistic tone, saying the outlines of a financial package “are starting to take shape” and promised new draft texts on Friday.
“COP29 urges all parties to engage urgently and constructively in order to reach the ambitious outcome that we all need,” the statement said.
Earlier in the day, COP29 President Mukhtar Babayev convened a Qurultay — a traditional Azerbaijani meeting — where negotiators spoke to hear all sides. He promised to find «a way forward regarding future iterations.”
Independent experts say that at least $1 trillion is needed in finance to help transition away from
Read more on abcnews.go.com
