With just months to go before the COP29 summit, countries remain divided on the central issue of climate finance.
A high-level meeting took place behind closed doors in Shamakhi, Azerbaijan, last week. The talks were kept confidential and aimed to find common ground between the negotiating blocs.
However, several experts close to the talks said that although the atmosphere at the retreat on 26-27 June was constructive, difficult talks lie ahead.
Heads of delegations, including heads of all negotiating groups, participated in the meeting. The talks followed a tense final round in Bonn, Germany, where countries remained divided over the issue of climate finance.
Negotiations over new financial commitments to replace the $100 billion annually to developing countries, the so-called new collective quantitative targets, are expected to dominate Cop29 in Baku.
“The fact that this meeting took place is a positive sign from the Azerbaijani president, as it shows that he is actively creating a space for dialogue to resolve the issues that are impeding further progress in Bonn,” said Lola Sabogal Reyes of the Think paper. E3G tanks.
“This is important to generate the momentum and sense of urgency necessary to enable the technical and political agreements necessary to achieve new joint quantitative targets.” Having made a historic decision to “opt out” of the global energy system
The issue of finance, especially for vulnerable countries on the front lines of climate change, has emerged as a key issue at Cop29, which will be held from November 11 to 22 in Baku, the capital of Azerbaijan.
The current annual funding commitment of $100 billion applies until 2025 and should be replaced by new targets at Cop29. The pledge was originally agreed in 2009, and it was only last year that it was announced that the countries had met it.
But many developing countries complain that resources are insufficient or too difficult to access. Europe is among those looking to countries like China to step up their efforts on climate change.
Financial compact crucial to Cop29 success
In a letter to the parties last month, Cop29 incoming president Mukhtar Babayev said the new financial target was the “core” of the negotiations at the summit, and called on developed countries to “continue their efforts to reach the $100 billion target by 2025 with greater clarity and transparency.”
The COP29 Secretariat has appointed Danish Minister Dan Jorgensen and Egyptian Minister Yasmine Fouad as the ministerial pair to advance discussions on finance targets.
“It’s standard procedure for the presidency to convene a heads of delegation meeting to discuss the most sensitive issues in the run up to the COP,” said Simon Evans, deputy editor and senior policy editor at the British website Carbon Brief, which focuses on climate change.
“This naturally means that they discussed issues such as new climate finance targets (where positions are still firm) and Article 6 carbon markets, where further progress is being made.
“Ultimately, Cop29 will not be considered a success without agreement on either front, but it is not yet clear what the ‘landing point’ of an agreed outcome will be.”
Reyes said E3G described the meeting as “constructive,” but “it was hard to say what it meant, as there was no formal outcome or synthesis document.”
“Discussions revolved around technical and policy aspects of the NCQG to provide a clear path forward for Cop29,” she added.
Countries at risk calculate the cost
The Alliance of Small Island States, which represents countries on the frontline of climate change, said ahead of the conference that some Caribbean countries are still suffering the destruction caused by climate change. Hurricane Beryl. The hurricane broke records as the first Category 5 hurricane to hit the region. The deadly hurricane occurred in late June.
“Uncommitted talk on climate change is cheap for big countries, but our small island developing states are paying the highest price: the loss of lives, livelihoods and precious ecosystems,” said Dr. Fatumanaba o Upolu III, president of the alliance. President Paolei Lutter called for a halt to the expansion of fossil fuel projects ahead of last week’s meeting.
Scientists say human-made climate change is making temperatures rise and extreme weather more common. “Lippet service to emission reduction commitments is unacceptable,” he said. “Our international colleagues and partners need to understand that every emission they release into the world’s atmosphere will affect the most vulnerable people on the planet.”
It is estimated that trillions of dollars will be needed to fight climate change, Aossis said. The new target should provide a “minimum allocation” for small island developing states.
Only a few months left until COP29. Key meetings to make progress on the road to Baku include the UN General Assembly and New York Climate Week in September, the G20 Summit in November and a pre-COP event in October before the 11-22 November summit begins in Baku. But the clock is ticking.
“The COP Presidency has made great progress in recent weeks, including organizing this retreat and putting in place ministerial pairs,” Ms. Reyes said.
“But ensuring the success of COP29 will require a sustained and strengthened political commitment from the Presidency in the coming months, which has yet to be fully realised.”