COP29 update: The text no one likes
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Illustration: Maura Losch/Axios
The latest from UN climate talks in Azerbaijan is pretty on the nose for these summits: big talk of future action blended with struggles to make tangible progress in the now.
State of play: Negotiations on the main business at hand in Baku — a new climate finance deal — are far from resolution.
- New draft text lacks targets for how much wealthy industrial countries should provide developing nations to cut emissions and adapt to unavoidable harms.
- It recognizes that trillions of dollars in sum are needed, but lacks a yearly goal for 2025-2035. Developing nations want around $1.3T annually.
What they're saying: "The elephant in the room is the lack of specific numbers in the text," said Mohamed Adow, head of the Kenya-based think tank Power Shift Africa.
- "This is the 'finance COP'. We came here to talk about money. The way you measure money is with numbers," he said in a statement.
- But he said there are positive signals in the text on grant-based financing and avoiding debt.
Yes, but: Negotiating texts at this stage often leaves all parties unhappy but may smoke out specific commitments for the next draft.
- Still, this summit is now all but guaranteed to run into overtime, beyond its scheduled closing time of Friday at 6 pm local time.
- The next draft text may not land until a couple hours before that, as diplomats pull another all-nighter Thursday night.
Driving the news: Today the European Union, Canada, Mexico and several others said their upcoming emissions pledges through 2035 will be very aggressive.
- The non-binding Paris Agreement pledges will be "consistent with a linear or steeper trajectory" of emissions cuts toward net zero by mid-century.
- They will cover "all greenhouse gases, sectors, and categories," the countries said in a statement.
- Some climate groups called it an important step.
What we're watching: Brass tacks on the finance goal as talks enter crunch time.
- And whether and how the final text refers to the landmark "transitioning away from fossil fuels" phrasing from the Dubai talks last year.
