High drama — and high stakes — as COP29 endgame nears
Add Axios as your preferred source to
see more of our stories on Google.
Illustration: Sarah Grillo/Axios
The odds of COP29 ending Friday went from slim to none as summit hosts unveiled draft finance goals falling far short of what vulnerable countries and analyses say are needed.
Why it matters: The UN climate talks' main goal this year is a new deal to vastly boost climate aid from wealthy industrial powers to developing nations.
Driving the news: The latest negotiating text from COP29 hosts in Azerbaijan calls for $250 billion annually from developed nations by 2035.
- There's also a wider, $1.3 trillion target from "all public and private sources."
- It "invites" developing countries to contribute to climate finance as well.
- The latest documents have only an implicit call to the COP28 outcome that included language on "transitioning away from fossil fuels."
State of play: The finance section has far more details than an earlier version yesterday, which lacked a specific target.
- Some observers called it a step toward a deal, albeit one that will leave many bummed out.
What they're saying: "There is no deal to come out of Baku that will not leave a bad taste in everyone's mouth, but we are within sight of a landing zone for the first time all year," said Avinash Persaud, a senior climate adviser at the Inter-American Development Bank.
- The Alliance of Small Island States, which is a group comprised of some of the most at risk nations to climate change, came out swinging in response to the latest text.
- "We cannot be expected to agree to a text which shows such contempt for our vulnerable people," the group said in a statement.
Friction point: $250 billion is way short of what many vulnerable nations call needed to cut emissions and adapt to rising seas, devastating heat and other harms.
- "It is clearly a lot less than developing countries need and are hoping for," said Rob Moore, associate director of the climate consultancy E3G, in a statement.
Between the lines: A senior U.S. official subtly nodded toward the gap between finance needs and what's realistically on the table.
- The official, in a statement, said meeting the prior $100 billion goal set in 2009 had been a "heavy lift."
- That wasn't achieved until 2022 — two years after the deadline.
- "$250 billion will require even more ambition and extraordinary reach," the official said.
What's next: More negotiating as the talks extend into the evening local time and likely well past Friday's scheduled close.
