As the COP29 climate summit in Baku inches toward its conclusion, divisions between richer and poorer nations over funding commitments have come into sharp focus. The summit's primary goal—to determine how much financial support developed countries should provide developing nations for climate change mitigation and adaptation—has seen slow progress. A 10-page draft, drastically reduced from earlier versions, presents two conflicting visions. Developing nations demand direct grants to meet the $1 trillion annual funding need identified by economists, while wealthier countries propose broadening the definition of climate finance to include loans and contributions from emerging economies like China. With the deadline looming, negotiators were frustrated by the lack of a definitive annual target, represented by placeholders marked 'X' in the draft. European Union climate commissioner Wopke Hoekstra condemned the text as "unworkable," and developing country representatives decried the ongoing process as a "tragic spectacle."
The tensions are further fueled by a contentious debate over fossil fuels, which remain at the heart of global climate challenges. Despite a groundbreaking pledge at last year’s COP28 in Dubai to transition away from fossil fuels, the current draft text has softened commitments, a move that has drawn criticism. Australian climate minister Chris Bowen, representing a coalition of countries including Japan and the U.S., expressed disappointment, stating the text "steps back" at a critical moment. On the other side, oil-rich nations, including Azerbaijan, have defended fossil fuels, with President Ilham Aliyev describing them as a "gift from God." This polarizing stance reflects the broader struggle to align energy priorities with climate goals, as the world faces rising temperatures and increasingly frequent natural disasters fueled by human-induced emissions.
Meanwhile, U.N. Secretary-General Antonio Guterres has issued a stark warning, declaring "failure is not an option" and urging nations to accelerate negotiations. Scientists have underscored the urgency, cautioning that without swift action, the world is likely to surpass the critical 1.5°C temperature threshold by the early 2030s, bringing catastrophic consequences. However, with talks expected to stretch beyond the Friday deadline, observers fear that the lack of agreement on finance and fossil fuel commitments could undermine the summit's credibility and the global fight against climate change. As the negotiations enter their final hours, all eyes are on Azerbaijan’s COP29 presidency to steer countries toward a deal that balances ambition with equity.
