With UN climate talks close to wrap up, frustration continues over new finance goals

Baku, Nov 22 As the world comes close to wrapping up the two-week UN Climate Change Conference (COP29) in Azerbaijan’s capital, negotiators on Friday reportedly remained at loggerheads over a new climate finance goal to help developing countries combat flash floods, drought, wildfires and other natural shocks with millions facing both economic and “non-economic” loss and damage beyond the limits of adaptation.

The new text is due on Friday, says the COP Presidency email to governments. The first draft text on a potential outcome dropped in on Thursday and received mixed reactions from government negotiating teams and civil society groups.

Largely divided in two parts, the draft reportedly sets out proposals from developing and developed countries, with some sticking points still unresolved, including on funding goals.

Key expected outcomes of COP29 include a new collective quantified goal on climate finance to replace the current $100 billion per year goal and guidance on operationalisation of the new loss and damage fund, including eligibility criteria.

Emphasising the urgency of the moment, UN Secretary-General Antonio Guterres said: “We need a major push to get discussions at the climate conference in Baku over the finishing line.

“We need COP29 to deliver an ambitious and balanced package on all pending issues, with a new finance goal at its heart. A surge in climate finance is essential.”

Climate NGOs call for rich countries to “finance climate action, not genocide.”

They blame global-north countries for stalling climate finance talks, accusing them of “distractionary tactics” and “seeding rumours that continue the legacy of divide and rule.”

Developing countries are demanding at least $1 trillion a year in financing to help cut their emissions, transition to green energy and build climate resilience.

Seeing that this COP may head for overtime like the previous ones, a frustrated Harjeet Singh, Global Engagement Director for the Fossil Fuel Non-Proliferation Treaty Initiative, told IANS, “On this last official day of COP29, we are frustrated, angry, and exhausted by decades of games played by developed countries.

“This was supposed to be the ‘Finance COP’ -- a moment to agree on new climate finance goals critical for our planet’s survival. Instead, we’re trapped in deadlock and deep divisions.

“Developing nations are demanding $1.3 trillion annually to confront the climate crisis, and even the latest draft acknowledges the need for trillions.

“Yet, after three years and countless high-level meetings, developed countries have offered nothing -- not a single figure. Their priority remains profits, profits, and more profits, all at the expense of global equity and justice. “This bad-faith negotiating by wealthy nations is not just a dangerous waste of precious time; it is a grave betrayal. The consequences are real: Rising seas, scorched lands, and millions of lives at risk. Now, we’re going into overtime yet again -- hours, maybe days -- because justice and fairness have been kicked down the road for far too long. The world is watching, and history will not forget.”

About 80 of the most vulnerable countries negotiating put forward a plan to get them out of here by landing a deal on grant-based public money in Baku and agree a road map to Belem on which to bridge the gap to $1.3 trillion.

The ministers say redirecting fossil fuel subsidies and other sources of public finance towards climate action could be contenders, as could levies on shipping, aviation, and taxes on wealth and major polluters, on which Barbados and Kenya are leading the way.

“Developed countries proposing a quantitative post-2025 funding target well over $100 billion per year is the master switch and golden key to unlocking the success of the Baku COP,” remarked Xia Yingxian, director of China's Ministry of Ecology and Environment.

Analysis from scientists from the International Cryosphere Climate Initiative has shown that with one metre of sea level rise, 12 of the world’s top 15 oil ports would be under water.

The ports are located in Saudi Arabia, Singapore, China, the UAE, the US, the Netherlands, South Korea and Russia.

As per posts, replies and retweets with hashtag #StandForParis on X, the EU says, “Not going to sugarcoat, text is imbalanced and unworkable and unacceptable.”

An umbrella group comprising the US, the UK, Australia, etc, says, “Signals in this finance package are not clear” while AOSIS (small islands) says, “Way to go for balance and ambition that’s needed; stakes are high.”

G77 says, “We cannot leave Baku without clear target; need mobilisation goal of ‘at least’ $500bn and Germany says, “Deeply disappointed, text offers no progress. We must do better.”

AILAC says, “Deeply disappointed that no target proposed in document despite three years of discussions” while the US writes, “Unbalanced; all capable parties need to be responsible for the support goal” and the Arab Group says, “Disappointed with text (one), option two reflects attempts to shift historical responsibilities.”

Where is Biodiversity at COP29? Negotiations on biodiversity finance were suspended, after reaching a stalemate at Cali’s CBD COP16 just weeks ago.

With negotiations at a deadlock in Baku, recent history could be repeating itself.

Meanwhile, the cheapest form of mitigation, adaptation and resilience of biodiversity is vaguely mentioned at best in the COP29 texts, a veteran negotiator told IANS. “The biodiversity goals are not referenced directly and there isn’t a call to action on nature finance. The main positive is that the need to recognise indigenous people’s knowledge is recognised,” said the negotiator.

Marina Silva, Minister of the Environment and Climate Change, Brazil, said, “More than 30 years have passed since the first Rio Conventions. Because we have not taken all necessary measures regarding the three conventions, we now face terrible disasters with widespread desertification, biodiversity loss, and climate disruption. I often say that society is doing its part, and science is doing its part. The ones who need to step up are the governments and companies.”

The COP29 Presidency Azerbaijan itself is committed to developing its renewable energy potential, which is an important part of the country’s plan to reduce greenhouse gas emissions by 40 per cent by 2050.

(Vishal Gulati can be contacted at vishal.g@ians.in)