The COP29 climate summit ran into overtime on Friday, as negotiators grappled with a contentious draft deal proposing that developed nations take the lead in providing $250 billion in annual climate finance by 2035. The proposal drew criticism from both developed and developing countries, stalling progress at the crucial talks.
Delegates from around the world convened at the summit with high hopes of forging a unified path towards combating climate change. However, the ambitious financial commitment outlined in the draft deal became a focal point of debate. Developed nations expressed concerns over the scale of funding and the timeline, while developing countries urged for more substantial support to address the growing impacts of climate change.
Late on Friday, showing some progress, the COP29 presidency released what it hopes will be a final deal aimed at resolving longstanding disagreements around carbon market rules. The new proposal seeks to establish a transparent and equitable framework for carbon trading, which many believe is essential for achieving global emissions reductions.
“We recognize the urgency of reaching an agreement that is acceptable to all parties,” said the COP29 president. “The latest draft reflects compromises made to address the concerns of various stakeholders, and we are optimistic about finding common ground.”
The extended negotiations highlight the complex challenges faced by the international community in addressing climate change. As the summit continues into overtime, all eyes are on the delegates to deliver meaningful outcomes that will drive global climate action forward.
Reference(s):
cgtn.com
