A new draft deal was released on Thursday at the deadlocked UN climate talks in Baku, Azerbaijan, highlighting the persistent divide between wealthy and developing nations over climate financing.
The draft, unveiled at the 29th Conference of the Parties (COP29), offers two rival options, both recognizing the need for an annual trillion-dollar investment to help poorer countries tackle global warming. However, the exact amount remains unspecified, marked with an “X” in the text, underscoring the lack of consensus.
With just one day left in the negotiations, key issues such as the source of the funds, the exact financial commitment, and the mechanisms for funding remain unresolved. The stark differences reflect the challenges in reconciling the interests of nations at varying stages of development.
“The new finance text presents two extreme ends of the aisle without much in between,” said Li Shuo, director of the China climate hub at the Asia Society Policy Institute. His comment captures the sentiment of many delegates frustrated by the lack of middle ground.
The deadlock raises concerns about the ability of the international community to come together to address the urgent issue of climate change. As developing nations call for more significant support to mitigate and adapt to climate impacts, wealthier countries grapple with the scale of financial commitments and domestic political pressures.
Negotiators are under immense pressure to bridge the gap before the conference concludes. The outcome of COP29 will have significant implications for global climate action and the implementation of previous agreements like the Paris Accord.
Reference(s):
cgtn.com
