On November 16, 2024, in Baku, Azerbaijan, climate negotiations involving approximately 200 countries reached a critical impasse during the 29th Conference of the Parties (COP29). Delegates are awaiting a draft agreement concerning the allocation of over $1 trillion aimed at assisting developing nations in reducing their reliance on fossil fuels and addressing climate disasters.
The discussions between wealthy and developing nations have stalled, complicating the efforts of ministers who are expected to arrive in the last week of the conference, coinciding with the G20 summit in Brazil. After six days of negotiations, a relatively agreed-upon version is anticipated to be presented to the ministers.
Approximately 200 activists demonstrated in silence, adhering to UN guidelines, demanding that developed nations fulfill their climate debt obligations. Despite ongoing negotiations, a draft document remained unchanged from a previous 25-page version.
A French diplomatic source indicated that the negotiations are at a standstill, while a Moroccan observer noted that significant progress was not anticipated due to divisions between northern and southern countries. However, the Irish Minister Eamon Ryan reassured that the situation is not as dire as it appears.
Key questions remain unresolved, including which countries should provide funding, the types of financing to be included, and the overall amount required. Developing nations are calling for $1.3 trillion annually to combat climate change through the third decade of the century.
Some Western parties acknowledged the $1.3 trillion demand but emphasized that public budgets would only cover a fraction of this amount, looking towards private sector contributions and new partners like China. Chinese climate envoy Liu Chenmin engaged in closed-door discussions with representatives from the European Commission, Germany, France, Denmark, and the Netherlands.
With thousands of participants presenting proposals at the Olympic Stadium in Baku, the upcoming G20 summit in Rio de Janeiro is expected to provide momentum for the ongoing conference. Negotiators believe Brazil is eager to resolve financial issues before the next UN climate conference (COP30) scheduled for 2025 in Belém.
Concerns loom over potential withdrawals from the Paris Agreement by the United States and Argentina, with Colombian Environment Minister Susana Mohamed expressing confidence that some nations will lead climate action efforts, highlighting China's significant involvement.