Deadlock in financial sharing negotiations between countries, COP 29 president makes appeal

Azerbaijan recently called on governments to compromise to break the deadlock in efforts to help poorer countries cope with global warming.

Poorer countries emit less carbon, but suffer the most damage from a warming planet. (Source: Dreamstime)

Azerbaijan is hosting the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) – COP29, scheduled to take place from November 11-22.

According to AFP news agency, COP29 participants are expected to agree on a global deal on rich countries supporting climate investments in developing countries, but negotiations have so far stalled.

Developing countries need major investments in their energy systems to reduce their carbon emissions and increase their resilience to the impacts of global warming. Poorer countries emit less carbon, but will suffer the most from a warming planet.

The Climate Conference in Bonn, Germany, last month also ended in a stalemate, like similar negotiations in recent years.

In a letter to some 200 countries that have signed UN climate agreements, COP29 President Mukhtar Babayev said there was a lack of “necessary progress” and warned that time was running out in the fight against climate change.

“It is clear that we need to speed up the work. Time lost means lives, livelihoods and the planet lost,” Mr Babayev said.

The current impasse "cannot be resolved through negotiators alone," Mr Babayev said, calling for outside political leadership to help move the discussions toward consensus.

Rich countries are under pressure to commit to new financing targets that go beyond the $100 billion a year they agreed in 2009.

According to an assessment by experts commissioned by the UN, developing countries, excluding China, will need to increase their climate investment budgets 25 times compared to the current level, to about 2,400 billion USD/year by 2030.

Negotiators have barely reached a consensus on the amount of aid, while the content of the talks is bogged down in determining which country will pay, in what form the money will be received and which countries will receive the assistance.

Under the 1992 climate accord, only a handful of the wealthiest industrialized nations at the time were obliged to pay climate finance. But many argue that the pool of contributors should be expanded, most notably to include China – a country much richer today than it was 30 years ago and now the world’s largest emitter of greenhouse gases.

Azerbaijan is scheduled to hold an informal meeting of negotiators for two days from July 26. It has appointed two experienced diplomats , Dan Jorgensen of Denmark and Yasmine Fouad of Egypt, to help the parties make progress in the negotiations.

Source: https://baoquocte.vn/bien-doi-khi-hau-be-tac-trong-viec-dam-phan-chia-se-tai-chinh-giua-cac-nuoc-chu-chair-cop-29-ra-loi-keu-goi-279037.html