The UN climate summit in Baku faces serious road-blocks as a new finance proposal creates more questions than answers. The draft text (cut down to just 10 pages) shows two very-different paths forward‚ making everyone un-happy
The main goal of COP29 is setting up money flow from rich to poor countries for climate action. Economists say developing nations need about $1 trillion per-year by decades end. The current text presents two paths: one pushing for grant-based support‚ another wanting broader funding types
“The text we now have... is imbalanced‚ unworkable and unacceptable‚“ says Wopke Hoekstra‚ EU climate commissioner. While Juan Carlos Monterrey Gómez from Panama dont hold back:
All of this is turning into a tragic spectacle‚ a clown show‚ because when we get to the last minute‚ we always get a text that is just so weak
The draft shows big gaps between rich and poor nations positions; leaving key numbers marked with ʼXʼ (COP29 leaders promise real numbers soon). The text also steps back from last years Dubai promise to move away from fossil fuels – something that makes many countries un-happy
Prince Abdulaziz bin Salman of Saudi Arabia sees Dubai deal as pick-and-choose menu‚ while Chris Bowen from Australia thinks current text weakens previous commitments. The Earth is now 1.3°C warmer than pre-industrial times; scientists say well hit dangerous 1.5°C in early 2030s
The summit should end this friday but everyone expects it to run late. Antonio Guterres‚ UN head says:
Failure is not an option