COP29 Stalemate on Climate Finance Continues

The COP29 summit in Baku has concluded its first week without significant progress, as divisions between developed and developing nations hindered discussions on crucial climate finance and responsibility issues. India, representing developing nations, emphasized the necessity for $1.3 trillion annually in climate finance, criticizing the reliance on loans that burden vulnerable economies. The New Collective Quantified Goal (NCQG) remains contentious, with proposed funding ranging from $100 billion to $2 trillion per year, reflecting a stark divide in perspectives. The upcoming G20 summit in Rio is seen as a pivotal moment that could energize negotiations, although major breakthroughs are not anticipated. Advocates stress that wealthy nations have a legal and moral obligation to support these financial commitments to address climate impacts. Without decisive action, the summit risks failing to achieve meaningful climate agreements.