COP29: slow pace of negotiations and disputes over financing

The COP29 climate conference in Baku is in full swing. The main focus is climate finance, and above all how it should be fairly distributed among developing countries most affected by climate change. The Guardian, for example, is reporting on the latest developments at the conference.

The conference is also a test for next year: at COP30, parties to the Paris Agreement are to present updated climate plans, known as nationally determined contributions.

According to the Paris Agreement, the goal of COP conferences under the UN Framework Convention on Climate Change is to take concrete action to keep global temperature rise below 2°C and pursue efforts to limit it to 1.5°C. COP29 in Baku, Azerbaijan, has been marked by challenges and debates underscoring the urgency of tackling climate change.

Here are six key takeaways from the summit so far:

Ongoing concerns over fossil fuels

So far, there has been little progress at the summit on a global commitment to gradually phase out the use of fossil fuels. Azerbaijani President Ilham Aliyev is defending natural gas as an essential energy source, reflecting many countries’ reluctance to make a decisive shift away from fossil fuels. Environmentalists and climate experts have so far described negotiations on phasing out fossil fuels as ineffective.

A divided US approach

The US delegation has expressed optimism about ongoing climate action despite President-elect Trump’s climate skepticism. Democratic US officials at the conference are highlighting the impact of action at the state level and private-sector initiatives supported by the Inflation Reduction Act.

Republican representatives, by contrast, are talking at COP29 about the need to expand fossil fuel production and criticizing international climate agreements. This reflects political divisions within the US government that could complicate global cooperation in the future.

Deadlock over climate finance

The conference’s central focus is setting up a mechanism to distribute funding to developing countries most affected by climate change, with the amount at stake reaching as much as $1 trillion a year. This funding is essential for cutting emissions, adapting to climate impacts, and addressing loss and damage.

Disputes center on the sources of funding, allocation rules, and payment timelines. Wealthier countries’ reluctance to provide larger sums is a recurring pattern from previous COP talks.

Calls for COP conference reform

Former UN leaders Ban Ki-moon and Christiana Figueres have called for reforms to make future COP summits more effective. Their proposals include excluding countries that oppose phasing out fossil fuels, making summits more focused on specific issues, and holding countries accountable for their climate commitments.

Developing countries demand climate justice

Delegates from countries most at risk from climate change, including Pakistan, have stressed that funding for climate adaptation is a “matter of life and death.” They say it should be provided in the form of grants.

Countries are also pointing to the private sector’s failure to provide adequate funding for building climate-resilient infrastructure. A bloc of developing countries has put forward proposals such as a global wealth tax and fees on high-carbon activities.

Urgent need for action

UN climate chief Simon Stiell urged negotiators to “stop the theatre” and focus on practical solutions. Some participants have pointed to growing frustration with COP29’s slow pace.