As the COP29 global climate summit in Baku, Azerbaijan, reaches its final day today (22 November), intense negotiations are underway among country ministers. The main focus is on reaching an agreement on the terms and conditions of the final treaty, which will have far-reaching consequences for global climate efforts. These talks have become a critical juncture, as negotiators strive to bridge gaps and finalize key elements of the climate agenda.
One of the most pressing issues is the amount of funding to be allocated under the new climate finance goal (NCQG). This target is crucial, as it dictates how much financial support developed countries will contribute to assist the global south in reducing greenhouse gas emissions and adapting to climate impacts. The new funding goal is seen as a test of global commitment to climate justice, aiming to ensure that developing nations, often the most vulnerable to climate change, have the resources needed to transition to greener economies.
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However, negotiations remain tense. There is a significant divide between developed and developing countries, not only over the scale of ambition but also over the timelines for delivering these funds. Developing nations are pushing for faster and more substantial contributions, while some wealthier countries are cautious about committing to rapid increases. These differences have led to a deadlock, with key points still unresolved as the summit nears its conclusion.
The question now is whether COP29 can overcome these challenges and produce a treaty that reflects both ambition and fairness. For the EU, the stakes are high: it aims to position itself as a leader in climate diplomacy, advocating for stronger targets while also navigating the demands from various blocs. The outcome of these negotiations will determine not only the EU’s credibility on the global stage but also the future direction of international climate policy.
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What will be the final outcome of COP29, and how will it shape the global fight against climate change? The decisions made today could define the trajectory of climate action for years to come.
InfoCons – European Organization for Consumer Protection and Promotion of Programs and Strategies , a full member of the World Organization Consumers International , founding member of the Federation of Consumer Associations , and member of ANEC .