The COP29 presidency, held by Azerbaijan, is working on a draft agreement for a new climate finance goal in order to address the contentious issue of funding for global climate action. The plan will outline a new financial architecture and include a ‘new collective quantified goal’ for climate finance from wealthy countries to developing nations, as well as a mitigation work program. Azerbaijan aims to release these texts soon, with negotiations running around the clock as the summit approaches its scheduled end.
The financial framework needs to be established before countries can submit more ambitious climate plans by February and implement them at COP30 in Brazil next year. The key points to be resolved include determining the donor base, financing structure, and the amount of money developing countries can expect. Previous drafts of the agreement grew significantly in size due to different blocs advocating for their preferred options, but Azerbaijan plans to present a more concise text.
While details of the plan have not been disclosed, the EU delegation has emphasized the need to expand the donor base to include countries that have experienced economic growth since the original list was created. As negotiations continue, the pressure is on Azerbaijan to reach a consensus before the talks conclude on Friday. Lead negotiator Yalchin Rafiyev stated that any deal reached would be considered a success as long as it reflects the consensus of all parties involved. Extended talks are expected, as finding common ground on complex issues is challenging but necessary for progress in combating climate change.
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