Countries still far apart on COP29 finance goal

U.N. climate negotiations document reveals funding disagreements between nations ahead of COP29 summit in Azerbaijan.

With less than three months until this year’s COP29 U.N. climate negotiations, countries remain far from agreement on the summit’s biggest task: to agree a new funding target to help developing countries cope with climate change.

A negotiations document published by the U.N. climate body on Thursday (August 29, 2024) set out the splits between nations, ahead of a meeting in Baku next month, where negotiators will attempt to inch forward some of the stickiest issues.

The document suggests seven options, reflecting countries’ competing positions, for a possible COP29 deal. The new target will replace wealthy nations’ current commitment to provide $100 billion each year in climate finance to developing countries.

Vulnerable and developing countries want a far larger funding goal than $100 billion. Donor countries like Canada and the 27-nation European Union say stretched national budgets mean a huge jump in public funding is unrealistic.

The COP29 summit will be held in Azerbaijan in November.

One option in the document sets out a target for developed countries to provide $441 billion each year in grants, combined with an aim to mobilise a total $1.1 trillion in funding from all sources, including private finance, each year from 2025 to 2029.

That option reflects the position of Arab countries.