COP29 Climate Conference Live: How much climate finance for developing countries in 2025?

Countries at the United Nations climate summit amped up the pressure on themselves Friday by entering the last scheduled day of talks with no visible progress on their chief goals.

From the start, COP29 has been about climate finance — money that wealthy nations are obligated to pay to developing countries to cover damages resulting from extreme weather and to help those nations adapt to a warming planet. Experts put the figure at $1 trillion or more, but draft texts that emerged Thursday after nearly two weeks of talks angered the developing world by essentially leaving blank the financial commitment.

The talks often run into overtime as wealthier nations are pressed to pay for impacts caused largely by their emissions from centuries of burning fossil fuels. The late finish also adds pressure on Azerbaijan, the oil-rich nation presiding over this year’s COP, or Conference of Parties.

In a statement late Thursday, the presidency struck an optimistic tone, saying the outlines of a financial package “are starting to take shape” and promised new draft texts on Friday.

As negotiators, observers and civil society organization representatives waited for a new draft text to be released on Friday, many said they were frustrated and disappointed with the talks so far.

“This is the worst COP in recent memory,” said Mohamed Adow of the think tank Power Shift Africa. “The way this COP is going, developing countries actually being forced and held hostage to accept a deal that isn’t going to add up to get the job done to help put the world on a safe pathway,” he said.

“No deal is better than a bad deal,” said Harjeet Singh of the climate advocacy group, Fossil Fuel Non Proliferation Treaty.

On Thursday, COP29 President Mukhtar Babayev convened a Qurultay — a traditional Azerbaijani meeting — where negotiators spoke to hear all sides. He promised to find “a way forward regarding future iterations” of the deal.

Panama’s Juan Carlos Monterrey Gomez said the “lack of commitment transparency feels like a slap in the face to the most vulnerable.”

“It is just utter disrespect to those countries that are bearing the brunt of this crisis,” he said. “Developed countries must stop playing games with our life and put a serious quantified financial proposal on the table.”

Other areas that are being negotiated include commitments to slash planet-warming fossil fuels and how to adapt to climate change. But they’ve seen little movement.

European nations and the United States criticized the package of proposals for not being strong enough in reiterating last year’s call for a transition away from fossil fuels.

Days earlier, the 20 largest economies met in Brazil and didn’t mention the call for transitioning away from fossil fuels. UN Secretary General Antonio Guterres, who was at that meeting, said official language is one thing, but reality is another.

“There will be no way” the world can limit global warming to 1.5 degrees Celsius “if there is not a phase out of fossil fuels,” Guterres said at a Thursday news conference. (AP)

Exxon Mobil Corp. once appeared to be the biggest corporate casualty of the ESG movement. An activist investor forced Exxon to replace a quarter of its board in 2021, largely because of the Texas oil giant’s inadequate plan for the energy transition. After the board shakeup, Exxon Chairman and Chief Executive Darren Woods stayed the course with oil and gas.

Three years later, that commitment has seen Exxon’s stock price double to near a record high. Rivals with recent, splashy ventures into renewables such Shell Plc and BP Plc have been left behind, filled with regrets. And yet it’s Woods out there striding past earnest climate negotiators in the blue zone at COP29 in Azerbaijan — his second-consecutive appearance at a United Nations climate summit — while making the seemingly contradictory case for both the Paris Agreement and continued investment in fossil fuels. - Bloomberg

Countries are set to work through the night at the UN COP29 summit in a bid to resolve deep differences over how to scale up international climate finance, after an initial proposal sparked widespread anger.

The draft agreements presented early Thursday by host Azerbaijan left core details unresolved — including how much money could be summoned to help poor countries contend with climate change and where it would come from. They also included scant references to moving away from fossil fuels, a main cause of global warming. - Bloomberg

As the world’s largest carbon sink, the ocean is a crucial bulwark against runaway global warming, yet marine issues usually receive scant consideration at the annual United Nations climate summit. While observers don’t expect a breakthrough in Baku at COP29, ocean solutions are slowly getting on the agenda.

COP26 established the “Ocean and Climate Change Dialogue,” an annual meeting convened before the climate summit to discuss marine issues. The co-facilitators of this year’s dialogue, held in June in Bonn, were allotted three minutes to present their report on the opening day of the Baku conference. - Bloomberg

Developed countries, which built their economies on fossil fuels and are responsible for most of the greenhouse gas emissions driving climate change, are still avoiding a key question: how much climate finance will they provide to developing countries each year starting in 2025? Read the full report here. - PTI