As the COP29 conference continues in Baku, Azerbaijan, intense negotiations are underway to establish a new climate finance target ranging between $300-500 billion.
Report informs that a diplomatic source close to the negotiations has revealed that the talks are progressing in a serious and challenging manner.
The European Union (EU) and the United States (US) are reportedly hesitant to shoulder significant financial burdens. The EU recognizes the urgency of the situation, as the upcoming US presidency of Donald Trump may hinder future progress. The collective West is attempting to involve developing countries with strong financial capabilities, such as China, Qatar, and others, in the process.
While some nations like South Korea, Singapore, and the UAE have joined this initiative, China and Saudi Arabia are firmly opposed. China, in particular, is exerting pressure on the process and western countries through the China+G77 group.
The source reminded that the US strategy in all COP negotiations has consistently been to avoid commitments and protect its oil and gas industry. The current negotiating group appears apprehensive about the potential impact of Trump's election on future climate action.
Saudi Arabia, Kuwait, Bolivia, and other countries in this group are opposing the "fossil fuel transition" document adopted last year in the UAE and are preventing it from being reintroduced to the agenda.
Azerbaijan is playing a crucial role as mediator and host in the negotiation process, as geopolitical polarization intensifies. The success or failure of these negotiations to determine a new climate finance target will have far-reaching consequences for the world and the fight against climate change.