Developed countries want the new financial target for ensuring the implementation of climate action ambitions to increase only marginally from $100 billion because a significant increase in the existing figure could pose a serious threat to their economies, Yalchin Rafiyev, Deputy Foreign Minister of Azerbaijan and the COP29 Lead negotiator, said in an interview with Report.
According to Rafiyev, developed nations also suggest that an increase in this figure may be possible if the pool of donor countries is expanded to include developing countries with significant financial capabilities, such as China, Saudi Arabia, the United Arab Emirates, Singapore, and South Korea, among others.
“Developing countries argue that the figure should be in the trillions, given the radical changes in the climate over the past 15 years and the necessary response measures, which require much more than the current $100 billion per year. On the other hand, developed countries maintain that the existing amount should be increased only marginally, as a significant increase could pose a serious threat to their economies,” he said.
Yalchin Rafiyev emphasized that Azerbaijan is working to bring the parties together and find common ground for a final decision: “The constructive atmosphere in the negotiations so far suggests that a decision on this issue can be expected at the conclusion of COP29. The final decision will perhaps not satisfy all countries, but the essence of multilateral negotiations is to reach a unanimous decision where all countries agree and sometimes make concessions.”