World leaders are struggling to finalize a crucial climate aid pact before COP29 in Azerbaijan. The talks, overshadowed by upcoming US elections, face major obstacles over financial commitments.
The UN summit in Baku, set for November 11-22, expects over 50,000 attendees. COP29 is dubbed the “finance COP,” as developed nations are expected to pledge more funds to poorer countries.
The current $100 billion annual commitment, set to expire in 2025, falls short of developing nations’ needs. Developing countries are pushing for at least $1 trillion annually to address climate change.
The United States and European Union have yet to announce their financial contributions. These nations face political and economic uncertainties, slowing progress on climate aid.
On Wednesday, ministers will gather in Baku to negotiate, led by Azerbaijan’s Mukhtar Babayev. Babayev has emphasized the urgency of reaching an agreement before the summit.
Observers criticize the lack of global climate leadership amid worsening natural disasters. Experts warn that current climate policies could push the world toward 3°C of warming by 2100.
Developing nations demand financial support for low-carbon technology, adaptation, and disaster recovery. Wealthy nations are hesitant to include disaster recovery in the agreement.
Azerbaijan, a major oil producer, has promised to contribute to climate finance. However, critics accuse the country of greenwashing, as it continues expanding fossil fuel production.
Azerbaijan’s human rights record also faces scrutiny ahead of COP29. Amnesty International and US senators have raised concerns about crackdowns on dissent in the country.
Despite these challenges, COP29 remains a crucial moment for global climate negotiations. Many world leaders are expected to attend, hoping to make significant progress on climate finance.