Failure not an option, says Stiell amid disagreement among nations at COP29

UN climate chief Simon Stiell on Thursday issued a strong call for global unity and ambition to secure a groundbreaking finance goal to support climate action in the developing world, saying, "Failure is not an option."  As negotiators raced against time to resolve outstanding issues related to the critical objective of COP29, Stiell said a major push was needed to bring discussions to the finishing line.

"It might jeopardise both near-term action, and ambition in the preparation of the new national climate action plans, with potential devastating impacts as irreversible tipping points are getting closer, he said.

On draft climate finance text released earlier in the morning, the UN climate chief said that despite areas of convergence, significant differences remain.

A surge in finance is essential: To ensure all parties can deliver new national plans aligned with 1.5 degrees as they must, he said.

Stiell warned that delays at COP29 could complicate the road to COP30 in Brazil next year.

This COP must deliver justice in the face of climate catastrophe, he urged.

Stiell asked countries to come together, soften hard lines, and navigate a path through their differences.

"Keep your eyes on the bigger picture. Never forget what is at stake," he said.

The COP29 presidency issued a draft text on the new climate finance package for the developing world on Thursday morning. It has shrunk from 25 pages to 10, but the major sticking points remain.

With less than one and a half days left for the UN climate conference to close, negotiators face a gargantuan task to hammer out a deal.

The text shows developed countries are still dodging a key question: how much climate finance they are ready to provide developing countries every year starting in 2025.

This has led to significant frustration among developing countries, who have repeatedly said they need at least USD 1.3 trillion to tackle the escalating challenges.  (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)