BS EDIT: Road to COP29

By Business StandardPublished On Sep 18, 2024

Stalemate in Baku

Negotiators failed to agree on the "New Collective Quantified Goal on Climate Finance" ahead of COP29, leaving key issues unresolved

Proposed initiatives

Suggested voluntary funds from fossil fuel producers aim to assist developing countries but favour developed nations' preferences

Unmet commitments

Under the 2009 Copenhagen Accord, developed countries pledged $100 billion annually. This target has been met only once — in 2022

Private finance concerns

Developing nations worry that expanding climate finance to include private funds may lead to loans with challenging terms, risking a debt crisis

Funding gaps

Current climate finance needs range from $2.4 trillion to $10 trillion per year by 2030. India's call for a $1 trillion annual target highlights the gap

Future of climate obligations

COP29 faces the challenge of reconciling demands for shared financial obligations while addressing historical responsibilities of developed nations