‘COP of Finance’ posts poor results, as bankrupt deal trolls talks in Baku
The COP29 climate conference faces a critical impasse as delegates struggle to agree on key issues, threatening the success of negotiations intended to chart a decisive path toward combating climate change in Baku Azerbaijan.
Environment ministers from rich nations arrived Monday to help end the impasse that is threatening to scuttle what was billed as the climate of finance.
No progress has been made on the transition away from fossil fuels which was agreed with at the COP28.
Adding to the challenges, Azerbaijan, the host nation, has failed to phase out its oil industry, which constitutes 90% of its economy, despite agreements reached at COP28 in Dubai.
On Monday this week, the high level ministerial conference kicked off on an optimistic note, with environment ministers pledging to work hard to agree on key climate finance agreements.
Three days later, no progress has been made despite the group of 20 richest countries meeting in Rio De Jeneiro, Brazil affirming their support on the new collective quantified goals.
Environment ministers from rich nations arrived Monday in a bid to end the ensuing stalemate.
This inaction has prompted African civil society groups to call for a potential walkout of the talks if rich nations fail to agree to the new collective quantified goals.
Africa wants the rich nations to raise 1.3 trillion dollars to help developing nations deal with the climate change crisis crippling their countries.
However, the Global North wants the funds to be raised through a mix of public and private sector funding.
The G20, accounts for 80 percent of all global greenhouse gas emissions and 85 of the world’s economy, stamping their authority on the global stage.
And as another day of grandstanding and slippery slope continues here in Baku, delegates are on the look-out for a glimmer of hope that will offer the much needed impetus to the negotiations.
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The post ‘COP of Finance’ posts poor results, as bankrupt deal trolls talks in Baku first appeared on KBC.
The post ‘COP of Finance’ posts poor results, as bankrupt deal trolls talks in Baku appeared first on KBC.
