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7mo ago

COP29 Faces Financial Deadlock as Azerbaijan Proposes New Climate Initiatives

With less than two months to go, COP29 struggles to agree on climate finance while Azerbaijan introduces non-negotiated initiatives to drive progress.

Initiatives such as the Baku Initiative on Climate Finance integrate and address cross-sectoral synergies. (X)
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Mukhtar Babayev, Azerbaijan's Minister of Ecology and Natural Resources and President of COP29, delivers a speech of the Petersberg Climate Dialogue (Petersberger Klimadialog) meeting at the Foreign Office in Berlin (AFP)

Overview

  • The primary challenge at COP29 is reaching a consensus on a new funding goal to support developing countries in addressing climate change.
  • Azerbaijan, the host of COP29, has proposed over a dozen voluntary initiatives, including a Climate Finance Action Fund with contributions from fossil fuel-producing nations.
  • Developed countries are pushing to expand the list of contributors to include emerging economies, leading to a deadlock in negotiations.
  • Azerbaijan's call for a 'COP Truce' to highlight the importance of peace and climate action has been met with accusations of hypocrisy due to its human rights record.
  • Despite existing climate commitments, global carbon dioxide emissions hit a record high last year, and the world experienced its hottest summer on record in 2024.