‘Bargaining’ between rich and poor countries drives COP29 expansion

COP29 climate summit put on hold. The delegation continues to negotiate an agreement while the organization begins to destroy facilities and many participants leave the Azerbaijani capital.

Some UN officials have already warned that a final full meeting is not expected until “after dinner” – Baku time – according to what they said. GuardianThis unofficial forecast will move the COP at least 24 hours ahead of its official closing time.

The battle remains the same throughout the week of negotiations: agree on a figure of money that rich states should agree to contribute to helping poorer countries control CO2 emissions and adapt to climate change. The text they are discussing acknowledges that these countries need financing of $1.3 trillion per year through 2030. But it is estimated that rich countries should contribute a minimum of $250 billion.

Weak states have said this is simply “unacceptable”. They want more. Following the proposal, Brazil proposed that the contribution would be 300,000 million dollars per year from 2030 to 2035 and 390,000 million from that moment onwards as a “starting shot”.

The United States, on the other hand, has entered into reconsideration, saying that, based on the cost of achieving the previous financial commitment of $100 billion annually, “the new objective will require greater ambition and extraordinary scope.” Valvanera Ulargui, Director of the Spanish Climate Change Office, recalled that “The EU is the largest climate contributor in the world. The important thing is to ensure that this public money is useful to developing countries and our commitment is to increase that contribution. ”

But, after an extra night of negotiations, COP29 has entered a day of expansion that looks like a bargain.