Pressure Mounts on Wealthy Nations to Commit to Climate Assistance at COP29 Talks

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As the deadline for COP29 negotiations looms, pressure is mounting on wealthy nations to provide concrete figures for climate assistance to developing countries. With only two days remaining at the UN climate talks in Azerbaijan, rich countries have yet to disclose how much they are willing to contribute to help poorer nations mitigate and adapt to the impacts of climate change.

Adonia Ayebare, chair of the G77+China group of developing nations, urged negotiators to provide a "headline" figure to move the process forward. He emphasized that without a clear commitment, talks would remain stalled. Developing nations, including those facing rising sea levels and severe droughts, contribute the least to global warming but are among the hardest hit. They have called for $1.3 trillion annually to address climate impacts, arguing that historically high-emission nations bear the responsibility to support their efforts.

At the heart of the negotiations is the need to increase the $100 billion per year climate finance commitment, which many developing nations believe is insufficient. However, the talks have been at an impasse for over a week, with a slimmed-down draft expected to emerge in the coming hours, ensuring a tense night ahead for negotiators.

EU climate commissioner Wopke Hoekstra acknowledged the challenge ahead, stating that rich countries cannot make a financial offer until they have a clear understanding of the agreement's full scope. "We don't just want to pluck a number from the sky," he said. Germany’s climate envoy Jennifer Morgan echoed this sentiment, stressing that the figure should be based on an agreed framework.

In addition to climate finance, COP29 attendees also saw a significant pledge from 25 countries, including the United Kingdom, Canada, and Germany, committing not to build any new unabated coal-fired power plants. This voluntary pledge aims to accelerate the phaseout of coal, one of the most polluting energy sources, aligning with global efforts to reduce carbon emissions. The move is expected to further shape national climate plans for the coming year.

However, Bolivia’s chief negotiator, Diego Pacheco, expressed frustration with the slow progress, warning that hopes for an ambitious deal were rapidly diminishing. "We cannot accept this," he said, referring to a proposed $200 billion in climate finance, a figure he deemed inadequate given the scale of the challenge.

As the talks continue, the urgency to reach an agreement on climate finance and emissions reduction intensifies, with the fate of global climate action hanging in the balance.