COP29, which began on Monday in Baku, is due to end on Friday November 22. And there remains “a lot of work to do” to avoid failure, a French diplomatic source regretted on Saturday. “We are stuck” in the negotiations on climate finance.
“We absolutely want an agreement in Baku because it is in the collective interest” but “clearly we are blocked and we are not where we should be to have an agreement”, we judged. These negotiations are “stagnating”, according to this source.
An increasingly long and vague text
This year, COP29 must conclude with a “New quantified collective objective”, a financing objective to help the developing world limit its greenhouse gas emissions and adapt to climate change. “There is a lot of work to be done and postponing it until the second week of the negotiations, that seems to me to be very dangerous,” judged this diplomatic source, at the end of the first week of COP29 and before the arrival of the ministers the week next.
The draft agreement text, a new version of which was published again on Saturday afternoon, still has many options open. The document is much longer and more detailed than the one that was prepared before the conference. “It’s a return to the past, that’s the problem,” said this French source.
This underlines that the financial objective includes numerous parameters (structure, quality, temporality) and that the costing will only arrive once these points have been settled. “We don’t give up a figure without knowing what we are negotiating on. It makes no sense,” it was said, adding that the Europeans’ figures would likely “come out very late” during the COP, which theoretically ends on November 22.
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