The COP29 summit has been a stage of intense negotiations and disputes. Roula Khalaf, the Editor of the FT, selects her favorite stories in this weekly newsletter. Western countries have been vocal in their criticism of oil-producing nations for blocking the mention of fossil fuels in key climate change documents. The omission of such references sparked a wave of criticism on Thursday, with attendees accusing certain countries of backsliding on last year's summit promises.
Key Players and Their Stances
The European commissioner for climate action, Wopke Hoekstra, firmly stated that the drafts were "clearly unacceptable as it stands now." Eamon Ryan, the Irish climate minister, emphasized that "vested interests in the status quo" should not derail the two-week talks, referring to the influence of oil- and gas-producing countries. Negotiators blamed a bloc led by Saudi Arabia for the lack of reference to fossil fuels, which is by far the biggest contributor to global warming.In contrast, many developing countries have been pushing for specific targets in climate finance. Tina Stege, the climate envoy for the Marshall Islands, expressed disappointment, saying the package had "failed" her people and was "completely disconnected from real lives." Rob Moore, the former UK lead finance negotiator, warned that the lack of a "compromise proposal and any numbers leaves negotiators with a huge amount of progress to make over the next day or two."
Finance Targets and Disagreements
Developing countries at COP29 have called for a finance target of at least tn, with the G77 group seeking at least 0bn on Thursday. However, people familiar with the discussions suggest the figure would likely be around 0bn - 0bn. An independent financial report published last week indicated that the initial 0bn goal would need to triple to at least 0bn to meet global climate financial needs.
Clashes on Other Issues
A fight over women's rights and gender issues has escalated at the UN summit. The Vatican, Saudi Arabia, and others pushed for language relating to gender to be replaced by the mention of sex. The draft agreements on carbon trading suggest that countries are considering a compromise on contentious issues, including the scope of an international registry maintained by the UN.With talks on a knife-edge and less than two days to go before the scheduled end on Friday evening, countries need to show they are "serious about getting a deal." Azerbaijan's lead negotiator, Yalchin Rafiyev, emphasized the importance of putting all cards on the table.
