Climate finance talks stall ahead of upcoming UN summit
ECONOMY & POLICY

Climate finance talks stall ahead of upcoming UN summit

International negotiations regarding financial aid for developing countries to combat climate change ended this week without reaching an agreement, just two months before Azerbaijan is set to host the United Nations climate summit.

The Azerbaijani chair of the COP29 summit expressed concern after the conclusion of the four-day talks on Thursday, while NGOs criticised wealthier nations for allegedly obstructing efforts to secure a deal.

The talks scheduled for November 11-22 in Baku aim to establish a global agreement on the amount wealthy nations should contribute to assist developing countries in transitioning to renewable energy and dealing with the impacts of global warming.

COP29 president Mukhtar Babayev, Azerbaijan's Minister of Ecology and Natural Resources, emphasised the need for determination and leadership from all parties to bridge the existing gaps in this crucial final phase. He stated that everyone now needs to take responsibility for finding an agreement, warning that adhering strictly to set positions and failing to make progress toward mutual understanding would result in too much ground needing to be covered at COP29.

Wealthy nations are under increasing pressure to commit to new financing targets that significantly exceed the $100 billion per year they pledged to provide until 2025. Developing countries argue that $1 trillion annually is required.

Under a significant 1992 UN climate agreement, industrialized nations acknowledged their historical responsibility for greenhouse gas emissions and established the foundation for providing financial assistance to the developing world. However, the United States and European Union nations are now advocating for an expanded group of contributors, including oil-rich Gulf states and China, which is currently the world's second-largest economy and the leading emitter of greenhouse gases.

Gulf states and China have rejected the call to contribute.

In late August, the UN released a draft document outlining seven potential options for a financial agreement, highlighting the conflicting positions among nations.

International negotiations regarding financial aid for developing countries to combat climate change ended this week without reaching an agreement, just two months before Azerbaijan is set to host the United Nations climate summit. The Azerbaijani chair of the COP29 summit expressed concern after the conclusion of the four-day talks on Thursday, while NGOs criticised wealthier nations for allegedly obstructing efforts to secure a deal. The talks scheduled for November 11-22 in Baku aim to establish a global agreement on the amount wealthy nations should contribute to assist developing countries in transitioning to renewable energy and dealing with the impacts of global warming. COP29 president Mukhtar Babayev, Azerbaijan's Minister of Ecology and Natural Resources, emphasised the need for determination and leadership from all parties to bridge the existing gaps in this crucial final phase. He stated that everyone now needs to take responsibility for finding an agreement, warning that adhering strictly to set positions and failing to make progress toward mutual understanding would result in too much ground needing to be covered at COP29. Wealthy nations are under increasing pressure to commit to new financing targets that significantly exceed the $100 billion per year they pledged to provide until 2025. Developing countries argue that $1 trillion annually is required. Under a significant 1992 UN climate agreement, industrialized nations acknowledged their historical responsibility for greenhouse gas emissions and established the foundation for providing financial assistance to the developing world. However, the United States and European Union nations are now advocating for an expanded group of contributors, including oil-rich Gulf states and China, which is currently the world's second-largest economy and the leading emitter of greenhouse gases. Gulf states and China have rejected the call to contribute. In late August, the UN released a draft document outlining seven potential options for a financial agreement, highlighting the conflicting positions among nations.

Next Story
Real Estate

Varun Malik Joins ANAROCK as MD, Head of Capital Markets, APAC

ANAROCK Capital has appointed Varun Malik as Managing Director, Head of Capital Markets (APAC), marking a strategic move to expand its presence across Asia-Pacific. Based in Singapore, Malik will drive ANAROCK’s capital markets initiatives in the region.A real estate finance veteran, Malik brings over 18 years of experience in structuring complex cross-border transactions across South-East Asia and Australia. He has led debt and equity deals for REITs, fund managers, and developers, delivering strong returns and driving investor value.“We will redefine real estate capital solutions across ..

Next Story
Real Estate

Patra Chawl lottery held, 663 families allotted homes

Mumbai's Siddharth Nagar (Patra Chawl) Co-operative Housing Society members in Goregaon (West) saw their 15-year wait come to a close as MHADA conducted a successful computerised lottery for 663 eligible members under its redevelopment scheme.The Mumbai Housing and Area Development Board conducted the draw using the RAT (Randomised Allotment of Tenement) system at Sardar Vallabhbhai Patel Hall. The lottery, overseen by Mr. Milind Borikar, Chief Officer of Mumbai Board, ensured transparency by digitally allotting each member a building, wing, and floor.The project, located on Plot R-9, received..

Next Story
Infrastructure Transport

BLR Airport crosses 41 million passengers, 500,000 MT cargo

Kempegowda International Airport, Bengaluru (BLR Airport), has recorded key operational milestones in FY 2024-25, crossing 41.88 million passengers and handling 502,480 metric tonnes of cargo. This marks a year-on-year passenger growth of 11.6 per cent and a 14 per cent rise in cargo volumes.Domestic footfall reached 36.05 million, up 10 per cent, while international traffic saw a robust 25 per cent jump to 5.83 million, aided by Indigo’s global expansion and added frequencies by international carriers. BLR Airport now connects to 76 domestic and 33 international destinations, with Hanoi set..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?