Rashad Nabiyev, Minster development and transport Azerbaijan, left, and Yalchin Rafiyev, Azerbaijan''s COP29 lead negotiator, speaks during a news conference at the COP29 U.N. Climate Summit, Wednesday, Nov. 20, 2024, in Baku, Azerbaijan. (AP Photo/Rafiq Maqbool)
Syeda Rizwana Hasan, adviser for environment, forest and climate change of Bangladesh, speaks during a news conference at the COP29 U.N. Climate Summit, Wednesday, Nov. 20, 2024, in Baku, Azerbaijan. (AP Photo/Rafiq Maqbool)
BAKU, Azerbaijan (AP) — With time running down, negotiators at the United Nations annual climate talks on Wednesday remained mired in the maze of a trillion-dollar money problem, turning to host Azerbaijan to lead the way to daylight with a promised map to be released in the dark of night.
Vulnerable nations are seeking $1.3 trillion to deal with damage from climate change and to adapt to that change, including building out their own clean-energy systems. Experts agree that at least $1 trillion is called for, but both figures are far more than the developed world has so far offered.
After 10 days of talks, the host presidency of the talks, called COP29, promised a draft proposal around midnight local time, which they acknowledged will be far from final and have many decisions still to be made. But it''s something, a clear step forward, said lead negotiator Yelchin Rafiyev.
"Much is really now in the presidency''s hands and the options that they will put in front of us, the text that will come out," Morgan said. "I think the options can help shift us into the fast lane towards a green and prosperous future or mire us in a fight about lowest common denominators."
"The most critical currency right now is trust — trust in the presidency and and trust between and amongst parties," Morgan said. "And what this effectively means is a lot of shuttle diplomacy, numerous huddles between negotiating groups."
At a session where ministers relayed their progress Wednesday, Australia''s climate minister Chris Bowen — one of the ministers leading talks on the money goal — said that he''s heard different proposals on how much cash should be in the pot. As well as the $1.3 trillion proposed by developing countries, nations proposed figures of $900 billion, $600 billion and $440 billion, he said.
Diego Pacheco Balanza, the chair of the Like-Minded Developing Countries negotiating bloc, said the group was also hearing a figure of $200 billion in negotiating corridors. That''s not enough, he said. "Developed countries whose legal obligations it is to provide finance continue to shift their responsibility to developing countries," Pacheco Balanza said.
When asked for his response to the $200 billion suggestion, Adonia Ayebare, chair of the G77 plus China negotiating group asked, "Is it a joke?" Speaking to a room of reporters, he added that negotiations need a headline figure of $1.3 trillion. "I used to be a member of the press, I know the headline is important," he said.
But European climate envoy Wopke Hoekstra said "it is important to determine the elements first, so that you can have an informed conversation about what an ambitious and also realistic number could be."
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