Geopolitics overshadow COP29 talks on climate cash

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Geopolitics overshadow COP29 talks on climate cash

Countries at the COP29 summit tried to make progress on how to raise more in climate finance for the world’s most vulnerable, as political tensions overshadowed the talks and Argentina pulled its delegation from Baku.

The success of this year’s UN climate summit hinges on whether countries can agree on a new finance target for richer countries, development lenders and the private sector to deliver each year. Developing countries need at least $US1trillion ($A1.5 trillion) annually by the end of the decade to cope with climate change, economists told the UN talks.

Many countries have said that money is essential to their setting ambitious climate goals ahead of next year’s COP30 in Brazil.

But reaching a deal could be tough at this year’s summit, where the mood has been soured by public disagreements and pessimism about shifts in global politics.

Donald Trump’s presidential election win has cast the ******* States’ future role in climate talks into doubt, and tension between developed and developing nations has bubbled to the surface on the main stages and in negotiating rooms.

“Parties must remember that the clock is ticking,” COP29 Lead Negotiator Yalchin Rafiyev told a news conference on Thursday

The previous annual finance goal of $US100 billion ($A155 billion) expires this year. But wealthy countries only met the pledge in full starting in 2022.

Early Thursday, a report from the Independent High-Level Expert Group on Climate Finance said the target annual figure would need to rise to at least $US1.3 trillion ($A2 trillion) a year by 2035 if countries fail to act now.

Behind the scenes, negotiators are working on draft texts, but early stage documents published by the UN climate body show views around the table still diverge widely.

Many Western governments arrived in Baku reluctant to pledge big sums.

The likely withdrawal of the ******* States from any future funding deal will raise pressure on delegates to find other ways to secure the needed funds.

Among them are the world’s multilateral development banks such as the World Bank, funded by the richer countries and in the process of being reformed so they can lend more.

Ten of the largest have said they would plan to increase their climate finance by roughly 60 per cent to $US120 billion ($A186 billion) a year by 2030, with at least an extra $US65 billion ($A101 billion) from the private sector.

On Thursday Zakir Nuriyev, head of the Association of Banks of Azerbaijan, said the country’s 22 banks would commit nearly $US1.2 billion ($A1.9 billion) to finance projects that help Azerbaijan transition to a low-carbon economy.

So far the conference – which many global leaders decided to skip altogether – has been marked more by division than unity.

Argentina’s abrupt departure on Thursday followed an order from Buenos Aires.

The country’s presidential spokesperson said the move would allow Gerardo Werthein, the new foreign affairs minister, to “revaluate the situation, reflect on the position”.

The minister is “withdrawing the delegation in virtue of a whole reform the minister is going to do. There’s not much else to say,” the spokesperson, Manuel Adorni, told a news conference in Buenos Aires.

Argentina’s President Javier Milei, who previously has called global warming a hoax, was due this week to meet Trump, also a climate change denier.

When asked whether Argentina would withdraw from the Paris Agreement, Ana Lamas, undersecretary for environment for Argentina, who led the country’s delegation at COP29, told Reuters: “We are only withdrawing from COP29.”

Observers criticised the withdrawal by Argentina’s right-wing government, and said it could hurt the country’s hopes of raising future climate cash.

A day earlier, French climate minister Agnès Pannier-Runacher cancelled her trip to COP29 after Azerbaijan’s President Ilham Aliyev accused France of “*******” in its overseas territories in the Caribbean.

France and Azerbaijan have long had tense relations because of Paris’ support of Azerbaijan’s rival Armenia. This year, Paris accused Baku of meddling and abetting violent unrest in New Caledonia.

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