COP29 negotiators seek consensus after draft agreement that reflects strong discrepancies

With COP29 in Baku due to the end of COP29, negotiators presented a draft agreement on Thursday that shows how far apart positions on climate finance are between rich and developing countries. The conference officially ends on Friday, so time is of the essence to find a way to finance the trillion dollars a year of climate aid that experts commissioned by the UN say developing countries would need to deal with the consequences of climate change. One trillion represents a sum ten times greater than the 100,000 million dollars that rich countries had committed to contribute for the period 2020-2025, partly in the form of grants. “Failure is not an option,” UN Secretary-General António Guterres warned negotiators. “We still have a long way to go. This is the moment when all cards need to be put on the table,” urged the Azerbaijani coordinator of the negotiations, Yalchin Rafiyev.

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