Close Menu
Stratnews GlobalStratnews Global
    Facebook X (Twitter) Instagram
    Trending
    • KSSL Showcases Cutting-Edge Artillery at Indo Defence Expo 2025
    • Webb Telescope Reveals Young Gas Giants Shaping in Distant Star System
    • NASA Halts ISS Launch Over Air Leak in Ageing Russian Module
    • SpaceX May Lose Role in Golden Dome Amid Trump Feud
    • U.S. Military Eyes Space War Readiness Amid Rising China Tensions
    • Iran’s Key Nuclear Facilities and Programme Developments
    • IITs: From Labs to Launchpads
    • Paris Airshow Highlights Aircraft Deals Amid Aviation Uncertainty
    Stratnews GlobalStratnews Global
    Write for Us
    Sunday, June 15
    • Space
    • Science
    • AI and Robotics
    • Industry News
    Stratnews GlobalStratnews Global
    Home » COP29 Stalemate: Rich Nations Divided Over Climate Finance Contributions

    COP29 Stalemate: Rich Nations Divided Over Climate Finance Contributions

    Arushi PandeyBy Arushi PandeyNovember 21, 2024 Climate Change No Comments2 Mins Read
    Cop29

    UN Climate Summit Faces Stalemate Over Climate Finance Agreement

    The United Nations climate body unveiled fresh proposals on Thursday for determining the financial contributions richer nations should provide to poorer countries for tackling climate change. The updated negotiating text emerged at the COP29 summit in Baku, Azerbaijan, just two days before the event’s scheduled conclusion.

    Despite being a central focus of the summit, reaching an agreement on climate finance has been slow. The latest draft arrived several hours late and revealed significant gaps on critical issues such as how much funding is needed, what qualifies as contributions, and who will provide the funds.

    Polarised Positions on Climate Finance

    The new document, reduced to half the length of its predecessor, outlines two competing visions from developed and developing nations. Developing countries advocate for grants or grant-equivalent funding, ensuring that contributions from emerging economies like China are not officially counted in the target.

    On the other hand, wealthier nations seek to broaden the definition of climate finance. Their proposal includes not only grants but also other forms of financial aid, such as loans or investments, with contributions coming from a wider base of countries.

    Both sides have yet to agree on a total funding figure, with the placeholder ‘X’ remaining in the text. Li Shuo, a climate diplomacy expert from the Asia Society Policy Institute, noted:
    “The text misses a number that defines the scale of future climate finance, a prerequisite for negotiation in good faith.”

    The $1 Trillion Target

    Economists attending COP29 have emphasised that developing countries will need at least $1 trillion annually by 2030 to address climate change effectively. However, wealthier nations, including members of the European Union, have expressed hesitation in committing to specific figures. They argue that more clarity is needed regarding how the funds will be structured and who will contribute.

    A Race Against Time

    As the summit’s closing hours approach, the unresolved questions threaten to derail progress on a central objective. Experts warn that failing to establish a clear and actionable climate finance target could undermine trust between nations and stall efforts to address the escalating climate crisis.

    With inputs from Reuters

    Author

    • Arushi Pandey
      Arushi Pandey

      View all posts
    Featured
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email Reddit Telegram WhatsApp
    Arushi Pandey

      Keep Reading

      KSSL Showcases Cutting-Edge Artillery at Indo Defence Expo 2025

      Webb Telescope Reveals Young Gas Giants Shaping in Distant Star System

      NASA Halts ISS Launch Over Air Leak in Ageing Russian Module

      SpaceX May Lose Role in Golden Dome Amid Trump Feud

      U.S. Military Eyes Space War Readiness Amid Rising China Tensions

      Iran’s Key Nuclear Facilities and Programme Developments

      Add A Comment
      Leave A Reply Cancel Reply

      Latest Posts

      KSSL Showcases Cutting-Edge Artillery at Indo Defence Expo 2025

      June 14, 2025

      Webb Telescope Reveals Young Gas Giants Shaping in Distant Star System

      June 13, 2025

      NASA Halts ISS Launch Over Air Leak in Ageing Russian Module

      June 13, 2025

      SpaceX May Lose Role in Golden Dome Amid Trump Feud

      June 13, 2025

      U.S. Military Eyes Space War Readiness Amid Rising China Tensions

      June 13, 2025

      Iran’s Key Nuclear Facilities and Programme Developments

      June 13, 2025

      IITs: From Labs to Launchpads

      June 12, 2025

      Paris Airshow Highlights Aircraft Deals Amid Aviation Uncertainty

      June 12, 2025

      Hungary to Sell Key Defence Assets to 4iG as Election Pressure Mounts

      June 12, 2025

      Starlink Applies to Launch Satellite Service in Southwestern Switzerland

      June 12, 2025

      Subscribe to News

      Get the latest sports news from NewsSite about world, sports and politics.

      • Astronomical Events
      • Space Missions
      • Industry News
      • Science
      StratNewsGlobal Tech
      Facebook X (Twitter) Instagram LinkedIn YouTube
      © 2025 StratNews Global, A unit of BharatShakti Communications LLP
      • About Us
      • Contributors
      • Copyright
      • Contact
      • Write for Us

      Type above and press Enter to search. Press Esc to cancel.