Eco-Business reports on the world’s biggest climate conference where negotiators and leaders convene at a critical moment for global transformative action to tackle an existential crisis.
A protest walkout, frantic last-minute closed-door discussions, and a lot of frustration and anxiety. The COP29 finance talks in Baku had looked like they were about to fall apart running into overtime after last Friday but parties came to a compromise on Sunday and staggered away with a US$300 billion funding deal.
COP29 talks – running into overtime – concluded over the weekend with a signed deal to triple the amount of money to help poorer nations climate-proof their economies, but the promised funding falls short of the trillions of dollars developing countries say they need. A deal on Article 6 was also sealed.
Eksklusif
As COP29 enters the final stretch, some developing countries are being approached by rich countries to agree on technical assistance and aid instead of promised climate finance, according to civil society organisations.