The Nepal Weekly 
November 19, 2024
The first week of the COP29 summit concluded in Baku without significant breakthroughs, as deep divisions between developed and developing nations stalled progress on key issues like climate finance, trade measures, and equitable responsibility for climate action.
The G-77/China bloc reiterated the call for $1.3 trillion annually in climate finance, with an emphasis on grants and concessional funding to avoid burdening vulnerable economies already grappling with the impacts of climate change. “Loans make up nearly 70% of climate finance provided so far. This is unacceptable and places undue pressure on developing economies,” an Indian negotiator had asserted, urging developed nations to move away from debt-inducing mechanisms.
The first week of the COP29 summit concluded in Baku without significant breakthroughs, as deep divisions between developed and developing nations stalled progress on key issues like climate finance, trade measures, and equitable responsibility for climate action.
UN Executive Secretary Simon Stiell added to the urgency, urging G20 countries to take bolder action, warning that without it, no economy in the grouping would be spared from climate-driven economic losses.
However, his call for solidarity failed to resolve the deadlock.
Developing nations demanded a robust technology implementation programme supported by dedicated financial backing.
“Without equitable access to climate technologies, the promises of the Paris Agreement will remain unfulfilled,” an Indian negotiator stated. India also opposed any attempts to impose external regulations on its climate targets, emphasising that mitigation efforts should align with Nationally Determined Contributions (NDCs) and national sovereignty.
The BASIC bloc criticised developed nations for attempting to dilute their commitments under the Paris Agreement by shifting additional obligations onto emerging economies. The BASIC countries include Brazil, South Africa, India, and China.
The Alliance of Small Island States (AOSIS) and the Arab Group joined forces with India, highlighting the disproportionate impact of climate change on vulnerable populations and demanding scaled-up financial and technological support.
The negotiations in Baku have also highlighted the urgent need for a comprehensive climate finance package that addresses both mitigation and adaptation.
As negotiators prepare for the second week, the stalemate casts uncertainty over whether COP29 will deliver actionable outcomes.
With COP30 in Brazil next year, the outcomes in Baku are likely to set the tone for the global climate agenda in the months to come.
UN Executive Secretary Simon Stiell added to the urgency, urging G20 countries to take bolder action, warning that without it, no economy in the grouping would be spared from climate-driven economic losses. However, his call for solidarity failed to resolve the deadlock.
