COP29 Day 10 Summary: 21st November 2024

As COP29 entered its final scheduled day Pressure has rose as a consequence of no visible progress on the conference’s central goal: climate finance. The summit has focused on securing financial commitments from wealthy nations to help developing countries address the impacts of extreme weather and adapt to climate change. Experts estimate that at least $1 trillion (roughly £780 billion GBP) is needed, but draft texts released late in the talks omitted key details, including who pays, how much and what the structure of the goal should be.

This ongoing stalemate highlights the challenge of holding wealthier nations accountable for the emissions they have contributed over centuries. Despite the lack of resolution, the COP29 presidency expressed optimism, suggesting that the framework for a financial package was beginning to take shape, with new drafts promised for review.

Option two adopts a more expansive approach, aiming for a single goal to be achieved by 2035 with funds drawn from a wide range of sources, including public and private organisations. Developed nations would remain at the forefront of the effort, but other economically capable countries would also be encouraged to contribute. This option introduces innovative funding ideas, such as taxes on airline tickets or financial transactions, alongside more traditional sources like bilateral and multilateral aid. While this flexibility could unlock larger sums of money, some critics are concerned it might dilute accountability by allowing developed countries to include revenues from carbon markets or other unregulated sources as part of their commitments.