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COP29 Day 7 Summary: 18th November 2024

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COP29 is proving to be a pivotal yet contentious chapter in global climate negotiations. With only five days left in the summit, delegates face significant challenges, from deadlocks in discussions to rising tensions over financing commitments. As the urgency to deliver tangible solutions grows, debates over climate finance, energy transition support, and the role of developing nations like China are dominating the agenda.

COP29 Summary

A Potential Stalemate

With just five days of negotiations remaining, COP29 faces mounting concerns that the entire climate process could stall, or even regress, if governments fail to compromise. Simon Stiell, Executive Secretary of the UNFCCC, warned that the talks risk deadlock if countries “dig in and refuse to move on one issue until others move elsewhere.” This rigid stance has the potential to hinder progress at a crucial stage, highlighting the need for collaborative action to sustain momentum.

The first week of the summit in Baku ended with widespread frustration over the lack of progress on financing energy transitions and climate adaptation for developing countries. While the Azerbaijani presidency claimed an early success with an intergovernmental agreement on a global carbon credit system, the absence of other significant breakthroughs has disheartened some.

Clare Shakya, global climate chief at The Nature Conservancy, described the slow pace of negotiations as “unnerving,” comparing it to the stagnation seen at climate COPs prior to the 2015 Paris Agreement revitalising the process. As the summit enters its second week, pressure is mounting to accelerate discussions and deliver meaningful outcomes.

New Suggestions - The New Collective Quantitative Goal

The commitment made in 2009 by a handful of developed nations and the EU to mobilise the equivalent of £80 billion annually by 2020 (a target that was missed by two years) has become a focal point for increasing climate finance post-2025.

As the conference reaches its halfway point, these differing perspectives highlight the complexities of global climate finance discussions.

Climate Commissioner Wopke Hoekstra is quoted as saying “A potential solution could be to… move to a space of voluntary contributions.” Suggesting that countries such as China and Saudi Arabia, whose economies have boomed since the 1990s, could voluntarily contribute to the NCQG whilst retaining their status as developing nations.

As COP29 enters its final stretch, the outcomes remain uncertain. The lack of progress on critical issues like financing for developing countries and the debate over broadening the donor base underscore the complexity of the global climate process. While early successes, such as the agreement on a global carbon credit system, offer a glimmer of hope, the broader negotiations have been less productive than expected. The coming days will determine whether this summit can break through the stalemate and set the stage for a more inclusive and effective framework to address the climate crisis.

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