Former UN climate envoy Mary Robinson has stated that poor countries may have to compromise on demands for cash to tackle global heating due to stretched budgets in rich countries. With two weeks of UN talks coming to a close at the Cop29 summit, Robinson highlighted the challenges faced by developed nations amid inflation, Covid, and conflicts such as Russia’s war in Ukraine. Despite the focus on finding $1tn a year for developing nations to transition to low-CO2 economies and cope with extreme weather impacts, rich nations have yet to offer formal finance. It is expected that the developed world may only offer around $300bn a year in public finance, much less than what developing countries had hoped for. The remainder of the $1tn may come from sources such as private sector investment, carbon trading, and potential new taxes on fossil fuels.
Negotiations at Cop29 have been deadlocked, with a new draft of a possible deal receiving criticism from both rich and poor countries. Developing nations are advocating for $1.3tn a year in climate finance by 2030, with at least $500bn provided by wealthier nations. However, hesitation from major contributors, such as the EU, on offering such a substantial sum has led to challenges in finding common ground. The lack of consensus on crucial issues such as climate finance and emissions reduction poses a significant obstacle to reaching an agreement at the summit. As tensions continue to rise, the future remains uncertain as delegates work towards a resolution.
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