As the COP29 climate summit in Baku, Azerbaijan reaches its final days, a sense of growing frustration is palpable. The lack of progress in securing a deal on climate finance, a crucial step in curbing emissions and combating global warming, has become a major concern. Mukhtar Babayev, the COP29 president, has urged delegates to act with more urgency. “People have expressed their concerns about the negotiation status,” he said. “It’s time to accelerate. This week, ministers from around the world will join us as the negotiations enter their final stage. Politicians hold the power to reach a fair and ambitious deal and must fulfill this responsibility by engaging constructively immediately.”

Climate Finance: The Heart of the Matter

Money lies at the core of the COP29 negotiations. In COP terms, it’s about climate finance. The question of who will fund poorer countries’ adaptation to climate change and the transition away from fossil fuels, along with the cost involved, remains a hotly debated issue. It is hoped that this meeting will set a new and ambitious funding target. Estimates suggest that the annual cost of climate finance exceeds $1 trillion. However, many richer nations are reluctant to commit to such a large amount. The current target of $100 billion annually, agreed in 2009, was only met in 2022.Bolivia’s representative, Diego Balanza, who chairs a negotiating bloc of developing nations, has accused richer countries of broken promises. “Our countries are bearing the brunt of climate change due to the historical emissions of developed nations. For us in the developing world, the lives and survival of our people are at stake,” he said. He also pointed out that most of the climate finance provided so far has been in the form of loans rather than grants, which can have adverse effects on the macroeconomic stability of developing countries.

Slow Negotiation Pace: A Cause for Concern

Many observers have expressed their dissatisfaction with the slow pace of negotiations in Baku. Mohamed Adow, the director of Power Shift Africa, has criticized the Azerbaijani hosts for a lack of direction. “This has been one of the most disappointing COPs – at least in the first week – that I have participated in over the past 15 years. There has been very limited progress on climate finance and even on the rules governing carbon markets and global emission reduction strategies,” he said.

‘Cut the Theatrics’: Urgent Call for Action

Simon Stiell, the United Nations Climate Change executive secretary, has called on all parties to “cut the theatrics.” “There is still a significant amount of work to be done to ensure the success of COP29. Parties need to move at a much faster pace towards reaching consensus. I have been very straightforward: climate finance is not a charitable act. It is in the best interest of every nation to protect their economies and people from the adverse impacts of climate change. Parties must address less contentious issues early in the week to make enough time for the major political decisions,” he said.

Emissions Cuts: The Next Crucial Stage

An ambitious deal on climate finance at COP29 is expected to unlock the next crucial stage of negotiations. Ahead of COP30 in Brazil next year, all countries are required to present action plans on reducing greenhouse gas emissions, known as ‘nationally determined contributions.’ The goal is to limit global warming to 1.5°C above pre-industrial levels, a key objective of the 2016 Paris Agreement. Currently, scientists predict that the world is on track to experience a likely catastrophic 2.7°C of warming by the end of the century, leading to widespread extreme weather and sea level rise.

Trump’s Shadow: A Cloud Over the Talks

Mohamed Adow fears that the COP29 negotiations are being overshadowed by the recent U.S. presidential election win of Donald Trump. Trump withdrew the United States from the Paris Agreement during his first term, but his successor, Joe Biden, re-entered the deal on his first day in office. “The uncertainty surrounding the election of Donald Trump and the potential actions of his administration is a cloud hanging over these talks. The rich world seems to be hiding behind Trump and is reluctant to respond to the developing countries’ calls for $1.3 trillion in climate finance,” Adow said.The COP29 talks are scheduled to conclude on Friday. If a deal is within reach, the deadline may be extended.