Frustration at Pre-COP Meeting Ahead of UN Climate Summit

A key pre-COP meeting in Azerbaijan concluded Friday with little progress on funding a new financial deal for poorer nations ahead of the UN COP29 climate summit, Arab News reported yesterday.

Delegates were urged to set aside differences, but the gathering ended without resolving longstanding issues. Iskander Erzini Vernoit from the IMAL Initiative noted that countries remain “quite far apart” despite hopeful discussions.

At COP29, nations must agree on a new climate finance goal to support the world’s poorest countries, with the current $100 billion annual figure deemed insufficient. Developed countries face pressure to increase contributions significantly, yet many have yet to disclose their financial commitments.

Mariana Paoli from Christian Aid criticized this lack of transparency, emphasizing the need for unconditional grants rather than loans, which exacerbate debt issues for developing nations. While some rich nations acknowledged the need for trillions in funding, no specific figures were proposed, leaving advocates frustrated.