Prospects of strong outcome appear dim but there is hope the talks will address pressing issue of climate finance
, over the next few days and the first thing they are likely to notice is the smell of oil. The odour hangs heavy in the air, evidence of the abundance of fossil fuels in this small country on the shores of the Caspian Sea.
The prospects of a strong outcome from the Baku summit may appear dim, with the far right and anti-net zero voices on the rise in the US,and elsewhere. But there is hope that Cop29 will address at least one of the major issues preventing action: money.
This is something that has never been tried before in three decades of talks. Until now, the only climate finance target has been a promise made in 2009, at, for $100bn a year to flow to the developing world by 2020. That target was only achieved two years late – a delay that damaged the faith of developing countries, according to Alok Sharma, the president of Cop26 in Glasgow and now a member of the UK’s House of Lords.
Culinary metaphors aside, the core concept is fairly simple: the NCQG will include the needs expressed by developing countries; an agreed goal for finance coming from existing developed countries plus an expanded contributor base; and ideas for how to fill the gap between the two.
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