Nations Still Far Apart on Crucial COP29 Issue of Finance as UN Climate Talks Reach Final Days

BAKU, Azerbaijan—The annual U.N. climate talks—also referred to as COP29—have entered the final days of negotiations with all eyes on whether countries will be able to secure a much-needed climate finance commitment from richer nations to help low-income countries cut emissions, adapt to mounting climate impacts, and address loss and damage at home. The talks have been eerily quiet with little progress being signaled through new negotiating texts, which is deeply troubling for civil society advocates—including the Union of Concerned Scientists (UCS)—on the ground at COP29. Parties sharing potential positions via news stories are also contributing to a deficit in trust and credibility in these negotiations and could hinder progress toward an ambitious outcome. Additionally, regardless of the U.S. election outcome, the Biden administration must live up to its responsibilities and commit here at COP29 that they will announce a robust emission reduction pledge this year.

Below is a statement by Dr. Rachel Cleetus, the policy director and a lead economist for the Climate and Energy Program at UCS. She has been attending the U.N.’s international climate talks and has partnered with the international community on climate and energy policies for about 20 years. Dr. Cleetus is currently in attendance at COP29 in Baku, Azerbaijan.

“COP29 is entering its final days and there’s an alarming lack of progress on a robust climate finance agreement. Nations need to stop negotiating through news articles and focus on offering good faith efforts to reach an ambitious consensus together before time runs out. The disconnect between world leaders’ actions here and the urgency of the science and harrowing climate extremes people are experiencing is stark. Far from the venue halls, the Philippines has been ravaged by four typhoons over the last two weeks—an example of the grave threats countries are facing if words uttered at COP29 continue to ring hollow.

“Parties must use the time left to reach an agreement that will deliver funding that’s fit for purpose with richer countries taking the lead on providing at least $1 trillion per year primarily in grants and concessional loans. Lower income nations that have contributed the least to the climate crisis deserve funding to accelerate a clean energy transition and adapt to climate change. Countries need to also stand resolute on last year’s agreement to transition away from fossil fuels, including its focus on accelerating action in this critical decade, with richer nations providing the funding to make this possible. Major emitters such as the United States, European Union countries, and China must endeavor to announce appropriately ambitious emission reduction commitments as soon as possible.

“Without clear decisions on the crucial issues at COP29, world leaders will be deliberately undermining the goals of the Paris Agreement and giving in to narrow political agendas and the underhanded lobbying by fossil fuel interests. Nations would do well to remember that these COPs are meant to serve people and the planet, not polluters and the rich and powerful.”

Experts at the Union of Concerned Scientists (UCS) are on the ground at COP29 and tracking the paramount issue at this COP: climate finance. Additionally, UCS experts can discuss adaptation, Loss and Damage, upholding the previously agreed to fossil fuel phase out, the U.S. nationally determined contribution (NDC) pledge and pathways for reducing national emissions, implications of the U.S. elections on the talks, risks and costs of climate change impacts, relevant scientific reports and climate litigation. They are also monitoring how fossil fuel industry influence, disinformation, and deception is showing up in negotiations following news that the number of fossil fuel industry lobbyists granted access to COP29—totaling 1,773—is greater than nearly every country delegation.

Additional UCS Resources:

• A UCS statement on the conclusion of week one and what to expect in week two of COP29.
• A UCS statement on the presence of fossil fuel polluters at COP29.
• A UCS statement on the repercussions of a Trump presidency on global climate action.
• A letter signed by more than 80 US Climate Action Network members, including UCS, urging the Biden administration to reach an ambitious outcome on climate finance at COP29.
• The latest blogposts by UCS experts on COP29 and the implications of the U.S. presidential election.