Discussions and negotiations at COP29, the Climate Summit taking place in Azerbaijan, continue and the debate revolves around the role that G20 countries should assume but have not yet taken on.
This group brings together the most powerful nations in the world, which are also the biggest polluters. At the same time, they are the ones that make the least commitments when it comes to effectively fighting against global warming.
In fact, the economies of these developed territories are responsible for 80% of emissions. At the moment, although there are still several days left, there is a sense of frustration towards a possible agreement, and pessimism outweighs hope among those present.
Negotiations at COP29: Stalled?
António Guterres, Secretary-General of the United Nations, expressed his concerns in the last few hours. “I am concerned about the state of negotiations at COP29,” he said.
“Countries must agree on an ambitious climate finance goal that matches the magnitude of the challenge facing developing countries,” added the UN’s top official.
COP29 in Baku.
Specifically, representatives of different states are currently discussing how to move forward with the so-called “New Quantified Qualitative Goal” (NCQG). Essentially, this is about who will provide the funding to help the poorest countries mitigate the consequences of the crisis.
Figures vary depending on who presents them, but some estimate, for example, that one trillion dollars per year are needed to compensate for damages to the poorest territories. This would also be to guide the path towards energy transition (replacing fossil fuels with so-called “clean” sources).
However, more realistic calculations suggest that, in reality, decarbonizing economies would require at least 6 trillion annually by 2030.
