The recently concluded climate summit in Baku extended by nearly 30 hours due to heated debates over climate finance for developing countries. Core issues included the financial commitments from affluent nations and the role of fossil fuels, with countries like Saudi Arabia accused of obstructing progress.
The central agreement was to increase climate finance to $300 billion annually by 2035, a significant rise from the current $100 billion. However, this falls short of independent estimates suggesting a need of $1.3 trillion to effectively combat climate change and support energy transitions. Developing countries expressed dissatisfaction, feeling that the proposed figures were inadequate to address their climate challenges.
Notably, Brazil will host next year’s summit, with Environment Minister Marina Silva emphasizing the importance of compromise and solidarity. Meanwhile, tensions rose as accusations surfaced of Azerbaijan favoring fossil fuel interests, especially those of Saudi Arabia.
The financial debate highlighted the disparity between the demands of developing nations and the offers from industrialized countries. Many developing nations, including those in Africa, argued for a mix of grants and low-interest loans to meet their needs.
The summit also spotlighted geopolitical tensions, with concerns over the potential impact of future political leadership, notably in the United States, on climate commitments. The financial framework agreed upon reflects a compromise amid a complex web of interests and priorities, striving to uphold the goal of limiting global warming to 1.5°C. The "Baku to Belem roadmap" aims to explore further funding opportunities, setting the stage for ongoing negotiations and future summits.
