AFP – United Nations climate talks in Baku mark a “moment of truth” for the Paris agreement, COP29 president Mukhtar Babayev said yesterday, as a United States (US) withdrawal from the pact looms after Donald Trump’s re-election.
Countries come to Baku after new warnings that 2024 is on track to break temperature records, adding urgency to a fractious debate over climate funding.
“We are on a road to ruin,” Babayev warned at the start of the two-week conference in Azerbaijan’s capital, pointing to recent deadly floods in Spain and other climate catastrophes.
Trump has pledged to once again withdraw the US from the landmark Paris agreement, which set the ambitious goal of limiting warming to 1.5 degrees Celsius above pre-industrial levels.
“COP29 is a moment of truth for the Paris agreement,” said Babayev.
“It will test our commitment to the multilateral climate system. We must now demonstrate that we are prepared to meet the goals we have set ourselves,” he added.
The conference must find common ground on increasing a USD100 billion-a-year target in funding for developing nations to manage climate impacts and wean their economies off fossil fuels. How much will be on offer, who will pay, and who can access the funds are some of the major points of contention.
Developing countries are pushing for trillions of dollars, and insist money should be mostly grants rather than loans.
“We know the needs are in the trillions, but there are different views on how to achieve that,” Babayev said.
“We have also heard that a realistic goal for what the public sector can directly provide and mobilise seems to be in the hundreds of billions,” he said.
