COP29: Babayev requests support from G20 leaders as climate finance talks stall

Talks to agree a global climate finance target hit a roadblock Nov. 18 at the UN Climate Change Conference with still no consensus on the scope and structure of the new goal. But COP29 President Mukhtar Babayev urged G20 leaders, who are meeting in Brazil later in the day, to do more to demonstrate their climate leadership especially related to finance.

"[G20 nations] account for 85% of global GDP and 80% of emissions. Their leadership is essential to making progress on all pillars of the Paris Agreement from finance to mitigation and adaptation," Babayev said at a press conference.

"We cannot succeed without them, and the world is waiting to hear from them. We urge them to use the G20 meeting to send a positive signal of their [climate] commitments. We want them to provide a clear mandate to deliver at COP29."

Leaders from the G20 group, which represents the world's largest economies, are meeting Nov. 18-19 in Rio de Janeiro. Meanwhile. COP29, which started Nov. 11, will run through until Nov. 22.

Scope, structure, quantum

The outstanding issues remain focused on the scope, structure and quantum of the New Collective Quantified Goal, with many approaches included in the draft negotiating text.

Most developing countries are calling for a quantum ranging from $1 trillion to $1.3 trillion annually. Developed nations argue that a multilayered NCQG with a global investment target would send strong signals to diverse stakeholders helping to mobilize climate finance.

Babayev urged leaders to engage immediately and constructively to find a positive outcome, and said that separate consultations on the tricky issues will be held in coming days.

He admitted that parties were not moving towards each other quickly enough" and called on donor countries to increase their ambitions.

One of the key issues being discussed is whether the contributor base for climate finance should be expanded, particularly whether fast-growing developing economies like China should also make contributions.

UN climate chief Simon Stiell called on parties to "wrap up less contentious issues early in the week, so there is enough time for the major political decisions."

"The bluffing, brinkmanship and premeditated playbooks are burning up precious time and running down the goodwill needed for an ambitious package. So, let's cut the theatrics and get down to the real business this week," added Stiell at the conference.

If agreed, the NCQG will replace the $100 billion/year fund established as part of the Paris Agreement in 2015.