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Climate change funding talks stuck ahead of COP29 summit

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:

🗞️ Driving the news: Reports from Bonn climate meeting indicate that with only five months to go before COP29, countries are unable to agree on the size of a global funding package
• The decision, aimed at helping the developing world to adapt to and fight climate change, is set to dominate the COP29 climate talks in Azerbaijan in November

🔭 The context: This year, Azerbaijan is hosting the UN climate summit COP29, where nearly 200 countries need to agree on a new annual financing target to help poorer countries cut their emissions and protect their societies in a harsher, hotter world
• Representatives of climate-vulnerable countries say wealthy nations fall late with payments of climate finance, all the while quickly approving new funds for military responses

🌍 Why it matters for the planet: Negotiators say they worry a future Trump administration could stop US climate finance payments, leaving other wealthy nations to meet the annual pledge
• Another worry lies in escalating geopolitical tensions that rise from opposing climate and financial objectives, such as China labeling itself a developing country 

⏭️ What's next: Talks will continue beyond Bonn, with some negotiators saying government ministers could raise the issues at higher level meetings, such as G20 ministers’ gatherings in Brazil ahead of COP29

💬 One quote: "It seems like money is always there when it's a more 'real' national priority for the country," Michai Robertson, negotiator for the Alliance of Small Island States, told Reuters

📈 One number: $1 trillion per year, is the amount India, and a group of Arab countries including Saudi Arabia, the UAE and Egypt have said the overall financing target should exceed

Click for more news covering the latest on climate change and ethical governance

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