UN’s Guterres pushes COP29 negotiators to seal deal after draft spurned

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

🗞️ Driving the news: UN Secretary-General António Guterres has urged COP29 negotiators in Baku to intensify efforts toward an agreement as the summit nears its conclusion
• A draft deal was widely criticized for lacking specifics, particularly on climate finance for developing nations, with placeholders like “[X] trillion dollars annually]”
• Disputes over funding mechanisms, fossil fuel phase-outs, and urgency have stalled progress

🔭 The context: Developing nations and China demand at least $500 billion annually in grants, while wealthy nations advocate a broader mix of public and private finance
• Last year’s COP28 in the UAE pledged a fossil fuel transition, but progress remains limited
• Persistent climate disasters highlight the urgency of addressing these divisions

🌍 Why it matters for the planet: Without sufficient funding and commitments, developing countries risk falling further behind in mitigating climate impacts
• The inability to secure a robust deal undermines global efforts to achieve climate goals and adapt to worsening climate events

⏭️ What's next: Negotiators are expected to review a revised draft, potentially featuring concrete figures for climate finance
• Talks will likely extend into the final hours, with all parties under pressure to reach a meaningful agreement

💬 One quote: “The time for political games is over” – Cedric Schuster, Samoan chairman of the Alliance of Small Island States

📈 One stat: Developing nations estimate they need $1.3 trillion annually to transition to clean energy and adapt to climate change

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