BAKU: A new draft of a deal on cash to curb and adapt to climate change released Friday afternoon at the United Nations climate summit pledged $250 billion by 2035 from wealthy countries to poorer ones. The amount pleases the countries who will be paying, but not those on the receiving end.
The amount is more than double the previous goal of $100 billion a year set 15 years ago, but it’s less than a quarter of the number requested by developing nations struck hardest by extreme weather. But rich nations say the number is about the limit of what they can do, say it’s realistic and a stretch for democracies back home to stomach.
It struck a sour note for developing countries, which see conferences like this one as their biggest hope to pressure rich nations because they can’t attend meetings of the world’s biggest economies.
“Our expectations were low, but this is a slap in the face,” said Mohamed Adow, from Power Shift Africa. “No developing country will fall for this. They have angered and offended the developing world.”
Nations are still far apart on reaching a deal
The proposal came down from the top, the presidency of UN climate talks — called COP29 — in Baku, Azerbaijan. Delegations from numerous countries, analysts and advocates were kept in the dark about the draft until it dropped more than a half a day later than promised, prompting grumblings about how this conference was being run.
“These texts form a balanced and streamlined package,” the Presidency said in a statement. “The COP29 Presidency urges parties to study this text intently, to pave the way toward consensus, on the few options remaining.”
This proposal, which is friendly to the viewpoint of Saudi Arabia, is not a take-it-or-leave-it option, but likely only the first of two or even three proposals, said Climate Analytics CEO Bill Hare, a veteran negotiator.
“We’re in for a long night and maybe two nights before we actually reach agreement on this,” Hare said.
Just like last year’s initial proposal, which was soundly rejected, this plan is “empty” on what climate analysts call “mitigation” or efforts to reduce emissions from or completely get off coal, oil and natural gas, Hare said.
Anger at ‘meagre’ figure for climate cash
The frustration and disappointment at the proposed $250 billion figure was palpable on Friday afternoon.
“It is a disgrace that despite full awareness of the devastating climate crises afflicting developing nations and the staggering costs of climate action — amounting to trillions — developed nations have only proposed a meagre $250 billion per year,” said Harjeet Singh of the Fossil Fuel Non-Proliferation Treaty.
That amount, which goes through the year 2035, is basically the old $100 billion year goal with 6 percent annual inflation, said Vaibhav Chaturvedi a climate policy analyst with New Delhi-based Council on Energy, Environment and Water.
Experts put the need at $1.3 trillion for developing countries to cover damages resulting from extreme weather, help those nations adapt to a warming planet and wean themselves from fossil fuels, with more generated by each country internally.
The amount in any deal reached at COP negotiations — often considered a “core” — will then be mobilized or leveraged for greater climate spending. But much of that means loans for countries drowning in debt.
Singh said the proposed sum — which includes loans and lacks a commitment to grant-based finance — adds “insult to injury.”
Iskander Erzini Vernoit, director of Moroccan climate think-tank Imal Initiative for Climate and Development, said “the EU and the US and other developed countries cannot claim to be committed to the Paris Agreement while putting forward such amounts” of money.
Countries reached the Paris Agreement in 2015, pledging to keep warming below 1.5 degrees Celsius (2.7 Fahrenheit) since pre-industrial times. The world is now at 1.3 degrees Celsius (2.3 degrees Fahrenheit), according to the UN
Rich countries call for realism
Switzerland environment minister Albert Rösti said it was important that the climate finance number is realistic.
“I think a deal with a high number that will never be realistic, that will never be paid… will be much worse than no deal,” he said.
The United States’ delegation offered a similar warning.
“It has been a significant lift over the past decade to meet the prior, smaller goal” of $100 billion, said a senior US official. “$250 billion will require even more ambition and extraordinary reach” and will need to be supported by private finance, multilateral development banks — which are large international banks funded by taxpayer dollars — and other sources of finance, the official said.
A lack of a bigger number from European nations and the US means that the “deal is clearly moving toward the direction of China playing a more prominent role in helping other global south countries,” said Li Shou of the Asia Society Policy Institute.
German delegation sources said it will be important to be in touch with China and other industrialized nations as negotiations press on into the evening.
Analysts said the proposed deal is the start of what could likely be more money.
“This can be a good down payment that will allow for good climate action in developing countries,” said Melanie Robinson, global climate program director at the World Resources Institute. “There is scope for this to go above $250 billion if contributors decides to come on board.”
Rob Moore, associate director at E3G, said that whatever figure is agreed “will need to be the start and not the end” of climate cash promises.
“If developed countries can go further they need to say so fast to make sure we get a deal at COP29,” he said.
A proposed deal on climate cash at UN summit highlights split between rich and poor nations
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A proposed deal on climate cash at UN summit highlights split between rich and poor nations
- “Our expectations were low, but this is a slap in the face,” said Mohamed Adow, from Power Shift Africa
- “No developing country will fall for this. They have angered and offended the developing world”
US, Ukraine officials say they’ll meet for 3rd day after progress on creating a security framework
- Witkoff and Kushner’s talks in Florida with Umerov, Ukraine’s lead negotiator, and Hnatov follow discussions between President Vladimir Putin and the US envoys at the Kremlin on Tuesday
WASHINGTON: President Donald Trump’s advisers and Ukrainian officials say they’ll meet for a third day of talks on Saturday after making progress on finding agreement on a security framework for postwar Ukraine.
The two sides also offered the sober assessment that any “real progress toward any agreement” ultimately will depend “on Russia’s readiness to show serious commitment to long-term peace.”
The statement from US special envoy Steve Witkoff, Trump’s son-in-law Jared Kushner as well as Ukrainian negotiators Rustem Umerov and Andriy Hnatov came after they met for a second day in Florida on Friday. They offered only broad brushstrokes about the progress they say has been made as Trump pushes Kyiv and Moscow to agree to a US-mediated proposal to end nearly four years of war.
“Both parties agreed that real progress toward any agreement depends on Russia’s readiness to show serious commitment to long-term peace, including steps toward de-escalation and cessation of killings,” the statement said. “Parties also separately reviewed the future prosperity agenda which aims to support Ukraine’s post-war reconstruction, joint US–Ukraine economic initiatives, and long-term recovery projects.”
The US and Ukrainian officials also discussed “deterrence capabilities” that Ukraine will need “to sustain a lasting peace.”
Witkoff and Kushner’s talks in Florida with Umerov, Ukraine’s lead negotiator, and Hnatov follow discussions between President Vladimir Putin and the US envoys at the Kremlin on Tuesday.
Friday’s session took place at the the Shell Bay Club in Hallandale Beach, a high-end private golf and lifestyle destination owned by Witkoff’s real estate development company.
Previous diplomatic attempts to break the deadlock have come to nothing and the war has continued unabated. Officials largely have kept a lid on how the latest talks are going, though Trump’s initial 28-point plan was leaked.
Ukrainian President Volodymyr Zelensky said his country’s delegation in Florida wanted to hear from the US side about the talks at the Kremlin.
Zelensky, as well as European leaders backing him, have repeatedly accused Putin of stalling in peace talks while the Russian army tries to press forward with its invasion. Zelensky said in a video address late Thursday that officials wanted to know “what other pretexts Putin has come up with to drag out the war and to pressure Ukraine.”
Speaking to Russian journalist Pavel Zarubin on Friday, Kremlin foreign affairs adviser Yuri Ushakov praised Kushner as potentially playing an important role in ending Russia’s invasion of Ukraine. Ushakov also took part in Tuesday’s talks at the Kremlin.
“If any plan leading to a settlement is put on paper, it will be the pen of Mr. Kushner that will lead the way,” Ushakov said.
The flattering comments about Kushner by the senior Russian official come as Putin has sought to sow division between Trump and Ukraine and Europe at a moment when Trump’s impatience with the conflict is mounting. Putin said his five-hour talks this week with Witkoff and Kushner were “necessary” and “useful,” but some proposals were unacceptable.
Kushner, who is married to Trump’s daughter Ivanka, was a senior adviser to Trump during his first term and was the president’s point person on developing the Abraham Accords, which formalized commercial and diplomatic ties between Israel and a trio of Arab nations.
Kushner has played a more informal role in Trump’s second go-around, but he helped Witkoff close out ceasefire and hostage negotiations between Israel and Hamas this fall. Trump tapped Kushner again to pair up with Witkoff to try to find an endgame to Russia’s invasion of Ukraine.
The European take on the peace talks
Ushakov, who accompanied Putin on a visit to India on Friday, repeated the Russian president’s recent criticism of Europe’s stance on the peace talks. Kyiv’s European allies are concerned about possible Russian aggression beyond Ukraine and want a prospective peace deal to include strong security guarantees.
Kyiv’s allies in Europe are “constantly putting forward demands that are unacceptable to Moscow,” Ushakov told Russia’s state-owned Zvezda TV. “Putting it mildly, the Europeans don’t help Washington and Moscow reach a settlement on the Ukrainian issues.”
French President Emmanuel Macron said Friday that he made progress during a visit to Beijing on getting Chinese leader Xi Jinping’s support for peace efforts.
“We exchanged deeply and truthfully on all points, and I saw a willingness from the (Chinese) president to contribute to stability and peace,” Macron said.
The French president said he stressed that Ukraine needs guarantees that Russia won’t attack it again if a settlement is reached and that Europe must have a voice in negotiations.
“The unity between Americans and Europeans on the Ukrainian issue is essential. And I say it, repeat it, emphasize it. We need to work together,” Macron said.
The latest drone attacks
Russian drones struck a house in central Ukraine, killing a 12-year-old boy, officials said, while long-range Ukrainian strikes reportedly targeted a Russian port and an oil refinery.
The Russian attack on Thursday night in Ukraine’s central Dnipropetrovsk region destroyed the house where the boy was killed and also two women were injured, according to the head of the regional military administration, Vladyslav Haivanenko.
The Ukrainian air force said Russia fired 137 drones of various types during the night.
Ukrainian drones attacked a port and an oil refinery inside Russia overnight as part of Kyiv’s campaign to disrupt Russian logistics, Ukraine’s general staff said.
The drones struck Temriuk sea port in Russia’s Krasnodar region and the Syzran oil refinery in the Samara region, starting blazes, a statement said. Syzran is about 800 kilometers (500 miles) east of the border with Ukraine.
The Russian Defense Ministry said only that its air defenses intercepted 85 Ukrainian drones over Russian regions and Crimea, which Russia illegally annexed in 2014.
