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COP29 talks push for more climate financing from Saudi + other Gulf nations: Negotiations at COP29 in Azerbaijan are focused on replacing the USD 100 bn annual climate finance pledge with a more ambitious USD 1 tn goal, urging contributions from wealthy nations, including Saudi Arabia and Gulf petrostates, Bloomberg reports. The UN climate chief urged G20 leaders to back global climate finance efforts at their Rio meeting, aiming to unlock an agreement at COP29 as negotiations in Baku face challenges, Reuters reports.
MEANWHILE- Saudi Arabia is reportedly resisting reaffirming last year’s COP28 pledge to transition away from fossil fuels, a move that continues to be criticized by European and US negotiators during the ongoing COP29 in Azerbaijan, according to the business information service.
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BACKGROUND- Different COP, same sticking points: Saudi last year led a group of oil producers pushing back on a phaseout of fossil fuels in what US and European leaders are turning into a “make-or-break” moment in the battle against climate change. Saudi and other Arab producers argued last year that tackling climate change is about reducing emissions, not about the mix of energy sources on which economies rely. They also pushed back on the idea of tripling global renewable energy capacity by 2030.
Going a la carte? The final COP28 agreement included commitments to triple renewable energy capacity, double energy efficiency improvements, and phase down unabated coal power. However, the Kingdom views these as optional measures, contrary to the US and EU, who argue that countries are committed to pursuing all of these actions, not selectively choosing from them.
