Adding to the tension, Saudi Arabia’s Energy Minister has returned to the negotiating table, according to the Anewz.tv website.
The publication reports a significant gap between the Global North and the Global South. Developing nations, particularly Small Island Developing States (SIDS) and the African bloc, have expressed deep disappointment, accusing developed countries of failing to meet their financial commitments. They have categorically rejected any New Collective Quantified Goal (NCQG) below $600 billion.
The Western bloc made a last-minute proposal of $250 billion, with a maximum offer of $300 billion. This was rejected by representatives of developing nations, who deemed it too insignificant and too late.
Countries such as Saudi Arabia, Russia, China, and India also voiced strong opposition to the Western bloc’s mitigation proposals, viewing them as a deliberate attack on the oil and gas industry. These disagreements have left the negotiations in a precarious state.
The urgency to reach an agreement is palpable. Delegates must finalize a deal by the end of the day, or many will leave the COP29 venue. A minimum of 60 delegates is required to hold a plenary session, and under UN rules, Azerbaijan cannot keep the COP29 venue open indefinitely.
Regardless of whether an agreement is reached, the final plenary session is likely to take place around 3:00 PM today. This session could proceed with or without a final text, highlighting the growing pressure on all parties.
The publication notes that developing nations have shown remarkable solidarity in rejecting the Western bloc’s proposals. They view these offers as inadequate and counterproductive, hindering the possibility of compromise. Their collective frustration underscores broader challenges in achieving equitable solutions in global climate negotiations.
