The world’s countries have to agree on a new long-term funding target to replace the current goal of $100 billion a year. This money, currently provided by countries classified as industrialized in 1992, funds measures to cut planet-warming emissions and to prepare for the consequences of climate change in developing countries.
The knotty question that needs answering in Baku is how and when to deliver what kind of funding from which sources — and, crucially, how much.
Pointing to studies putting their funding needs in the trillions, developing countries are asking for a tenfold increase from the current target. But developed countries say any sort of top-up is possible only if wealthy emerging economies like China or the Gulf states chip in.
The latest draft text on Thursday runs over 30 pages, an unwieldy length at this stage of the negotiations. “We are very worried,” said Jake Werksman, the EU’s head of delegation in Baku, at a press conference on Thursday.
Rafiyev said it was, at least for now, up to diplomats to overcome some of their differences: “The draft text needs to be streamlined further.”
On Aliyev’s comments, Werksman struck a more diplomatic tone than politicians in Brussels and Paris, saying: “Regardless of any bilateral disagreements, the COP should be a place where all parties feel at liberty to come and negotiate on climate action.”
The Azerbaijani presidency, he added, “has of course a particularly important role and responsibility to enable and enhance full and inclusive participation. They’ve been playing that role this week and we expect them to be playing that role next week as well.”