Euronews Green brings you the latest updates from the UN climate conference in Baku, Azerbaijan.
Follow along with our live coverage of COP29 here. From our team at home and in Baku we’ll be sharing the biggest news from day 11 of the UN climate summit.
Earlier today, developing countries walked out, temporarily suspending negotiations on the climate finance text.
A new rough draft of the text was circulated this afternoon which was soundly rejected by developing nations.
The Least Developed Countries (LDCs) bloc and Alliance Of Small Island States (AOSIS) walked out because they didn’t want to engage with the rough draft which reportedly contained a new core figure of $300 billion a year (up from the $250 billion in Friday’s official draft text).
They have said they want a guaranteed 30 per cent of climate finance in the deal. One source told Euronews the G77 and China want at least $500 billion a year.
“Small island developing states and Least Developing Countries are among the very worst impacted by this climate crisis that we did not cause,” said AOSIS chair Cedric Schuster.
“Yet we have found ourselves continuously insulted by the lack of inclusion, our calls are being ignored.”
EU Climate Commissioner Wopke Hoekstra told Euronews via a spokesperson that the bloc is doing its “utmost to build bridges with literally everyone”.
“We have all been working very hard over the past two weeks and I know that none of us want to leave Baku without a good outcome,” COP29 President Mukhtar Babayev told the plenary as it kicked off just after 8 pm local time on Saturday.
“The eyes of the world are rather focused on us however time is not on our side. I ask you to now step up your engagement with one another.”
The final plenary was then adjourned at around 9:30 pm without the all-important decision on climate finance. And then again just after midnight.
The Presidency did manage one decision – on Articles 6.2 and 6.4 of the Paris Agreement. It is a deal that will pave the way for country-to-country carbon trading and the creation of a regulated global market.
In the middle of the night, countries agreed a deal which will inject $300 billion a year by 2035 for poor countries.
Find all of our COP29 coverage from our team in Baku and across Europe here.
