New Draft of UN Climate Deal Released at COP29, But Key Issues Still Unresolved

Baku, Azerbaijan – A new draft of a UN climate deal was released on Wednesday at the COP29 summit, offering ideas for raising money to help poorer countries tackle climate change. However, important issues are still not settled, making it harder to reach an agreement.

The main goal of negotiators at COP29 is to get a deal that provides more money for climate action in developing countries. This has been a major point of disagreement for over a year.

The draft proposes that wealthy countries, which are responsible for much of the climate damage, should pay at least $1.3 trillion each year. This is much higher than the $100 billion currently pledged by countries like the United States, the European Union, and Japan.

Some rich countries are hesitant to commit to such large amounts, especially given the economic and political pressures they face at home. Developing countries rejected an earlier version of the draft because they felt it favored wealthy nations too much.

The new draft offers three options for raising money:

1. Wealthy countries would pay most of the funding.
2. Other countries would also help share the costs.
3. A mix of both approaches.

Countries in Africa and small-island nations at risk from rising sea levels have asked for specific amounts of money—$220 billion for the poorest countries and $39 billion for island nations.

While the new draft is a step forward, some experts say it still lacks clear rules on what counts as climate finance and how to track spending. “The proposals need to be clearer and more transparent,” said Friederike Roder from Global Citizen.

The draft now includes all the options being considered. Negotiators will need to narrow them down for ministers to decide next week.

COP29 is scheduled to end on November 22, but the talks may go overtime as negotiators work to reach an agreement.