COP29 Standoff: Developed vs. Developing Nations Clash Over Climate Finance

The first week of COP29 in Baku saw no significant progress due to divisions between developed and developing nations over climate finance, trade measures, and equitable responsibility. The G-77/China bloc demanded accountability on unmet financial commitments and criticized debt-inducing climate finance mechanisms. Key issues like technology transfer and CBAM remained unresolved.

The COP29 summit's first week in Baku concluded without meaningful breakthroughs, as developed and developing nations remained at odds over climate finance and responsibility. Deep divisions hindered progress on critical issues, leaving questions about future agreements.

Representing the G-77/China, India emphasized unmet financial commitments from wealthier nations while calling for non-debt-inducing financial solutions. Officials highlighted the disproportionate impact of existing climate finance mechanisms on vulnerable economies.

The European Union's CBAM initiative sparked additional disputes, seen by developing countries as counterproductive and unfair. Without resolution, concerns over equitable climate action persisted as nations head into the summit's second week.

(With inputs from agencies.)