Cop29 talks on key finance goal remain deadlocked as summit approaches

Crucial talks on climate finance still “risk falling short”, the Cop29 presidency has said.

Cop29 president-designate Mukhtar Babayev said some progress has been made but countries need to put aside rigid negotiating positions and compromise.

Finance is expected to dominate Cop29 in Azerbaijan from November 11 to 22, with countries still deadlocked on how to deliver more funds to help vulnerable countries adapt to climate change.

Mr Babayev’s comments came on Thursday at the conclusion of technical talks in Baku that ran from September 9 to 12 and sought to lay the groundwork for a breakthrough.

“We are on the right track and have come a long way but we still risk falling short,” said Mr Babayev in a statement. “Determination and leadership is needed from all parties to bridge the gaps that still divide us in this critical final phase.”

Cop29 will be staged in Baku, Azerbaijan’s capital, and the pressure is on the gas-rich nation on the Caspian Sea to deliver.

Countries need to agree a new financial target to replace the $100 billion-a-year pledge from developed countries to help developing countries deal with climate change.

The money is sorely needed in vulnerable countries on the frontlines of the crisis that lack the funds to transition from fossil fuels and become more resilient to the impact of climate change, from floods to drought.

The financial target is formally known as the “new collective quantified goal” but, as the recent talks show, countries remain some way from clinching a deal.

Wealthier countries are facing calls to provide more funds to assist developing countries. But parties remain at loggerheads over how much to pay and several have pushed China and Gulf countries to contribute.

Mr Babayev said the recent talks mark the beginning of the end, and now a substantive framework for a draft negotiation text on the finance goal would be developed.

This framework would serve as the basis for the presidency’s final period of intensive political and technical engagements ahead of what is hoped will be a deal at Cop29 that is “fair and ambitious” that “takes into account the needs and priorities of developing country parties”.

“This is our top negotiating priority for Cop29 in Baku, with these meetings offering a critical opportunity to make progress in realising this ambition,” said Mr Babayev.

Preparations are in full swing at Baku Stadium, the Cop29 venue. Photos posted to social media show Ilham Aliyev, Azerbaijan's president, visiting the site. Organisers previously said they were expecting up to 50,000 attendees.