Climate talks open with calls for a path away from the 'road to ruin.' But the real focus is money

Source: AP

Updated 1:02 PM EST, November 11, 2024


BAKU, Azerbaijan (AP) — United Nations annual climate talks stuttered to a start Monday with more than nine hours of backroom bickering over what should be on the agenda for the next two weeks. It then turned to the main issue: money.

In Baku, Azerbaijan, where the world’s first oil well was drilled and the smell of the fuel was noticeable outdoors, the talks were more about the smell of money — in huge amounts. Countries are negotiating how rich nations can pay up so poor countries can reduce carbon pollution by transitioning away from fossil fuels and toward clean energy, compensate for climate disasters and adapt to future extreme weather.

In order to try to start the 12 days of talks, called COP29, with a win, Monday’s session seemed to find a resolution to a nagging financial issue about trading carbon pollution rights — one that has eluded negotiators for years. It could free up to $250 billion in spending a year to help poor nations, said new COP29 president, Mukhtar Babayev.

But Erika Lennon, Center for International Environmental Law’s Senior Attorney, warned that pushing through resolutions this early in the conference “without discussion or debate, sets a dangerous precedent for the entire negotiation process.”

Read more: https://apnews.com/article/climate-cop29-opening-da9c05754b766dc868d09cd7116826ba