Cop29 in Baku and the Future of Climate Finance

The recent publication of the final draft of the Cop29 document in Baku marks a crucial step in the debate on climate finance. The document mentions the need to allocate trillions of dollars to address climate challenges, highlighting the importance of a significant increase from the current 100 billion dollars per year, planned until 2025. The two options presented reflect the needs of both developed and developing countries, proposing different approaches to the composition of the fund.

Financing Options Comparison

The two proposals outlined in the final document differ mainly in the source and nature of the funding:

• The first option favors non-repayable public contributions, aiming to guarantee immediate resources without constraints.
• The second option broadens the range of possibilities, including all forms of financing, without being limited to public funds. This distinction is crucial, as each approach implies significant differences in how the funds will be used and managed.

During a meeting with journalists at COP29, the Minister of Environment and Energy Security, Gilberto Pichetto, commented on the current situation. He stressed that there is currently no mediation proposal from the presidency of the conference. Pichetto described the positions that have emerged as “extreme” and highlighted the difficulties in finding common ground between the different stakeholders.

Future Prospects

The issue of climate finance represents one of the most complex challenges in the fight against climate change. The divergences between developed and developing countries are evident, but it is essential to find a synthesis that allows for an effective global response. With the current approach of imminent expirations for existing funds, it will be crucial to monitor how negotiations evolve during this edition of COP29. Global attention remains high, with the hope that meaningful agreements can be reached to ensure a sustainable future for all.