The draft of the final document of the Cop29 in Baku, released this morning, highlights a crucial issue for the future of the planet: climate finance. The proposals put forward speak of a potential investment of trillions of dollars, significantly exceeding the current 100 billion per year earmarked for aid funds, which will expire in 2025. Two options are being compared: one that favors non-repayable public contributions, and the other that contemplates a broader use of different forms of financing.
During a press briefing at COP29, the Minister of Environment and Energy Security, Gilberto Pichetto, commented on the difficulties in reaching an agreement. He stressed that the positions among the various countries are extremely diverse and complex.
“We are not faced with a proposal for mediation by the Presidency of Cop29. The differences are significant,” Pichetto said, underlining the complexity of the current discussions. Despite the challenges, there was also a positive sign. UN Secretary-General Antonio Guterres noted a growing appetite for the deal, noting that areas of convergence were beginning to emerge. However, he warned that more momentum was needed to move the negotiations forward.
The discussions at COP29 are just the beginning of a long journey towards more sustainable and inclusive climate finance. With deadlines looming and ambitious goals to achieve, the world must come together to find effective solutions to address the climate crisis. The future of climate finance may depend on global leaders overcoming differences and working together to ensure a safer, more sustainable environment for generations to come.
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