COP29 Faces Financial Deadlock as Azerbaijan Proposes New Climate Initiatives

With less than two months to go, COP29 struggles to agree on climate finance while Azerbaijan introduces non-negotiated initiatives to drive progress.

The primary challenge at COP29 is reaching a consensus on a new funding goal to support developing countries in addressing climate change.
Azerbaijan, the host of COP29, has proposed over a dozen voluntary initiatives, including a Climate Finance Action Fund with contributions from fossil fuel-producing nations.
Developed countries are pushing to expand the list of contributors to include emerging economies, leading to a deadlock in negotiations.
Azerbaijan's call for a 'COP Truce' to highlight the importance of peace and climate action has been met with accusations of hypocrisy due to its human rights record.
Despite existing climate commitments, global carbon dioxide emissions hit a record high last year, and the world experienced its hottest summer on record in 2024.