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The latest draft text on the new climate finance goal, unveiled at COP29 in Baku, has sparked cautious optimism that developed and developing nations are on the verge of a historic agreement. The negotiated text, now streamlined to just 10 pages, represents a significant step forward in reconciling the interests and priorities of both sides.
Sources close to the negotiations indicate that while the text is not yet perfect and will require further consultations, the world may soon witness the landmark “Baku Breakthrough.”
Key Elements of the Draft
The draft text emphasizes the principle of common but differentiated responsibilities and respective capabilities, recognizing the varied national circumstances of participating countries. It also underscores the importance of respecting sovereignty as nations work collaboratively to tackle the global climate crisis.
Central to the draft is a commitment to ensuring that climate finance flows from developed to developing nations. The proposed goal emphasizes that such finance must be affordable, predictable, and non-debt-inducing. Furthermore, it calls for grants or grant-equivalent terms to ensure adequacy and equity in addressing the climate challenges faced by developing nations.
A Narrowing Window of Opportunity
Amid growing concerns over geopolitical shifts, particularly the potential return of Donald Trump to the U.S. presidency, the urgency of finalizing the New Collective Quantified Goal (NCQG) has intensified. European countries, in particular, are rallying behind the need for swift action, recognizing that any delays could close the narrow window of opportunity for consensus.
While the journey is far from over, the spirit of cooperation and compromise evident in the draft text signals hope. The outcome of COP29 in Baku could mark a defining moment in global climate diplomacy, solidifying the city’s place in history as the birthplace of a breakthrough in climate finance negotiations.
As the world waits, all eyes are on Baku to see if this ambitious effort will indeed usher in a new era of collective climate action.
Video from the USGS (United States Geological Survey) showed on Friday (19 September) the Kilauea volcano in Hawaii erupting and spewing lava.
At least eight people have died and more than 90 others were injured following a catastrophic gas tanker explosion on a major highway in Mexico City’s Iztapalapa district on Wednesday, authorities confirmed.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
Authorities in California have identified the dismembered body discovered in a Tesla registered to singer D4vd as 15-year-old Celeste Rivas Hernandez, who had been missing from Lake Elsinore since April 2024.
A powerful 7.4-magnitude earthquake struck off Russia’s Kamchatka Peninsula on 13 September with no tsunami threat, coming just weeks after the region endured a devastating 8.8-magnitude quake — the strongest since 1952.
Azerbaijan is stepping up its renewable energy ambitions with plans to develop eight new solar and wind plants by 2027, backed by $2.8 billion in investment and aimed at exceeding its 2030 climate targets ahead of schedule.
On the second day of Baku Climate Action Week (BCAW), attention centred on strengthening international cooperation, accelerating the transition to clean energy, and ensuring a fair and inclusive approach.
Super Typhoon Ragasa lashed Hong Kong with hurricane-force winds and torrential rain on Wednesday.
When Climate Week kicks off in New York City on Sunday (21 September), it will mark the largest event of its kind yet, with organisers reporting a record number of companies participating and more events than ever before.
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