Baku, Azerbaijan – Our exclusive information highlights that the COP29 negotiations are on the verge of collapse as talks enter their final, high-stakes hours. Key figures, including German Foreign Minister Annalena Baerbock, EU Commissioner Wopke Hoekstra, and approximately 10 EU delegation heads, remain in Baku. Adding to the urgency, Saudi Arabia’s Minister of Energy has also returned to the negotiating table.
Deep Divides and Mounting Frustration
Exclusive insights reveal that a significant divide persists between the Global North and Global South. Developing nations, particularly Small Island Developing States (SIDS) and the African bloc, have expressed deep frustration, accusing developed countries of failing to honor their financial commitments. They have categorically rejected any New Collective Quantified Goal (NCQG) figure below $600 billion.
In a move that has intensified the tension, our sources confirm the Western bloc proposed an NCQG figure of $250 billion at the eleventh hour, with a maximum offer of $300 billion. This proposal, coupled with what many developing nations view as excessive demands, has been described by insiders as “too little, too late.”
Countries like Saudi Arabia, Russia, China, and India have also voiced strong opposition to the Western bloc’s mitigation proposals, perceiving them as a deliberate attack on the oil and gas industry. These divisions have left the talks in a precarious state.
All of this clearly reflects the growing geopolitical fragmentation in the world, with major powers struggling to bridge their differences and work towards a unified goal.
Time Running Out
The urgency to reach an agreement is palpable. Delegates have until the end of the day to finalize a deal, or many will begin leaving the venue. A quorum of at least 60 delegates is required for a plenary session, and under UN regulations, Azerbaijan cannot keep the COP29 venue open indefinitely.
Regardless of whether an agreement is reached, our sources indicate that a final plenary session is likely to convene around 3 PM today. This session may proceed with or without a finalized text, underscoring the pressure mounting on all parties.
A Unified Stand by Developing Nations
Developing nations have demonstrated remarkable solidarity in rejecting the Western bloc’s proposals. They view these offers as inadequate and counterproductive, hindering the possibility of reaching a compromise. Their collective frustration highlights the broader challenges of achieving equitable solutions in global climate negotiations.
As the clock ticks down, the fate of COP29 remains uncertain. The outcome of these negotiations will not only shape the future of climate action but will also send a powerful message about the global community’s ability—or inability—to overcome divisions and confront the shared challenges of our time.
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Start your day informed with AnewZ Morning Brief: here are the top news stories for February 21st, covering the latest developments you need to know.
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Pope Francis is showing improvement, the Vatican said, as the pontiff began his eighth day in hospital. Francis was admitted after struggling with breathing and is being treated for pneumonia.
EU boosts undersea cable security with nearly €1B reallocation, enhancing surveillance, deterrence, and rapid response. A new data-sharing system, drone program, and emergency repair fleet aim to protect critical infrastructure amid rising sabotage concerns.
China's centuries-old treasures have been pulled out of storage to be restored for display at Beijing's Forbidden City and Palace Museum. Meticulous repairs are needed ahead of the museum's 100th anniversary this year.
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