This morning, as the negotiators got to work, my colleague Ajit Niranjan A sobering report reveals that current policies will lead to a dire 2.7 degrees Celsius of global warming. This would cause a level of disruption that many scientists believe would endanger human civilization. It added that the level of global warming expected by the end of the century remains unchanged from 2021, with “minimal progress” made this year. climate change action tracker project.
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main events
Read more from my colleagues on how much money poor countries need to deal with the deepening impacts of the climate crisis here Fiona Harvey. she reports: The Independent High-Level Expert Group on Climate Finance, a group of leading economists, says $1 trillion will be needed by 2030, five years earlier than previously suggested. The big challenge now is getting richer countries to pay reparations.
Darna Noor
The fourth day of the Kop promises to be quieter as world leaders fly home after speaking on Tuesday and Wednesday. Today's event will focus on climate finance, a key issue in the negotiations.
Parties are working to broker an agreement that will ensure developing countries receive funding to help address climate disasters and phase out fossil fuels. This is urgent because the 2009 agreement to provide $100 billion a year, which was only implemented in 2022, expires this year.
How much money a negotiator should promise depends on who you ask. Possible necessity Easily exceeds $2 trillion each year; developing countries are demanding a minimum of $1.3 trillion.
The talks aim to generate at least $1 trillion a year (about 1% of the global economy) by 2035. This figure is based on a 2022 paper from the Independent High-Level Expert Group on Climate Finance (IHLEG). A group of leading economists has been advising the United Nations climate change negotiations since 2021.
IHLEG is expected to release an update to its report later this morning. My colleague Fiona Harvey will have the scoop, so stay tuned.
Fiscal negotiations at COP29 have been difficult and tensions are generally high. France's environment minister canceled a flight to Baku yesterday after Azerbaijan's president slammed France for colonial-era “crimes” in the overseas territory. Argentina's President Javier Millay ordered the team to return home from the negotiations. And concerns about President Donald Trump's pledge to withdraw from the Paris climate accord are widespread.
Yesterday, Barbados Prime Minister Mia Mottley, a climate justice advocate and something of a celebrity in the UN climate negotiations, invited Donald Trump to a face-to-face meeting to find “common ground” on the climate crisis.
“Let's find a common purpose to save the planet and protect livelihoods,” she told my colleague Fiona Harvey. “We are human beings, and despite our differences, we have the ability to meet in person. We want humanity to survive.”
good morning. Today, Day 4 of the Climate Summit, I'm Matthew Taylor, your online guide for Cop29.
If you have comments or suggestions for things we could cover or news to share, please feel free to email us. My address is matthew.taylor@theguardian.com
