No headway at COP29 on climate finance, all eyes on Rio G20 summit

AS COP29 reaches its midpoint, the climate finance negotiations remain deadlocked, casting a shadow over the conference's prospects.

- S V KRISHNA CHAITANYA

The talks in Baku are centered on establishing the New Collective Quantified Goal, a critical framework that aims to provide financial support to developing nations grappling with the mounting impacts of climate change. However, the failure to agree on a target amount or contributor base threatens to derail progress.

Amidst the slow progress, the two-day G20 summit in Rio starting Monday is the only chance for leaders to energize the process back in Baku. Brazil's presidency has driven reforms in multilateral finance, but developing nations still face barriers—high capital costs and fossil fuel dependency remain. Major breakthroughs aren't expected, but clear signals from the world's largest economies could shoot an assist to worn-out negotiators in Baku before the arrival of ministers.