INSUBCONTINENT EXCLUSIVE:
Marathon COP29 climate talks enter their final stretch on Wednesday when the Azerbaijani hosts are due to publish an update on negotiations
so far as the summit seeks to agree a new goal on issues including climate finance.The talks, which began on Nov
11, are due to end on Friday afternoon but COP summits have a history of running long, Reuters reported.Below is a breakdown of the known
sticking points and what happens next:DRAFT TEXTSOfficials spent the first week trying to agree to deals across a range of different issues
including finance, carbon markets, the future of fossil fuels and efforts to mitigate the rise in global temperatures.Now, the outstanding
items have been handed over to ministers so they can use their political clout to try to get agreements across the line.The next steps are
about trying to whittle down draft texts containing a huge range of wording options into a final document that can be adopted by consensus
at the end of the summit.Draft texts will be published periodically by the Azerbaijani presidency as they zero in on an acceptable
deal.CLIMATE FINANCE GOALThe primary aim of COP29 is to agree a new target for how much money should be provided to developing countries to
help them adapt to climate-fuelled weather disasters and transition to cleaner energy systems.A previous goal to provide $100 billion per
The new goal needs to be $1 trillion annually by the end of the decade, according to experts.The focus in the negotiating rooms has been on
defining the structure of a new target, including what counts as climate finance and who needs to pay in
Only once that is agreed are parties expected to start talking about the size of the target.Issues to iron out include whether countries
such as China should be counted among the richer core donors, and the degree to which countries should provide finance in the form of grants
or loans.A text has been scheduled for publication on Wednesday evening.FOSSIL FUELSCountries have so far struggled to agree on the right
way to follow up on a deal at last year’s summit to transition from fossil fuels.European states want to see that commitment referenced
throughout any deal at Baku to reinforce the importance of following through with firm action
Others, including the Arab Group of states, argue it does not need to be.If past COPs are anything to go by, the moment any deal text is
published, delegates will be searching for the phrase “fossil fuels” to see if there is any sign of backsliding.CARBON MARKETSTalks in
Baku began with an early deal on some of the quality standards that would govern a global market for carbon credits, but there is still much
to be agreed on, including how to track trades and disclosure rules.If fully agreed, market watchers expect a U.N.-backed global market
could fund billions of dollars of projects that reduce greenhouse gas emissions from projects such as reforestation.Scrutiny of the details
is intense amid concern that without watertight regulation carbon credits may not deliver the benefits they claim.FINAL HOURSCOPs rarely
COP28 in Dubai closed almost a full day after the initial deadline; COP27 in Egypt overran by around 36 hours.In the final hours,
delegations consult intensively in private with the presidency on the proposed deal, often through the night, in search of something that
can be adopted by consensus.Once finalised, every country is called to the main hall to begin an hours-long process of formal approval.The
post COP29 climate talks: What is needed for a deal by Friday’s deadline? first appeared on Ariana News.
