COP29 host urges collaboration as deal negotiations enter final stage

COP29 climate summit host Azerbaijan urged participating countries to bridge their differences and come up with a finance deal on Friday, as negotiations at the two-week conference entered their final hours.

World governments represented at the meeting in the Caspian Sea city of Baku are tasked with agreeing on a sweeping plan that would see rich nations pledge to hand over hundreds of billions of dollars to help poorer countries grapple with the worsening impacts of global warming.

Economists have said developing countries need at least $1 trillion annually by the end of the decade, but wealthy nations have so far been resisting. Negotiations have also been clouded by uncertainty over the role of the United States, the world's top historic greenhouse gas emitter, ahead of climate sceptic President-elect Donald Trump's return to the White House.

"We encourage parties to continue to collaborate within and across groups with the aim of proposing bridging proposals that will help us to finalise our work here in Baku," the COP29 presidency said in a note to delegates on Friday morning.

It said a new draft deal would be released at midday in Baku, in the hopes of a deal by the end of the day.

Past COPs have traditionally run over time.

A fresh deal draft was released by the presidency on Thursday that offered two vastly different options.

"I hope they find the sweet spot with this next iteration," said Li Shuo, director of the China Climate Hub at the Asia Society, a veteran observer of COP summits. "Anything other than that may require rescheduling flights."

UN Secretary-General Antonio Guterres returned to Baku from a G20 meeting in Brazil on Thursday, calling for a major push to get a deal and warning that "failure is not an option".

Reuters