The Fort Worth Press - US-China progress sparks hope for COP29, says Azerbaijan

USD -
AED 3.672503
AFN 66.000343
ALL 81.750787
AMD 378.260319
ANG 1.79008
AOA 917.000119
ARS 1447.7807
AUD 1.429327
AWG 1.80125
AZN 1.695576
BAM 1.65515
BBD 2.013067
BDT 122.134821
BGN 1.67937
BHD 0.37701
BIF 2960
BMD 1
BND 1.271532
BOB 6.906503
BRL 5.2395
BSD 0.999467
BTN 90.452257
BWP 13.162215
BYN 2.854157
BYR 19600
BZD 2.010138
CAD 1.366615
CDF 2225.000441
CHF 0.777305
CLF 0.021735
CLP 858.210238
CNY 6.938199
CNH 6.93926
COP 3628.58
CRC 495.478914
CUC 1
CUP 26.5
CVE 93.31088
CZK 20.654396
DJF 177.720153
DKK 6.328325
DOP 62.700992
DZD 129.716681
EGP 46.898171
ERN 15
ETB 154.846992
EUR 0.84738
FJD 2.20515
FKP 0.729917
GBP 0.73281
GEL 2.695017
GGP 0.729917
GHS 10.974578
GIP 0.729917
GMD 72.999681
GNF 8771.298855
GTQ 7.666172
GYD 209.107681
HKD 7.812425
HNL 26.40652
HRK 6.385502
HTG 131.004367
HUF 321.707506
IDR 16807
ILS 3.094805
IMP 0.729917
INR 90.44185
IQD 1309.366643
IRR 42125.000158
ISK 122.698337
JEP 0.729917
JMD 156.730659
JOD 0.709031
JPY 156.945499
KES 128.949615
KGS 87.449748
KHR 4034.223621
KMF 418.00016
KPW 899.945137
KRW 1461.704465
KWD 0.30733
KYD 0.83291
KZT 496.518171
LAK 21498.933685
LBP 89504.332961
LKR 309.337937
LRD 185.901857
LSL 15.973208
LTL 2.95274
LVL 0.604889
LYD 6.316351
MAD 9.162679
MDL 16.911242
MGA 4427.744491
MKD 52.212764
MMK 2099.936125
MNT 3569.846682
MOP 8.043143
MRU 39.687396
MUR 45.879676
MVR 15.450132
MWK 1732.791809
MXN 17.32615
MYR 3.935502
MZN 63.749926
NAD 15.973816
NGN 1368.559885
NIO 36.779547
NOK 9.67647
NPR 144.74967
NZD 1.666655
OMR 0.384458
PAB 0.999458
PEN 3.359892
PGK 4.282021
PHP 58.951022
PKR 279.546749
PLN 3.57428
PYG 6615.13009
QAR 3.645472
RON 4.317499
RSD 99.475027
RUB 76.246155
RWF 1458.735317
SAR 3.75002
SBD 8.058101
SCR 13.714455
SDG 601.498038
SEK 8.989675
SGD 1.27291
SHP 0.750259
SLE 24.474968
SLL 20969.499267
SOS 570.224434
SRD 37.894053
STD 20697.981008
STN 20.734071
SVC 8.745065
SYP 11059.574895
SZL 15.972716
THB 31.719961
TJS 9.340239
TMT 3.51
TND 2.890703
TOP 2.40776
TRY 43.529499
TTD 6.770395
TWD 31.672103
TZS 2580.289652
UAH 43.116413
UGX 3558.598395
UYU 38.520938
UZS 12251.99609
VES 371.640565
VND 25982
VUV 119.556789
WST 2.72617
XAF 555.124234
XAG 0.011178
XAU 0.0002
XCD 2.70255
XCG 1.80131
XDR 0.68948
XOF 555.135979
XPF 100.927097
YER 238.374961
ZAR 16.080355
ZMK 9001.194249
ZMW 19.565181
ZWL 321.999592
  • SCS

    0.0200

    16.14

    +0.12%

  • RBGPF

    0.1000

    82.5

    +0.12%

  • BCC

    5.3000

    90.23

    +5.87%

  • NGG

    1.5600

    87.79

    +1.78%

  • CMSC

    -0.1400

    23.52

    -0.6%

  • BP

    0.3800

    39.2

    +0.97%

  • RIO

    0.1100

    96.48

    +0.11%

  • BTI

    -0.2400

    61.63

    -0.39%

  • AZN

    3.1300

    187.45

    +1.67%

  • RELX

    -0.7300

    29.78

    -2.45%

  • BCE

    0.2400

    26.34

    +0.91%

  • GSK

    3.8900

    57.23

    +6.8%

  • JRI

    0.0300

    13.15

    +0.23%

  • CMSD

    -0.0700

    23.87

    -0.29%

  • RYCEF

    -0.3200

    16.68

    -1.92%

  • VOD

    0.4600

    15.71

    +2.93%

US-China progress sparks hope for COP29, says Azerbaijan
US-China progress sparks hope for COP29, says Azerbaijan / Photo: © AFP

US-China progress sparks hope for COP29, says Azerbaijan

The United States and China are closing the divide on the contentious issue of international climate finance, raising hopes for a breakthrough at a crucial climate conference in Azerbaijan, according to the host country's chief negotiator.

Text size:

In an interview with AFP, Yalchin Rafiyev said he had received "positive signals" following recent high-level talks between the world's two largest economies, which frequently assert themselves as leading voices for the Global North and South in international negotiations.

"There had been a very wide gap among the positions of the US and China," explained Rafiyev, who was speaking at the margins of the UN's annual high-level summit, and is tasked with steering negotiations between world leaders at the COP29 negotiations in Baku this November.

"This gap is now narrowing, and we see visible progress," added the 37-year-old diplomat, saying he saw a "softening" of stances on both sides.

While he declined to go into specifics, citing the need not to jeopardize delicate negotiations, he added: "That gives us an understanding that we may hope for a positive outcome in the COP29."

- Money talks -

While last year's COP28 summit in UAE struck a landmark deal to phase out fossil fuels, COP29 is charged with a new, daunting task: putting a price tag on how much developing nations will need to weather the mounting impacts of climate change and to transition to greener economies.

More than a decade ago, wealthy nations -- including the United Nations, European Union, Japan and others -- pledged to deliver $100 billion annually by 2020 to support developing countries.

But that goal was only achieved for the first time in 2022, and much of the funding came in the form of high-interest loans, drawing fierce criticism and accusations of broken promises.

India has called for $1 trillion annually, a ten-fold increase in the existing pledge.

Not only do developed countries view such figures as unrealistic, they are now advocating for oil-rich Gulf states and China to share the financial burden, arguing that the original list of donor countries is based on outdated 1990s development levels.

Rafiyev emphasized that COP29's benchmark for success would be reaching consensus on a final headline figure.

However, he declined to weigh in on the Global North's push to expand the pool of contributors, stressing the host country's need to stay neutral.

He also declined to specify when Azerbaijan, whose economy depends heavily on oil and gas extraction, would unveil its updated plans to meet the emissions reductions required by the Paris Agreement.

Although countries are not obligated to submit these plans until February 2025, many climate observers had hoped Azerbaijan would seize the opportunity at the UN General Assembly to show leadership by setting ambitious new targets.

Instead, Rafiyev said Azerbaijan would "do our best" to release its new climate strategy ahead of the Baku summit, and was coordinating with Brazil and the UAE -— the next and previous COP hosts -- towards this goal.

- Human rights criticism -

Rafiyev brushed off suggestions that reliance on fossil fuels extraction made Azerbaijan an inappropriate venue for the climate summit.

"Our revenues from fossil fuels have been invested in the welfare of our people," he said, adding that Azerbaijan is now firmly focused on a greener future.

The country has signed a global pledge to reduce methane, a potent long-acting greenhouse gas, and committed to increasing the share of renewables in its energy mix to 30 percent by 2030.

Hosting the conference, he said, "has inspired us to accelerate our energy transition and strengthen our climate resilience."

Azerbaijan has called for a global truce in conflicts during the summit, with Rafiyev pointing to research that attributes nearly six percent of global greenhouse gas emissions to military activity.

However, critics have labeled the appeal hypocritical, given the country's checkered human rights record and its military offensive last year to crush ethnic-Armenian separatists.

Rafiyev dismissed such accusations as "baseless" and "cynical."

"At the end of the day, what we are aspiring for is peace, and why should that be criticized?"

L.Davila--TFWP