VOA News | Monday, November 7, 2024 
Trump and trade worries cloud COP29 climate summit in Azerbaijan

Baku, Azerbaijan — The annual U.N. climate summit kicks off Monday with countries readying for tough talks on finance and trade, following a year of weather disasters that have emboldened developing countries in their demands for climate cash. Delegates gathering in Azerbaijan’s capital of Baku are hoping to resolve the summit’s top agenda item – a deal for up to $1 trillion in annual climate finance for developing countries. The summit’s negotiating priorities, however, are competing for governments’ resources and attention against economic concerns, wars in Ukraine and Gaza and last week’s U.S. re-election of Donald Trump, a climate-change denier, as president of the world’s biggest economy. COP29 host Azerbaijan will be tasked with keeping countries focused on agreeing to a new global finance target to replace the current $100 billion pledge expiring this year. The Caspian Sea nation, often proud of being home to the world’s first oil wells, will also be under pressure to show progress from last year’s COP28 pledge to transition away from fossil fuels. The country’s oil and gas revenues accounted for 35% of its economy in 2023, down from 50% two years prior. The government says these revenues will continue to decline, to roughly 32% of its GDP this year and 22% by 2028. Before the summit talks can even begin, countries will need to agree on an agenda by consensus – including an 11th-hour proposal by China to bring trade disputes into the mix…Read more