There is no time to lose for decisive action on climate change, as rising temperatures caused by the burning of fossil fuels mean that the world faces increasing storms, floods, droughts and fires.

However, frustration is growing that a week on from COP29, negotiations have so far produced little progress on tackling the climate crisis and that talks on climate finance, a key priority of the summit, have reached an impasse.

“The first week of the conference did not achieve what was needed to now be optimistic about the second week,” said Jan Kowalzig, a climate change and policy expert at Oxfam, an international NGO that focuses on poverty and injustice. “Both key themes of COP29 – greater ambition on climate protection and strong support for low-income countries – are marked by opposing positions and deadlocks.”

UN Secretary-General Antonio Guterres yesterday called on world leaders gathered in Brazil’s capital Rio de Janeiro for the G20 this week to help salvage stalled talks.

“A successful outcome at COP29 is still within reach, but it will require leadership and compromise, namely from the G20 countries,” Guterres told a news conference. He pointed out that these countries account for 80% of global emissions and should “lead by example”.

What is preventing progress?

This year’s UN climate summit, held in the Azeri capital of Baku, may not have gotten off to a smooth start.

The absence of leaders from countries such as Germany, France and the US drew attention, as did Azerbaijan’s president, Ilham Aliyev, when he used the annual climate action meeting as a platform to describe oil and gas – key drivers of the climate crisis – as “the gift to God”.

Meanwhile, US President-elect Donald Trump made clear his plans to withdraw from the Paris Agreement – for the second time – when he re-enters the White House, and Argentina pulled out of the climate discussion in a a move that civil society organizations say could jeopardize the country’s chance of receiving climate action money.

One of the key sticking points is the development of a climate finance target – known as the New Quantified Collective Climate Finance Goal (NCQG) – which would provide financial assistance to developing countries to tackle emissions and transition from fossil fuels fossils.

By the end of the decade, developing countries excluding China are estimated to need $1 trillion a year to help them respond to the climate crisis, according to a study by leading economists published last week .

However, countries are still negotiating the final figure of the climate goal, as well as the type of financing and who should pay.

Western nations would like China and wealthy Gulf states to contribute to the fund and say the private sector will also need to be involved in mobilizing investment.

“As Jerry McGuire says ‘show me the money.’ The amount of climate finance, along with who pays and who receives it, is critical to unlocking the negotiations and ensuring a strong outcome at COP29,” said Manuel Pulgar-Vidal, Global Climate and Energy Leader at WWF.

“A new climate finance deal that meets the needs of developing countries is crucial to enable them to set ambitious mitigation targets and pathways to achieve them. They must also ensure that they can adapt and respond to the consequences of rising temperatures. There is no time to delay, as countries must present their new national climate plans by COP30 next November,” Pulgar-Vidal added.

What could happen in the coming days?

This week, government ministers arrive in Baku to take part in negotiations, with just days left to reach a final deal.

“The midpoint of climate negotiations is always a difficult time. Not enough progress has been made at COP29 so far, and the clock is running out for nations to reach consensus on a number of critical issues,” he said Rachel Cleetus, Director of Climate Policy. and the energy program at the Union of Concerned Scientists, a US-based non-profit science advocacy organization. “This is the time for major issuing nations, especially wealthier countries, to show leadership and negotiate in good faith to maintain trust and credibility.”

Speaking at a briefing on Monday, Wopke Bastiaan Hoekstra, the European Commissioner for Climate Action, noted that while the lack of progress is often bemoaned at this stage of the COP negotiations, there is still solid ground for optimism. “Despite the difficult geopolitical situation, we can and must have a good result.”

Hoekstra called on the COP presidency to begin bringing states together to focus on concrete efforts as soon as possible this week.

COP29 President Mukhtar Babayev admitted he was concerned about the pace of negotiations and stressed that the leadership of the G20, which accounts for 85% of global GDP and 80% of emissions, is essential to making progress in Baku on all pillars of the Agreement Paris, from financing to mitigation and adaptation.

“We can’t do it without them, and the world is waiting to hear from them. We urge them to use the G20 meeting to send a positive signal of their commitment to tackling the climate crisis. We want them to provide clear mandates to fulfill at COP29. This is the chance to show leadership,” Babayev said.

Edited by Tamsin Walker