By Faridat Salifu
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As the UN’s Cop29 climate talks continue in Azerbaijan, Germany’s Development Minister, Jochen Flasbarth, has issued a dire warning: world leaders must overcome their differences and secure a climate finance agreement this week. Failure to do so, he cautioned, would make reaching a deal next year far more challenging, particularly if Donald Trump returns to the White House.
Flasbarth, a leading advocate for climate finance, stressed that the urgency of the crisis demands swift action. “Postponing the decision to next year in Belém [Brazil] is not advisable,” he told *The Guardian*. “With growing global instability, the erosion of international solidarity, and key countries like the US retreating from global cooperation, the window to act is rapidly closing.”
The two-week summit, which wraps up this Friday, has seen increasing frustration from developing countries, who are pushing for at least $1 trillion annually in climate finance to help them reduce emissions and adapt to extreme weather.
However, the richer nations have yet to commit to any specific financial targets. A recent study by leading economists suggested that about $500 billion should come from the private sector, with an additional $250 billion from multilateral development banks, like the World Bank. Direct financial transfers—grants and loans—from developed nations to poorer countries must nearly double, from about $40 billion today, if climate goals are to be met.
But securing this funding has been complicated by the influence of fossil fuel interests. The Cop29 talks have been overshadowed by Azerbaijan’s oil and gas-heavy economy, with the country’s president, Ilham Aliyev, calling fossil fuels a “gift of God” during the summit’s opening ceremony.
The presence of more than 1,700 fossil fuel lobbyists—outnumbering the delegations of the ten most vulnerable countries combined—has led to calls for reform from climate advocates, including former UN officials, who have urged the UN to address the overwhelming influence of the fossil fuel industry on the negotiations.
Flasbarth, who previously helped ensure that developed countries met their $100 billion climate finance pledge (albeit two years later than promised), acknowledged the complexity of the talks. “Climate finance is fundamentally about fairness—how wealthier nations share the burden with those most affected by climate change,” he said. “This is always a challenging conversation, but I remain hopeful that we can find common ground.”
One of the sticking points in negotiations is the role of emerging economies, particularly China, the world’s largest emitter of greenhouse gases. While China has committed to continued “south-south” cooperation, providing assistance to poorer nations, Flasbarth called for greater transparency in these efforts. “China has made important contributions, but we need clearer data on how its assistance is allocated and what it comprises,” he said. “It’s not about demanding the same standards as developed nations, but about ensuring there’s clarity for everyone involved.”
The issue of transparency is a long-standing point of contention, particularly within the G77 group of developing countries, which has consistently called for better reporting on financial flows, including how much aid is provided as grants versus loans, and how it is allocated across mitigation and adaptation efforts.
Despite the frustration voiced by some negotiators, Flasbarth remains cautiously optimistic about reaching a breakthrough in the coming days. “It’s always difficult to negotiate climate finance, but I believe we can build something credible here,” he said. “The key is to focus on the long-term goals and avoid getting bogged down in short-term political challenges.”
As Germany grapples with domestic political uncertainty under Chancellor Olaf Scholz—whose coalition government faces potential collapse—Flasbarth reassured stakeholders that climate finance remains a top priority for the country. “I have no doubt that any future German government, regardless of its makeup, will uphold and increase our commitments to climate finance,” he said.
With the 2024 US presidential election looming large, there is added pressure to secure a climate finance agreement now, before the political landscape shifts further. Climate advocates fear that a potential second Trump administration could undo much of the progress made at Cop29, making it all the more critical for countries to act decisively in the coming days.
As the summit moves into its final stretch, the world watches closely to see if leaders can set aside political divisions and agree on a plan that will support the global fight against climate change.
