Reporting by Mathew Carr

Nov. 22-23, 2024 –Text from developing countries for the first time…text seeks to balance misalignments on climate finance

We already reached 1.5c last year.

The $250b /yr is not sufficient

$1.3 trillion /yr is needed

Lots of intense negotiations are taking place

Article 6 text is not satisfactory after 9 years

Brazil is implementing its own carbon market

We are already facing violent weather events that are wreaking havoc on public and private goods, Brazil said

Numbers are just arriving on the last day of the talks

Brazil didn’t clearly answer what Brazil wants for govt-to-govt funding 2025-2030 (I asked)

Brazil proposal: $300 billion from developed countries to kick start the $1.3 trillion;

We need to avoid overstating that the other funders— eg the private sector — are already providing enough finance

Geopolitical situation is challenging and Trump is to leave the Paris deal, Brazil said.

$300 billion from 2026…yes

Brazil Azerbaijan UAE relationship imperfect (I think)

We cannot allow conditionality to the money.

In the huddle outside:

Carbon markets may provide another $300 billion / yr on top of the govt-to-govt/mdb of $300 billion a year.

Envoys are close to sorting the article 6.2 registry issues but it is close

Envoys must not leave Baku without sorting those issues …(which includes how much influence the UN might have over bilateral 6.2 deals …or 6.2 deals between companies and nations) Brazil said.

CarrZee words in brackets in that last paragraph.

Speakers:

Second from left is lead Brazil lead COP29 negotiator Ana Toni.

Second from right is Marina Silva, Minister of the Environment and Climate Change