By GB News (Politics) | Created at 2024-11-24 14:20:49 | Updated at 2024-11-24 16:57:43
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Negotiators at the COP29 climate summit in Baku have reached a last-minute $300 billion deal after dramatic scenes that saw island nations stage a mass walkout, threatening to derail the talks.
The agreement, finalised in the early hours of Sunday morning, has committed wealthy nations to provide at least $300billion annually by 2035 to help poorer countries combat climate change.
In response, energy secretary Ed Miliband shared online: "There is much more work to do if we are to keep 1.5C within reach and prevent climate catastrophe.
"We’ve pushed for ambition in Baku and have restored the UK back to a position of global climate leadership."
Ed Miliband spoke at the UK pavilion closing event at the Cop29 climate summit in Baku, Azerbaijan.
PA
The breakthrough came after nearly two weeks of tense negotiations at the Azerbaijan summit, which had been pushed to the brink of collapse when representatives from 39 island nations and least-developed countries walked out of crucial talks.
The deal emerged following a series of contentious closed-door meetings that included heated exchanges between major powers including the US, UK, EU and China.
The overnight negotiations reached a critical point during a tense pre-dawn meeting on Saturday, where representatives from major powers engaged in what European diplomats described as "lots of shouting".
Saudi Arabia faced particular criticism during the heated discussions, which included officials from China, the United States, India, the UK, Brazil and Australia.
Earlier, developing nations had pushed back against initial proposals, demanding $500 billion in annual funding during a separate closed-door session.
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The talks, originally scheduled to end on Friday, stretched into their 14th day, with concerns growing that delegates' departing flights could leave the summit without a quorum.
The summit reached its most dramatic moment when Samoan environment minister Cedric Schuster, representing 39 island nations, declared: "We feel as though we are left with nothing from this COP."
His bloc, along with least-developed countries, then walked out of the meeting, pushing the conference to the edge of failure.
EU climate commissioner Wopke Hoekstra acknowledged the precarious situation, stating: "It is iffy whether we will succeed."
One European diplomat noted that developing countries were arguing "it is better to have no agreement than a bad one"
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Failure would have pushed climate financing discussions to 2025, after Donald Trump's potential return to the White House.
One European diplomat noted that developing countries were arguing "it is better to have no agreement than a bad one."
The final agreement represents a significant increase from earlier climate finance commitments, with US climate envoy John Podesta defending the scale of the offer.
"The need is great," Podesta said amid a crowd of reporters, while he was heckled by activists.
