Caroline Varin

Making the global financial system "fit for purpose" and producing a "clear plan" to fund the energy transition must be this year's goal, UN climate body UNFCCC executive secretary Simon Stiell said in Baku, Azerbaijan, as the country starts preparations to host the UN Cop 29 climate summit.

The US said today that some of the wording in the "vision" set out by the Cop presidencies Troika — comprising the UN Cop 28, 29 and 30 climate summit hosts the UAE, Azerbaijan and Brazil — could be "highly prejudicial" to ongoing negotiations on a new global finance goal for developing countries.

The Scottish government is abandoning its 2030 target to reduce greenhouse gas (GHG) emissions after the UK's Climate Change Committee (CCC) said last month Scotland would not be able to meet it, but reiterated "unwavering commitment" to its 2045 net zero goal.

The EU has contributed €28.6bn ($31.2bn) in climate finance from public sources in 2024 to help developing countries cut their greenhouse gas emissions (GHG) and adapt to climate change, according to the European Council.

Donald Trump's <a href="https://direct.argusmedia.com/newsandanalysis/article/2625679">US presidential election victory</a> will likely affect finance negotiations during the UN Cop 29 climate summit starting next week, but the US can still play a role while other developed countries step up to the plate, according to observers.

Donald Trump's victory in the US election could influence the tone of discussions at the UN Cop 29 climate talks that get under way in Baku, Azerbaijan, today. But world leaders can still agree on a new finance goal for developing countries that has the potential to shape the energy transition for years to come.

Azeri president Ilham Aliyev remonstrated a room packed with world leaders at the UN Cop 29 summit in Baku about calling his country a "petrostate", given its small share of global oil and gas production.

Developing and developed nations remain at loggerheads on what progress on climate finance and mitigation — actions to cut greenhouse gas emissions — should look like at the UN Cop 29 climate summit. But Cop 30 host Brazil has reminded parties that they need to stick to the brief, which is finance for developing countries.