Half way through the COP29 climate summit and the frustration is showing

The COP29 climate summit is midway through now and negotiators are trying to hammer out a deal that might be worth hundreds of billions of dollars.

Transcript

00:00With the first week over and ministers arriving on Monday, COP29 in Baku enters its final

00:08phase.

00:09Dubbed the finance COP, it aims to agree on a new climate financing regime as the current

00:15one expires next year.

00:17Now, the new collective quantified goal aims for trillions, according to the UN's trade

00:24and development organization.

00:28We made this study and we ran a model to try to establish a bracket for the new goal and

00:35we came out with this document that says that the goal should start from 1.1 trillion for

00:44next year.

00:45And it is more or less in the range of what has been discussed by other studies or proposed

00:53by other studies too.

00:55Climate experts say this will be a challenge to achieve.

00:58No, I think that these are difficult discussions.

01:03Let's not try to overshadow the difficulties that we are confronting.

01:10And obviously it's not only about the quantum, it's also about the responsibilities within

01:16the quantum, what will come from where and for what.

01:23Countries are negotiating the new agreement, but the private sector will play a key role

01:28in its implementation.

01:30Multilateral development banks like the European Bank for Reconstruction and Development play

01:35a key role between countries and companies.

01:39Its president Odile Renaud-Bassot told Euronews that alongside the financial goal, ambitious

01:46policies from countries at COP29 are crucial.

01:50Having a goal is not the only solution per se.

01:56So it's a mean, but what is also very important is the commitments taken by all countries

02:01around the world about national determined contribution, how they will, what kind of

02:06objectives they set for themselves in terms of level of renewable, getting out of coal,

02:11getting out of gas and so forth.

02:12So the national objective each country sets for himself is very important also.

02:19Because having money, if you don't have projects, will not deliver anything.

02:23The Secretary General of the International Chamber of Commerce emphasized the need for

02:28ambitious targets.

02:30We expect governments to lead on this.

02:32We expect governments to actually be seized with the same level of engagement and intensity

02:38as when the global financial crisis hit and we expect action.

02:42At the end of this week, ministers face a critical moment.

02:46Will they agree on the new financing goal and announce ambitious policies and projects

02:52for their countries?