International

Possible lack of final agreement overspeaks Baku summit negotiations

Baku can go down in history as another failed climate summit, adding to the list of COPs that ended in failure; with a bad agreement, as in Copenhagen (2009) or without agreement, as in the summit in The Hague (2000).

This is raised in the conversations that negotiators, observers and journalists have this Saturday in the corridors of COP29, after the 24 hours of extension of a summit that was supposed to end on Friday afternoon and in full “chaos” after dozens of countries left the room where the draft of the potential agreement was being negotiated.

The analysts and observers consulted, as well as the negotiating teams, agree to underline the “especially chaotic” end of this summit, from which a not too encouraging outcome is expected: either a “bad agreement” – that does not meet the needs of the Global South to face the climate challenge – or, directly, without agreement.

Pessimism invaded the spaces of the summit that hosts these days the capital of Azerbaijan, and in which about 200 states have been negotiating for two weeks how to finance climate action, especially in those low-income countries and vulnerable to the impacts of global warming.

Everyone mentions the ghost of the failed summits in The Hague and Copenhagen, cases that they would like to avoid, because they fear that going through another failure like this would further undermine the already weaken confidence in multilateralism.

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Some developing countries leave the trading room

In addition, small island states and some Africans left the negotiation room where they met the presidency’s latest proposal for the agreement on climate financing that finalizes COP29, where they said they did not feel heard.

Political representatives of the negotiating group that brings together the least developed countries, as well as that of the small island states claimed to have come to the climate summit in Baku to close “a fair agreement” on climate financing, but they have felt “hurt” by not being consulted.

“There is an agreement to be closed and we are not being consulted. We are here to negotiate, but we are leaving because at the moment we do not feel that we are being heard,” said the head of the negotiating group of the island countries, Cedric Schuste, in statements to the media.

“We do everything we can to build bridges with literally everyone. It is not easy, neither in financing nor in mitigation,” stressed the European Commissioner for Climate Action, Wopke Hoekstra, to emphasize that “it is fair to ask that we be constructive.”

Some Latin American and Caribbean states, which are trying to build bridges between the least developed and rich countries, expressed their refusal to admit that this Baku summit is closed without an agreement.

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“We cannot leave Baku or Copenhagen,” said Panama’s special climate envoy, Juan Carlos Monterrey, in reference to the climate summit held in the Danish capital in 2009, a meeting that the international climate community considered a failure, by not reaching any agreement.

“We are already at a point of not only building bridges, but walking on those bridges,” Monterrey said, after detailing that the countries had left the consultation mainly because of their discrepancies regarding the total amount that rich countries suggest mobilizing to pay for the climate transition and adaptation to the inevitable impacts of global warming.

“The great struggle is the figure,” said Monterrey, since developing countries at this point support that the goal is 300 billion dollars per year by 2035, and developing and emerging economies ask for 500 billion dollars annually and by 2030.

Lack of transparency in the process

Panama’s main negotiator, Ana Aguilar, also criticized the lack of transparency in the process, something she blamed on the Azerbaijani presidency of the summit, which according to her has had more meetings with some parties than with others, and has been three days without favoring negotiations more than bilaterally.

“We have a problem,” said Colombian Minister Susana Muhamad, who claimed that there is still a long distance between the amount that rich countries propose to mobilize and that requested by those that developing countries.

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The proposal of the presidency of the COP29, as reflected in a negotiating text made public on Friday, was that the awealing countries pay 250 billion dollars a year by 2035 to the states of the Global South, to help them pay for action against climate change, a phenomenon to which they hardly contribute but of which they are the main victims.

Now there is talk of 300 billion dollars, while the largest group of developing countries demands at least 500 billion.

The dispute is especially in the quantum, Muhamad said, but also “in some of the requirements that I think we can achieve through negotiation,” he said.

“The problem is that it has been published very late, it was published yesterday. The deadline is very short, so we have some countries, those that have less financial capacity, that do not feel satisfied,” explained Muhamad, who added that “we need them to be able to move and deliberate.”

The Colombian minister said that she will encourage rich countries “to take a step forward” and, she added, “it is very important that they do so so that we can move forward and carry out this negotiation.”

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International

US panel backs Trump-themed coin amid controversy

The United States Department of the Treasury confirmed to AFP that the Commission of Fine Arts approved the design of a new collectible coin featuring Donald Trump, with members of the commission appointed by the current administration.

According to the proposal, the coin will feature an image of Trump standing with clenched fists over a desk on the obverse, while the reverse will display an eagle, a traditional symbol of the United States.

The sale price of the collectible has not yet been disclosed, although the United States Mint typically offers similar items for more than $1,000.

“There is no more iconic portrait for the front of these coins than that of our president Donald Trump,” U.S. Treasurer Brandon Beach said in a statement sent to AFP. He added that two additional coins — a $1 piece and a one-ounce gold coin — are also under consideration.

However, the Citizens Coinage Advisory Committee (CCAC), another body responsible for reviewing new coin proposals, declined to discuss the Trump design in late February.

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“Only nations governed by kings or dictators place the image of a sitting leader on their currency,” said Donald Scarinciat the time. “No country in the world has minted coins featuring a democratically elected leader during their term in office,” he added.

When contacted by AFP, the Treasury Department did not immediately respond to requests for further comment.

International

Fed’s Waller warns of rising inflation risks amid Middle East conflict

Christopher Waller, a governor at the Federal Reserve, said Friday that he is increasingly concerned about the inflationary impact of the ongoing conflict involving United States and Israel against Iran, particularly due to the prolonged closure of the Strait of Hormuz.

Waller, who had supported interest rate cuts over the past year amid concerns about the labor market, said he has shifted his stance in recent weeks due to rising inflation risks.

“Since the Strait of Hormuz was closed, it suggests this conflict could be much more prolonged and that oil prices will remain elevated for longer,” Waller said in an interview with CNBC.

“Therefore, this indicates that inflation is a greater concern than I had previously assessed,” he added.

Waller also backed the Federal Reserve’s decision earlier this week to keep interest rates unchanged, signaling a more cautious approach as global geopolitical tensions continue to affect economic outlooks.

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International

Brazil offers to mediate Colombia-Ecuador tensions, calls for restraint

The government of Brazil has offered to mediate in the ongoing tensions between Colombia and Ecuador, while calling on both nations to exercise restraint.

In a statement released Wednesday, Brazil’s Ministry of Foreign Affairs urged the parties involved to act with moderation and seek a peaceful resolution to the dispute.

“Brazil encourages all sides to act with moderation in order to find a peaceful solution to the controversy. It stands ready to support dialogue efforts aimed at preserving peace and security in the region,” the statement said.

Brazil also expressed “serious concern” over reports of deaths in the border area between Colombia and Ecuador, noting that the circumstances surrounding the incidents have not yet been clarified.

The diplomatic move comes amid rising tensions between the neighboring countries, increasing regional concern over stability and security along their shared border.