Latin America, alongside other developing countries, is seeking an ambitious and credible climate finance goal from developed economies at the UN's Cop 29 climate summit in Baku, Azerbaijan, but negotiations are proving to be difficult.
The absence of Latin American political leaders at the summit has been notable, reflecting the diverse political views in the region.
Brazil has sent the biggest delegation among Latin American countries headed by vice-president Geraldo Ackmin — representing President Luiz Inacio Lula da Silva who cancelled his attendance due to an injury — and environment minister Marina Silva. The country, which will host Cop 30 next year, presented its new climate plan under its nationally determined contribution (NDC) that targets a greenhouse gas emissions (GHG) reduction of 67pc by 2035. Environmentalists criticized the target as insufficient, pointing out the government failed to lay out plans to reduce fossil fuel production.
Chile's delegation is led by environment minister Maisa Rojas. The country, alongside Germany, launched a global management platform aimed at providing emerging and developing countries with access to international technical and financial resources to reduce carbon emissions, including assistance to incorporate industrial decarbonization into the design of NDCs.
Colombia's president Gustavo Petro, usually an enthusiastic participant of climate summits, cancelled his attendance amid flooding affecting many parts of the country. Environment minister Susana Muhammad is leading the Colombian delegation with the aim of the expanding the Fossil Fuel Non-Proliferation Treaty and including the protection of biodiversity in climate finance negotiations.
Argentina's delegation withdrew from negotiations on the third day of the summit. There was no reason given by the government on the decision, but it fits the general policies of President Javier Milei, who has expressed skepticism about climate change.
The lack of political leadership reflects the political division the region experiences but at the technical level in negotiations, Latin America is well represented, said Sandra Guzman, director and founder at GFLAC.
"We need more political leadership in Latin America," she added. "Hopefully it happens in Cop 30."
Stuck negotiations
Negotiations between developed and developing economies on a new climate finance goal are challenging.
Parties have agreed on a draft for a goal, but it is lengthy, fails to bridge long-standing divisions and still lacks a position on an amount from developed countries.
"Efforts need to increase and there needs to be money in trillions," said Silva.
"It is important to include in the new goal not only financing for adaptation and mitigation but also loss and damage," said Guzman.
Developed countries have not provided an amount but are promoting a "multi-layered goal" and want to expand the contributor base. There have also been conversations about linking the Article 6 to the new collective and quantified (NCQG) goal, sources said.
Developing countries are pushing for sub-targets of $220bn for least developed countries (LDCs) and $39bn/yr for small island developing states (Sids), while broadly calling for climate public finance of over $1 trillion/yr, mostly in grant and concessional finance.
Panama's representative called for trillions, Guatemala said that "finance must be more accessible", with Colombia saying that it is currently "entangled" in development agencies. Colombia asked for action on global taxation and for easier access to funds which are "entangled" in development agencies.
