Cop29: solidarity levy on cryptocurrency could raise billions for climate action, says report – as it happened

It’s been a long day of negotiations and we’re going to wind up the blog now. The highlights (and lowlights) have included:

• There has been deepening concern and division over the climate finance goal, with some countries saying there was little chance of agreement even as Azerbaijani officials were optimistic.

• Solidarity levies emerged as a popular option for raising some of the money desperately needed for climate action. Possible targets could include cryptcurrency, the ultra wealthy, and frequent flyers.

• US officials are still claiming that Biden’s energy revolution will be “unstoppable”, but the Republicans have been in short supply at Cop.

• Back in Europe, members of the European Parliament voted to postpone a landmark deforestation law.

• A new report from Global Witness found that 880,000 people in COP29 host Azerbaijan live within 5km of a gas flaring site.

• Climate activist groups at Cop29 linked the war in Gaza to the climate crisis – arguing that western governments and big oil are driving both, with dire consequences for humanity. Elsewhere, protesters called to “make polluters pay” on a banner festooned across the terraces of the huge football stadium that is at the heart of the Cop29 conference.

• And Climate Action Network’s report found that current policies would lead to a disastrous 2.7C of warming.

Cover photo: An activist participates in a demonstration calling for climate finance during Cop29 on Thursday. Photograph: Peter Dejong/AP