The latest draft of the Baku Climate Summit (Azerbaijan), known as COP29, on the new quantified collective financing goal that countries vulnerable to the impacts of extreme weather should receive It does not clear up the question of how much money or who has to contribute to paying the climate bill..
The COP29 Presidency this morning released new drafts of a package on the quantified collective funding target (NCQGadaptation, the implementation of the global stocktake agreed last year in Dubai, mitigation and just transition.
The agreement should update the 2009 target
Climate finance is the star issue debated by the delegates of almost 200 countryis in meeting rooms of the Baku Olympic Stadium during these days. The agreement should update the goal reached at the Copenhagen Climate Summit in 2009 of $100 billion annually that rich countries must contribute to vulnerable nations from 2020, something they achieved two years later.
However, the new draft has already attracted criticism. “It seems like a bluff from the Presidency”said Linda Kalcher of Strategic Perspectives. For Javier Inventor, director of the Greenpeace delegation at COP29, “the fact that there is no specified figure for the climate financing goal is an insult to the millions of people who are suffering the worst impacts of the climate crisis.”
The text, collected by Servimedia, includes two open options, although in both cases it maintains an ‘x’ over the Annual “trillions of dollars” needed for the new climate finance target.
Open options
On the one hand, it indicates that this money must be mobilized by rich countries to all developing nations between 2025 and 2035 “in the form of grants or equivalent terms of grants of new, additional, affordable, predictable, non-debt-generating climate finance.” and adequate.
Furthermore, it “invites” developing countries to offer “support voluntarily”, since, according to the Paris Agreement, only rich nations are obliged to contribute moneybut they intend for emerging economies such as China, India and Gulf countries to contribute more funds.
The other option states that this new objective would come into force in 2035 and the money would come from “all sources of financing”which opens the door to developing countries that want to contribute and even to companies.
On the other hand, the draft agreement indicates that developed countries will provide funds based “on donations, to the greatest extent possible,” for adaptation and response to loss and damage in vulnerable nations. Regarding when the new climate finance target will be reviewed, suggests it could be before 2031.
Furthermore, it calls on countries to “address flows that run counter to climate goals, including phasing out inefficient fossil fuel subsidies, which do not address energy poverty or just transitions as soon as possible.”
“Cornerstone”
The executive director of the International Climate Action Network (CAN), Tasneem Essop, indicated that “the latest draft of the NCQG text remains manifestly incomplete without concrete figures for the financial objectivethe cornerstone of any agreement at COP29 and the unwavering demand of developing countries throughout this summit.
Essop added that developed countries “continue to play with the lives of people on the front lines of climate disaster, manipulating and undermining these critical negotiations.”
For her part, Marlene Achoki, Global Policy Leader at CARE International, stressed: “The draft text of the presidential proposal offers a range of options and lacks specific numerical objectives to establish a quantified objective, the true purpose of COP29! ! Where is the number? This is about the financial COP: this is a clear and ambitious commitment that would enable vulnerable communities to cope with the impacts of climate change.
Javier Andaluz, director of Climate and Energy at Ecologistas en Acción, pointed out that “the hypocrisy with which the negotiations are progressing is evident with the new text.” While the figures on the needs of the global South are clear with the new text, the inability of the Global North to reach this summit with its homework done, having significantly increased its contribution, further puts the fight against climate change at risk. , he commented.
Stephen Cornelius, Deputy Leader of Climate and Global Energy at WWF, highlighted that “negotiators and ministers must pick up the pace, intensify their diplomacy and drive consensus around an ambitious climate finance agreement.”
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