Can Pay, Wont PayCOP29 Outcome Far from Promised Lifetime Milestone Agreement – Global Issues
BAKU, Nov 24 (IPS) – They say it is not allowed to talk about money. But this is what developing countries are here for: to negotiate and enforce a lifetime climate finance deal, as the climate crisis is a matter of life and death. Rich countries are also here for life—to shoulder the financial burden of climate change from the private sector as they assume empty financial responsibility.
COP financing was always difficult as, although it can pay, it just won’t pay. A few hours before the expected final text of the “Host Country” Agreement was signed between the Government of Azerbaijan and the Secretary of the UN Framework Convention on Climate Change, the presidency of the COP29 released a draft text that proposes a new integrated goal (NCQG). ) in climate finance would be USD 250 billion.
The developing world wanted USD 1.3 billion. The offer caused outrage in the Global South, silent protests in Baku, and threats of boycotts saying “no deal is better than a bad deal.”
In the pandemonium, Brazil has also warned that there will be no deal unless COP29 increases its climate finance targets. What followed was accusations and objections like the negotiations that took place on Sunday morning when the Office of the President of the COP29 finally announced the USD 300 billion agreement.
“This new financial policy is an insurance policy for humanity, amid the effects of severe weather that affects all countries,” said Simon Stiell, Secretary General of the UN Climate Change. “But like any insurance, it only works if the premiums are paid in full and on time. Promises must be kept to protect the lives of billions.”
The new agreement triples public funding to developing countries, from the previous goal of USD 100 billion annually to USD 300 billion annually by 2035, and guarantees the efforts of all stakeholders to work together to increase funding for developing countries, from public and private sources. , worth USD 1.3 trillion annually by 2035.
Responding to the outcome of the COP29 climate conference, Mohamed Adow, director of the climate and energy think tank Power Shift Africa, said COP29 was “a disaster for developing countries. It is a betrayal of both people and the planet by rich countries that claim to take climate change seriously. Rich countries have promised to “pool” more funds in the future, rather than providing them now.
“The check is in the mail. But lives and livelihoods in vulnerable countries are now being lost. At this ‘Finance COP’ not a single dollar of real climate finance has been awarded at this time. Not only did the global north put in place a low-ball budget, it will come into effect 11 years from now. This deal is too little, too late.”
Adow said the rich world has made “a great escape from Baku. With no real money on the table and vague and unanswerable financial promises to match, they are trying to escape their climate finance obligations. Leaving the world without the resources needed to avoid a climate disaster. Poor countries needed to see clear, grant-based climate finance that would improve their ability to cope with the impact of the climate crisis and accelerate their efforts to decarbonise. But that was very lacking.”
Fadhel Kaboub, a member of the Independent Expert Group on Transition and Development, says the USD 1.3 trillion per year requested by the Global South is intended to be a modest and reasonable down payment towards real climate action by the Global North. He said, “In the Global South, climate finance needs to come in the form of grants, not loans and economic chaos, the cancellation of all climate-related debt, the transfer and sharing of life-saving technologies to produce and use renewables, clean cooking, clean transportation , and the climate and climate resilience infrastructure we need.”
Power was low on the last official day of negotiations; the lively discussions that filled the air and the purposeful journey from plenary to pavilions and back were gone. The wait didn’t pay off. Fred Njehu, Pan-African Political Strategist, Greenpeace Africa, said that although developed countries continue to “run away from their burdens, our communities are drowning, starving, and losing their homes because of a problem they did not cause.”
COP29 brought together nearly 200 countries. The most discussed issues in Baku were about the NCQG, the Global Goal on Adaptation, and the Just Transition Work Programme. Finally, some highlights include an agreement on how carbon markets will work under the Paris Agreement, making international trade and carbon emissions mechanisms fully operational.
Regarding transparent climate reporting, the Parties agreed to build a strong evidence base to strengthen climate policies over time, to help identify funding needs and opportunities. The decision of the COP on issues related to least developed countries (LDCs) contains a provision for the establishment of a program to support the implementation of National Adaptation Plans (NAPs) for LDCs.
COP29 took a decisive step forward to raise the voices of Indigenous peoples and local communities in climate action, adopting the Baku Workplan and renewing the mandate of the Facilitative Working Group (FWG) of the Local Communities and Indigenous Peoples Platform (LCIPP).
Countries agreed on a resolution on gender and climate change, extending the improved Lima Work Program on Gender and Climate Change for another 10 years, reaffirming the importance of gender equality and advancing gender mainstreaming throughout the meeting. They also agreed to develop a new gender action plan to be adopted at COP30, which will set a roadmap for concrete implementation.
“No country has got everything it wants, and we are leaving Baku with a lot of work to do,” said Stiell. “Many other things we need to progress may not make the headlines, but they are the backbone of billions of people. So, this is not the time to win; we need to put our sights on and redouble our efforts on the road to Belem.
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© Inter Press Service (2024) — All Rights ReservedOriginal source: Inter Press Service
