Will COP29 deliver the trillions of dollars needed to tackle the man-made climate crisis?
Can countries agree on new climate finance targets?
The United Nations’ main climate science agency, the Intergovernmental Panel on Climate Change (IPCC) has issued increasingly dire warnings about the accelerating pace of global warming. To limit temperature increases to 1.5°C above pre-industrial levels, significant investment in clean energy technology, infrastructure and adaptation measures is needed.
Developing countries, especially small island states and least developed countries, are disproportionately vulnerable to climate impacts such as rising sea levels, extreme weather events and droughts. They need significant financial support to build resilience, transition to a low-carbon economy and offset loss and damage.
At the halfway point, as leaders are traveling to Brazil for next week’s G20 summit, round-the-clock negotiations at COP29 In Baku, the ever-thorny subject of money is said to be progressing slowly. Delegates from developing countries are calling for more and faster progress on new funding for loss and damage and accelerating clean energy goals.
Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), which convenes the annual COP meetings, has message to G20 leaders early Saturday morning before they boarded the plane to Rio de Janeiro:
“Advancing external climate finance [the UNFCCC process] is equally important, and the role of the G20 is also decisive…The global climate crisis should Order of business number onein Rio next week. the [G20] The summit must send clear global signals. There will be more subsidies and preferential financing; that further reform of multilateral development banks is a top priority and that G20 governments – as shareholders and stewards of their mandate – will continue to push for more reforms.”
Finally, the UN climate chief said that “in times of turmoil and a fracturing world, G20 leaders must signal clearly that international cooperation remains a viable opportunity.” the one and only thing humanity has to survive global warming. There is no other way.”
Earlier in the week, Mr. Stiell issued one Clear assessment of shares: Get worse climate change and the socioeconomic damage caused means “billions of people simply cannot afford for their governments to leave COP29 without a global climate finance target.”
“So to the leaders here and back in the capital – make it clear that you expect a strong set of results. Speak to your negotiators – skip the posturing – and get straight to finding common ground,” the UN climate chief said.
In the opening speech of the World Leaders’ Climate Action Summit, on Tuesday, the UN Secretary General António Guterres says that 2024 is already “a master class on climate destruction.” He emphasized the important role of climate finance in solving the crisis: “The world must pay the price, otherwise humanity will pay the price…Climate finance is not charity, it is an investment. Climate action is not an option, it is an imperative.”
Mr. Stiell echoed this sentiment: “Let’s get rid of the idea that climate finance is charity. Ambitious new climate finance targets are entirely in the individual interests of every country, including the largest and wealthiest.”
In addition to the commitment of 100 billion USD
In 2009 at the 15th Conference of the Parties to the UNFCCC (COP15) in Copenhagen, developed countries pledged to mobilize $100 billion per year for climate finance by 2020. Although this target was finally achieved by 2022, it has been criticized as not enough and delayed.
At COP29, negotiators are to set a new, more ambitious target for climate finance. Developing countries are pushing for a significantly higher figure, possibly up to trillions of dollars per year. However, discussions about the exact amount and method of capital distribution remain controversial.
An early breakthrough on carbon
ONE significant breakthrough on the opening day at COP29 adopted Article 6 of the Agreement Paris Agreementpave the way for one The global carbon market is supported by the United Nations. This market will facilitate the trading of carbon credits, encouraging countries to reduce emissions and invest in climate-friendly projects.
James Grabert, head of the Mitigation Division at the United Nations on Climate Change, short for the UNFCCC Secretariat, said the historic agreement would provide countries with a “valuable tool.” to meet climate goals and promote sustainable development.
With COP29 coming soon after the presidential election in the United States, the impact of the new US Administration on global climate action is imprinted on the minds of many in the corridors of the Center Baku.
At the press conference, President Hilda Heine of the Marshall Islands and Irish Environment Minister Eamon Ryan emphasized that despite concerns about the US withdrawal from the Paris Agreement, they emphasized that The fight against climate change is a global effort that requires global cooperation towards a better economy for everyone.. The two leaders also saw ongoing progress by states and cities as reason for hope.
Round-the-clock negotiations are underway at COP29 in Baku, Azerbaijan, on a new global climate finance agreement.
A just transition, not ‘a stampede of greed’
Before attending the G20 summit in Brazil, Mr. Guterres held several climate-related meetings, including one on key minerals needed for renewable energy technology such as solar panels. solar cells, wind turbines and electric vehicles.
These minerals, such as copper, lithium, nickel, cobalt and rare earth elements, are crucial for the transition away from fossil fuels, with demand expected to triple by 2030 .
Many of these minerals are found in Africa, which can be financially beneficial. However, there are concerns about a “resource curse,” where countries with these resources do not benefit.
Mr. Guterres emphasized managing demand without causing “the stampede of greed” exploits and crushes the poor but instead ensures benefits for local communities.
Dario Liguti from the United Nations Economic Commission for Europe also emphasized the need for “sustainable exploitation of these minerals”, especially in emerging markets, to protect the environment and support communities. local community. In April, the UN chief established a High-Level Panel to ensure countries and communities with these resources benefit most.
Youth activism and climate justice
Young people around the world are increasingly demanding climate action and climate justice. They are calling on governments and businesses to take bold steps to reduce emissions, protect vulnerable communities and create a sustainable future for all.
Afterward Meet with youth representatives and climate advocates at COP29, the Secretary-General posted on social media that he understood their frustration: “You have every right to be angry. I’m also angry…because we are on the brink of a climate abyss and I don’t see enough urgency or political will to address the emergency.”
“We are not the ones who should bear the burden of mitigation,” said Basmallah Rawash, a climate activist concerned about the climate. We are not the ones who caused this, but we are the ones who will bear the burden of the biggest struggle right now.”
The decisions made in Baku will have far-reaching consequences for generations to come. It is imperative that negotiators reach an ambitious agreement that provides the financing needed to build a low-carbon and resilient future for all.
Stay tuned to UN News! Our team in Baku will monitor this activity until the end of next week.
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