Govind Tekale
COP29 – the 29th UN Climate Change Conference, more commonly known as COP (Conference of Parties), is in progress at Baku, the capital of Azerbaijan from 11 Nov to 22 Nov, 2024. The first draft decision text on new post-2025 climate finance goals was released Wednesday. There are huge differences between rich and developing nations on the issue of climate finance goals.
Developing countries would need $1.1-2.4 trillion investment by 2030. Up to $2.9 trillion till 2035 to meet mitigation goals. The developing countries have been struggling to get a deal on having at least 1.3 trillion a year from their developed counterparts. This huge amount is required for adaptation, mitigation and loss and damage. However, developing countries don’t want it in the form of investment.
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At present, much of climate finance discussions are focused on mitigation actions. The amount of $1.3 trillion was mentioned by the text. But it also carried other much lesser options in brackets. These are caveats on the nature of climate finance. The developing countries will not accept the caveats from developed countries. According to the developing countries, climate finance should be “adequate, predictable, accessible, grant-based, low-interest and long-term”. No numbers have been put so far by the developed countries. According to the developing countries, it was an attempt to push weak language to avoid providing real grant-based finance.
Albanian PM Edi Rama created a stir at COP29, claiming that nothing had changed in the real world despite big appeals by leaders, who he blamed lacked common political will to go beyond words and unite for meaningful action. Meanwhile, there is an apprehension that President-elect Donald Trump will not abide by the resolutions passed at the COP29.
The UN climate body says at COP29, developing countries will need a $1.1-2.4 trillion annual investment by 2030 and up to $2.9 trillion until 2035 to meet mitigation goals. The developing countries are apprehensive whether the resolutions passed at COP29 will be accepted by President-elect Donald Trump of the USA. There is still a ray of hope that better sense will prevail at the COP29 by the time it ends by 22 Nov 2024.
