COP29 Climate Finance Negotiations Falter

The COP29 United Nations climate change negotiations in Baku, Azerbaijan, are nearing their deadline with a draft target for climate finance to developing nations falling short of expectations.

A key objective of the gathering, which began on November 11th, is to establish a 2025-35 climate finance commitment from developed nations to developing countries, officially known as the New Collective Quantified Goal (NCQG).

On Friday afternoon, the COP29 presidency released a draft proposal suggesting developed nations take the lead in providing $250 billion per year by 2035. However, this amount has been met with criticism for being insufficient to achieve the goal of limiting global temperature rise to well below 1.5°C or even 2°C.

Wang Yi, vice-chair of China's National Expert Panel on Climate Change, emphasized the need for the texts to address the concerns of all parties, acknowledging that negotiated agreements often leave everyone somewhat dissatisfied. He ultimately viewed this draft as the only viable solution.

The draft also sets a broader goal of raising $1.3 trillion by 2035, encompassing funding from all public and private sources. However, the proposed $250 billion annual target falls significantly short of the needs and expectations of developing countries.

During a news conference on Wednesday, delegates from developing countries responded to a proposed $200 billion NCQG with a brief but dismissive response. Diego Pacheco from Bolivia, speaking on behalf of the Like-Minded Group of Developing Countries (LMDC), simply asked, "Is this a joke?" His question was met with laughter. Adonia Ayebare of Uganda, representing the Group of 77, echoed the question, eliciting a similar response.

Ali Mohamed from Kenya, representing the African Group of Negotiators, stressed that the suggested $200 billion NCQG was far from sufficient. He pointed to the adaptation gap report, which estimated the adaptation needs for developing countries at up to $400 billion. "If it cannot even respond to the gap on adaptation, let alone other things, we take it as a very big joke," Mohamed stated.

In an interview with China Daily, Eang Sophalleth, Cambodia's minister of environment, highlighted the critical role of climate finance from developed countries for developing nations struggling to cope with the disproportionate impacts of the climate crisis. He emphasized the financial capacity of developed countries, the largest contributors to greenhouse gas emissions, to rebuild infrastructure and homes devastated by climate-induced extreme weather events. He contrasted this with the financial constraints faced by many developing nations.

Sophalleth stressed the importance of developed countries fulfilling their promises and providing financial assistance to address the problem, rather than simply holding onto the funds.