Prof Dr Ahmad Kamruzzaman Majumder
Climate change is a global problem and every living thing on earth is suffering from this negative change in one way or another and is paying its price. But not everyone is responsible for this change. Although developed countries are largely responsible for climate change compared to developing countries, poor countries suffer more from climate change. The COP conference organized by the United Nations is the place where the world is made aware of the effects of climate change and the distressed countries present their demands to the developed countries to avoid its damages and to compensate for the previous damages. For that purpose, like every year, the 29th conference of COP has been organized in Baku, Azerbaijan. The main goals of this year's COP29 were to establish a loss and damage fund to provide co-distribution among the affected countries, to phase out fossil fuels and increase the use of renewable energy, and to increase investment in this sector and to take steps to control global temperature. However, no action is yet to be seen to implement these goals. Oil-rich countries that play a major role in oil production, OPEC organizations, attend this conference with great interest and continue to lobby to ensure that there is a safe network of oil or fossil fuels. The possibility of receiving compensation from the affected states at this year's COP conference is getting slimmer. The big question now is whether the rich nations will finance the loss and damage fund proposed for climate disaster-affected countries at the COP30 to be held in Brazil next year.
According to influential climate policy experts, future UN climate summits should only be held in countries that clearly support action to curb climate change and adhere to stricter rules on fossil fuel lobbying. The panel of experts includes former UN Secretary-General Ban Ki-moon, former President of Ireland Mary Robinson, former UN climate chief Christiana Figueres and eminent climate scientist Johan Rockström. They have written to the United Nations demanding that the current complex process of annual COP meetings be streamlined and more meetings held under the United Nations Framework Convention on Climate Change -- the parent agreement of the Paris Agreement. According to them, Azerbaijan is a controversial host for the COP conference, as it is a major fossil fuel producing country, producing almost half of global exports of oil and gas. Last year's conference was also held in a petrostate in the United Arab Emirates and was chaired by Sultan Al Jaber, the chief executive of the country's national oil company Adnoc. Host countries must be proactive in upholding the goals of the Paris Agreement.
According to data analyzed by the Kick Big Polluters out Activist Coalition, at least 1,773 lobbyists of coal, oil and gas have been granted access to participate in COP29. Fossil fuel-affiliated lobbyists outnumbered representatives of almost every country at the climate summit in Baku, the analysis showed. Only 1,033 delegates from 10 climate-sensitive countries attended the conference. The International Emissions Trading Association brought the largest number of lobbyists, with 43 representatives from oil majors such as Total Energy and Glencore. Lobbyists from many other countries are participating as part of national delegations. Major oil producers Chevron, ExxonMobil, BP, Shell and Eni brought a representative from Japan's coal giant Sumitomo, Canada brought representatives from Suncor and Tourmaline, and Italy brought staff from Eni and Enel. According to a UN report, the UK alone has brought 20 lobbyists. Climate campaigners have made public the list of registered UN COP29 participants. Last year's climate summit in Dubai were attended by 2,456 fossil fuel lobbyists, which was a record number and representing about 3 percent of the total 85,000 attendees. This year, the number of participants is small (about 70,000 people are granted access) with 1.5 percent being fossil fuel-related lobbyists.
A few days before the start of the COP29 conference, Elnur Soltanov, Azerbaijan's deputy energy minister and COP29 chief executive, was caught by reporters agreeing to facilitate oil deals at the conference. On the other hand, President Aliyev, the host of COP29, has made several high-level speeches but has never mentioned the Paris Agreement. Leading climate policy experts expressed dismay at the outcome in the first week of the 29th climate summit. They feel that the COP Summit is no longer fit for purpose.
Vulnerable countries will need about $1 trillion a year by 2030 to meet the Paris Agreement goals and limit global warming to 1.5 degree Celsius above pre-industrial levels, one-third of which should come from developed countries. According to leading economists, this financing should come either through development banks like the World Bank or through direct financing or from the private sector. However, there is no assurance or agreement from developed countries yet to know how much they are willing to pay and if there are any conditions. Which countries – including petrostates and large emerging economies such as China – should be asked to contribute to such financing? Key talks on a new climate finance settlement called "New Quantitive Collective Goals" were indicating as worthless by some countries on Thursday as ineffective new draft text.
Professor Dr Ahmad Kamruzzaman Majumder, Dean, Faculty of Science, Professor, Department of Environmental Science, Stamford University Bangladesh, Joint Secretary, Bangladesh Poribesh Andolon (BABA) and Chairman, Center for Atmospheric Pollution Studies (CAPS).
At COP29, some of the sources of climate finance have been explored by prominent economists. A report by a task force led by former French diplomat and current head of the European Climate Foundation, Laurence Tubiana, found that a new "global solidarity levy" could increase the amount of climate finance needed by the poor world. Some complementary options for funding the loss and damage fund could be taxing cryptocurrencies, levying a plastic production tax, levying a tax on plastic production from polymers instead of reusable materials i.e. imposing a tax of $60 to $90 per tonne on polymer. If done, it could generate 25-35 billion dollars a year. A 2 percent of wealth tax policy will be more effective than this. This policy is prevalent in Brazil, which can generate between 200 and 250 billion dollars a year. Taxes on various flyers and business class airline tickets could raise up to $164 billion a year, depending on the scheme. In this way it is possible to get the rest of the loss and damage fund after the contribution from the developed countries. Cope's discussions will continue throughout the next week and will conclude on Friday evening of the following week.
