Climate finance talks have intensified after the release of a new draft text at COP29 on Thursday. The text is designed to outline how much financial support rich countries will provide to developing countries to combat climate change and decarbonize. But no final decision has been reached. Many on the side of developing countries have expressed anger over the lack of specific figures for funding in the draft text. On the other hand, the presidency of the host country has said that there will be no cover text at COP29. This is surprising, because cover texts have played a key role in recent COP conferences. For example, COP26 included decisions to limit global warming to 1.5°C and to "phase down" the use of coal. However, the cover text at COP27 failed to make any specific mention of the use of fossil fuels. Cover texts usually retain issues discussed at the conference that are not required under the agreement. They often outline important commitments for countries, which are needed to tackle the global climate crisis. However, its omission at COP29 has sparked controversy.
The COP29 Presidency said in a statement that the draft was criticized for not having a specific roadmap for climate finance. The Presidency said that “the draft is based on the NCQG (New Collective Quantified Goal) and the results of the “Global Stocktake”, which include options for addressing key climate change issues from different groups.” The Presidency said in the statement that the draft was not final. In its words, “our door is always open.” It called on the parties to work together and engage with the draft text in order to reach an ambitious conclusion. Regarding the NCQG’s financial target, the Presidency said that the lack of specific figures for financing in the first draft was intentional, as it was part of the process of finding the right landing zone to reach consensus. However, it said that the next version, which will be published tonight, would be more concise and present a perspective on possible financial numbers. In the statement, the Presidency stressed that they are at the final stage of progress and see the potential for a positive outcome in Baku. They called on participants to actively engage with the text and be ready to take the necessary ambitious steps.
Joe Thwaites of the Natural Resources Defense Council said that the draft text reflects the gap between the positions of developed and developing countries. On the other hand, Mohammed Addo of Power Shift Africa said, “We are here to discuss money, but the text is just a blank sheet of paper.” The draft text proposes two targets that are in line with the needs of developing countries on the one hand, and the positions of developed countries on the other. However, experts believe that the outcome of the summit will determine the pace of climate finance next year. “Without adequate financing, the climate crisis will be impossible to prevent,” said Stephen Cornelius of the World Wildlife Fund.
The draft text released at COP29 is creating frustration and uncertainty
in the progress of the conference negotiations.
The lack of adequate amounts of climate finance and the
absence of clear commitments
have become major obstacles
in the negotiations.
The NCQG (New Collective Quantified Goal) for climate finance is a placeholder for the “X” that represents the failure of rich countries and emerging economies to come up with effective solutions. This ambiguity is dangerous for the world’s most vulnerable, as it risks turning the “X” into a symbol of their existential crisis. Experts warn that the draft betrays the promise of the Paris Agreement by lacking strong and ambitious commitments. It effectively disarms developing countries in the fight against climate change.
“The draft only highlights the extreme positions of the two sides, but it lacks clear financing figures that will determine the scale of future climate finance. This is an important prerequisite for negotiations. While the current draft text reflects the views of both sides, it fails to provide a direction for reaching effective solutions,” said Li Shuo, director of the China Climate Hub at the Asia Society Policy Institute. A key decision signed at COP28 - the "Transition Away from Fossil Fuels" - is at the center of controversy at COP29, under pressure from Saudi Arabia and its allies. Saudi Arabia has tried to push the decision out of the main discussion. A group of countries, the LMDC (Like Minded Developing Countries), has threatened to invoke "Rule 16" to postpone the issue. This uncertainty could negatively impact the future of COP29 and the implementation of the Paris Agreement. If appropriate alternative measures to ensure the "Transition Away from Fossil Fuels" are not taken, the COP conference could fail due to the influence of a few countries. This would not only jeopardize previous progress but also hinder global efforts to reduce greenhouse gas emissions.
While refraining from directly commenting on the draft text released at COP29, US officials have touted their progress in addressing the climate crisis. Laura Daniel-Davis, acting deputy secretary of the US Department of the Interior, said that for the first time under her administration, 10 offshore wind projects have been approved in the United States, capable of generating more than 15 gigawatts of clean, renewable energy. Daniel-Davis added that denying the reality of climate change will not make it go away. She stressed that if federal leadership fails, local governments, tribes and communities will step up to lead. In her opinion, we must rely on the joint efforts of workers, families and communities to address the climate crisis. The comments reflect the strong position of the US on climate change under the leadership of the Biden administration. At COP29, US officials avoided direct political debate and highlighted positive steps in the country's renewable energy and environmental protection.
Professor Dr Ahmad Kamruzzaman Majumder, Dean, Faculty of Science; Professor, Department of Environmental Science, Stamford University Bangladesh; Joint Secretary, Bangladesh Poribesh Andolon (BAPA) and Chairman,
Center for Atmospheric
Pollution Studies (CAPS).
