Once again at at the UN Climate Talks rich countries short-changed the poorest and most vulnerable nations
Challenges at the UN Climate Talks: Rich Countries Shift Responsibility to Growing Economies
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| The Urgency of Climate Action: The $300 Billion Goal and the Fight Against Global Warming |
In the 2024 UN Climate Talks, rich countries failed to prioritize the poorest and most vulnerable nations. Despite the challenges, a climate finance deal was reached with a new $300 billion goal by 2035. However, concerns remain over insufficient support for developing nations.
by Dr.Seema Javed
In the face of geopolitical turbulence driven by conflicts and following the re-election of Donald Trump to the presidency of the world's largest fossil fuel producer, Once again at the UN Climate Talks climate finance deal became a bone of contention between developed and developing nations. Rich Countries short-changed the poorest and most vulnerable countries and focussed almost completely on shifting responsibility to other growing economies.
Climate Finance Deal: A Compromise or a Missed Opportunity for Vulnerable Nations?
2024, the hottest year on record, marks the moment at which rich countries like the US and Japan pulled purse strings tight on the poor and fossil fuel-driven economies like Saudi Arabia attempted to splinter the global coalition in support of climate action, leaving the world's most vulnerable to find the compromises. But despite those headwinds and a chaotic process, a deal was done.
In the early hours of Sunday morning, the Azerbaijan COP29 Presidency gave the decision on the “finance COP, which many experts call the best possible compromise The text included a new climate finance goal (NCQG) of $300 billion a year by 2035. With “efforts to scale up” from all public and private sources to $1.3 trillion by 2035.
The newly adopted rules created two different types of carbon markets where countries will trade emissions reductions and discount them from their NDC climate plans. The first one - known as Article 6.2 - regulates bilateral carbon trading between countries, while Article 6.4 creates a global crediting mechanism for countries to sell emissions reductions.
For a meeting dubbed the Finance COP, brought a position perceived as short-changing the poorest and most vulnerable and focussed almost completely on shifting responsibility to other growing economies. The lack of trust between rich and poor countries has been exacerbated by war and the covid , but developing countries worked together with partners in the global north to set a guiding star for realignment of the global financial system to tackle climate change, represented by the US$1.3 trillion goal in 2035.
Malawian negotiator, Evans Njewa, said: “This does not give us the ambition that we are looking for as the most vulnerable countries.”India championed the concerns of the global south and rejected the text, saying it did not reflect the priorities of the developing nations. Many countries endorsed India’s statement.
India and the Global South Reject Compromise: A Call for Greater Ambition
Rich countries, for the first time including voluntary efforts by major southern economies, made a down payment on success of US$ 300 billion a year by 2035. While these numbers do not represent a major increase in spending, they show the long-term commitment to partnership that will help achieve global climate action.
In the end, G20 leaders and vulnerable countries all reaffirmed their commitment to multilateralism towards a positive outcome in Brazil at COP30 next year and ensured that money will be available to help those most in need address the growing crisis.
The Path Forward: Brazil’s Role in Delivering a “Turnaround COP” in 2025
Brazilian President Lula is now well positioned to deliver COP30 as the “turnaround COP”, as It will be needed. Emissions are still heading in the wrong direction, with more than half a million people killed in the 10 deadliest weather events of the last 20 years, all of which have been scientifically attributed to climate change and extreme weather events now cost US$227 billion a year. There is a lot to “turnaround”. Much of the test of this COP will be found in the national climate plans due by February. The most developed countries will need to step up and reflect the global stocktake outcomes on energy.
