Logo for COP 29 in Baku, the capital of Azerbaijan
– Photo: ANI
Expansion
Even before the end of the ongoing UN climate conference COP-29 in the capital of Azerbaijan, clouds of disagreements have started looming. The draft resolution released on Thursday morning on a new climate finance package for developing countries has been rejected by all the signatories attending the conference. The COP-29 presidency acknowledged that the draft was incomplete and urged countries to submit compromise proposals. A revised draft is expected to come by night, so that an attempt can be made to reach a consensus.
Colombia’s Environment Minister Susana Muhammad termed the talks so far as empty promises. She alleged that the problem is not that developed countries lack money, the problem is that rich countries are playing the game of geopolitics instead of concrete action. Is determined. Suzanna’s speech was greatly appreciated by the participants present there.
The G-77 is a group of more than 130 developing countries and is the largest group in the talks. This group has clearly said that a decision on a fixed amount must be taken before the end of the conference. The group’s president, Adonia Ayebare, strongly condemned efforts by developed countries to turn the climate finance package into a global investment target. In this, this money for the climate finance package will come from many sources including governments, private companies and investors.
On behalf of like-minded developing countries including India, Diego Pacheco of Bolivia said, we are disappointed. He criticized the lack of any concrete financial commitments in the draft. Ali Mohammed, chair of the African group of negotiators, said he was deeply concerned by the lack of mention of the quantum of climate finance. Describing the lack of funds as worrying, he said that this is the main objective of COP-29 and we are here for this share of funds. Pakistan says there is a dire need for financial help after the devastating floods of 2022, saying that vague promises are not enough.
Panamanian negotiator Juan Carlos Monterey Gomez said developed countries called the proposal by developing countries to commit US$1.3 trillion annually in climate finance excessive and unfair. He said, I tell you that spending $7 trillion on fossil fuel subsidies is excessive and inappropriate, but giving $1.3 trillion to help vulnerable countries is appropriate. Developed countries should stop playing with our lives and present a serious quantitative fiscal proposal, he said. The Panamanian negotiator expressed disappointment, saying that negotiations are continuing, but the conflict between demands for fairness and geopolitical realities remains unresolved.
EU climate chief Wopke Hoekstra has called the draft unbalanced, impractical and unacceptable. Rich countries are proposing a global investment target instead of public finance (direct grants). It involves the idea of raising funds from governments, private companies and investors. They are also arguing that rich developing countries like China and the Gulf countries should also contribute, because their economic situation is much stronger than in 1992.
Developing countries say the $100 billion annual target promised in 2009 was achieved only by 2022, mostly in the form of loans, which further increased their debt. They want most of the future funding to come directly from public funds in the form of grants, rather than from private sources that are more focused on making profits.