1 week Ago By Eyaaz
COP29 thus far has been a damp squib. The stalemate in negotiations on finance have left feelings of frustration among many participants at this year’s iteration of the United Nation Climate Change Conference. “There is no clarity on the finance goal, the quality of the finance or how it’s going to be made accessible to vulnerable countries,” Mohamed Adow, the director and founder of climate and energy think tank Power Shift Africa, said in a statement.
“The cloud hovering over these talks is the unknown around the election of Donald Trump . The rich world can’t hide behind that.” There is an air of anxiety in Baku, Azerbaijan, where participants were hoping for more progress in what is being dubbed the funding COP.
African countries are seeking an ambitious target of $1.3 trillion a year that wealthy nations — which are also heavy polluters — must offer developing states from next year in the new collective quantified goal or long-term climate finance. “At COP29, our message is clear: climate finance isn’t just a negotiation issue — it is a moral responsibility,” said Tasneem Essop, executive director of Climate Action Network International.
The money will be used to phase out fossil fuels, shift to renewable energy, build resilience to climate change and deal with related loss and damage — which is estimated to cost $447 billion to $894 billion a year by 2030 for developing countries, according to a statement from the Climate Action Network. “Communities on the front line of climate disaster are paying the price for a crisis they did not create, with devastating losses to lives and livelihoods. This is no time for half-measures or empty promises — what’s needed now is bold action and public funding,” Essop said.
“The resources are there; what’s missing is the political will. Let’s make this COP the moment we turn commitment into real change for a just and equitable future.” The second week of COP negotiations starts on Monday, with participants hoping solid financial commitments will be reached.
That fossil fuel lobbyists have had an active presence at the negotiations has been criticised. Last week members of this lobby pledged money to clean cooking initiatives and activists staged a protest at the event in response. Analysis of Kick Big Polluters Out found that about 1 700 fossil fuel lobbyists were at the negotiations.
Protesters on Monday called for polluters to pay, equitable transitions and for fairness towards people set to suffer the most from climate change. “The fast and fair phase out of fossil fuels can only happen if it’s funded,” Alex Rafalowicz, the director of the Fossil Fuel Non-Proliferation Treaty, said in a statement. “This COP must send a signal that polluters will pay and that those who are committed to phasing out fossil fuels are rewarded.
” Countries and their adaptation plans are also up for discussion this week. These are a strategic process that helps a nation to identify and address its medium and long-term priorities for adapting to climate change. The plans must be submitted by next year.
“There is a stark financial gap we must bridge,” UN climate change executive secretary Simon Stiell said on Monday. “Adaptation costs are skyrocketing for everyone, especially developing countries. Their costs could rise to $340 billion per year by 2030, reaching as much as $565 billion per year by 2050.
” It is also easy to become “slightly anaesthetised” by all these numbers, especially at this finance-focused COP, he said. “But let’s never allow ourselves to forget: these figures are the difference between safety and life-wrecking disasters for billions of people. The IPCC [Intergovernmental Panel on Climate Changes] Working Group Two report told us that almost half the human population live in climate vulnerability hotspots, where people are 15 times more likely to die from climate impacts.
” In his opening plenary speech, Stiell also urged swift decisions and for countries to stop hanging around waiting for others to take the necessary bold decisions. “We can’t lose sight of the forest because we’re tussling over individual trees. Nor can we afford an outbreak of ‘you-first-ism’ where groups of parties dig in and refuse to move on one issue, until others move elsewhere,” he said.
“We will only get the job done if parties are prepared to step forward in parallel, bringing us closer to common ground. Bluffing, brinksmanship and pre-mediated playbooks burn up precious time and run down the goodwill needed for an ambitious package.”.
