The question of who, or which countries, will pay for climate change mitigation during this critical decade remains the subject of intense debate. Finding areas of agreement on this point is expected to be key to whether a climate change agreement is reached in Baku. Here’s why:
Climate activists protest in Washington, D.C., on October 21 (Bloomberg Photo)
The Council of the European Union agreed on October 14th on a formal negotiating position ahead of the United Nations Climate Conference (COP29) in Baku. The document, available on the council’s website, states that the need to expand the group of contributors is a prerequisite for an ambitious NCQG.
The New Joint Quantitative Goals (NCQGs) are new financial targets aimed at supporting developing countries in combating climate change beyond 2025. This goal is intended to build on a $100 billion annual floor floor set in 2009 (finance targets not reached by developed countries until 2022).
The Council of the EU states that its position is based on the evolution of their respective economic capacities and their increasing share of global greenhouse gas emissions since the early 1990s, as well as their dynamic nature.
This is one of several priorities listed by the Council of the European Union, which has called for an “ambitious and balanced” outcome in Baku and that (i) From a scientific perspective, the goal is to keep the 1.5°C temperature target within reach (ii). We all move towards long-term resilience and (iii) agree on an effective, achievable and ambitious NCQG.
Based on the EU Council’s position, analysts expect that Baku is likely to push for the inclusion of China, the UAE, Saudi Arabia and perhaps even India on the list of contributors.
They point out that the EU’s position erases the pre-1990 era and historical responsibility.
“The US is taking an even more aggressive stance. They are not putting any amounts on the table and have reiterated in the past that donations to the NCQG are voluntary and for those who choose to pay. Moreover, the US position will largely depend on the US presidential election, which will be held at the same time as COP29,” said an analyst on condition of anonymity.
The EU also emphasized that all contributors will report the amount of climate finance provided and mobilized to increase transparency and enable stronger coordination.
“We need to refocus and debate the responsibilities of developed countries outlined in legal agreements, especially the obligation to provide and mobilize climate finance to all developing countries. There is no room. The focus should be on the amount of funds needed rather than the identity of the contributors. The US is taking an even harder line. They are not putting any amount on the table. We have reiterated in the past that the payment is voluntary and for those who choose to pay.Furthermore, the US position will largely depend on the US presidential election, which will take place at the same time as COP29.” said Diego Pacheco, a government official and spokesperson for a group called Like-minded Developing Countries.
“Wealthy countries whose prosperity was built on more than 150 years of fossil fuel industrialization cannot simply start counting their emissions since the 1990s. They bear historical responsibility for causing climate change. It’s time to acknowledge that responsibility. Climate funding for developing countries is not about philanthropy or corporate investment, it’s about reparations. should not be passed on to the EU,” said climate activist Harjeet Singh, Global Engagement Director at the Fossil Fuel Non-Proliferation Treaty Initiative, in response to the EU’s position.
HT reported on October 17 on progress on matters related to a new document released by the United Nations Framework Convention on Climate Change, a new collective quantification target for climate finance, which shows that some countries have It was reported that the Treaty’s quantum recommendations indicate a very wide range of proposals. Fund. For example, regarding the NCQG quantum, Parties have options such as annual targets of $1 billion, $1.1 billion, $1.3 billion, $2 trillion, or a lower limit of $100 billion per year. We discussed.
On the mitigation side, the EU attaches great importance to the Paris Agreement’s 1.5 degrees Celsius target. The conference will support global stocks (at COP28 in the United Arab Emirates) through the scaling up of NDCs (nationally determined contributions, essentially emissions reduction targets) submitted well in advance of COP30 (scheduled to be held). It calls on all parties to follow up and reflect on the global commitments agreed in the Take Decision. in Brazil), in line with the Paris Agreement.
Another issue that may encounter resistance during negotiations is the push to phase out coal. Developing countries such as India continue to rely heavily on coal while pursuing a transition to renewable and low-carbon energy options. In its negotiating text, the EU states that the energy sector should be almost fossil-free by well beyond 2050, with the aim of achieving a fully or largely decarbonized global electricity system in the 2030s. It emphasizes the importance of leaving no room for new coal-fired power generation.
A debate organized by Climate Trends under the Chatham House Regulations earlier this month entitled ‘The Way Forward: Building the Strengths of the Global South at COP29 and the G20’ discussed the potential for COP29 to take place. High funding negotiations were discussed by economists who served as senior government leaders. position within the government.
One of the economists who participated in the discussion said it is important that India manages to change the narrative about countries’ share of responsibility based on historical responsibility.
Another economist, a former senior official of India’s former Planning Commission, said India needed a more nuanced position. “How do we distribute the carbon budget? One easy way is to base it on population. But that might not be acceptable because India and China stand out. To be honest, I have not proposed a way to achieve this.
