On the verge of collapse yesterday evening, the UN Climate Change Conference in Baku, Azerbaijan, reached an agreement during the night to Sunday on a new global target to channel $1.3 trillion of climate finance to developing countries by 2035 in what the hosts described as a breakthrough.
Vulnerable low-income countries accepted reluctantly the promise of more global finance by 2035 after developed countries pledged to reach $300 billion per year in support by 2035, up from a current target of $100 billion.
“The Baku Finance Goal represents the best possible deal we could reach,” commented COP29 President Mukhtar Babayev. “In a year of geopolitical fragmentation, people doubted that Azerbaijan could deliver. They doubted that everyone could agree. They were wrong on both counts.”
As already reported, others were deeply disappointed about the outcome which apparently did not mention the other main issue at the conference – the transitioning away from fossil fuels – which had been agreed at the previous conference (COP28) in Dubai but was strongly opposed by Saudi Arabia and other oil-rich countries.
“It is a paltry sum,” said India’s delegate, who called the agreement “nothing more than an optical illusion.” Panama’s special envoy for climate was also critical: “This process was chaotic, poorly managed, and a complete failure in terms of delivering the ambition required.”
The Baku Finance Goal contains a core target for developed countries to take the lead on mobilizing at least $300 billion per year for developing countries by 2035, according to the Azerbaijani presidency. “This represents a $50bn increase on the previous draft text, and is the product of 48 hours of intensive diplomacy by the COP29 Presidency.”
Some rich countries, such as China and Saudi Arabia, which still are defined as developing countries, will apparently not provide their fair share of climate financing. China, for example, has become the largest annual emitter of greenhouse gases in the world. Last year it passed Europe as the second largest historical emitter, trailing the US as the largest emitter.
The COP29 Presidency called on a wider group of stakeholders to contribute to global climate action. It also highlighted a number of other achievements and negotiated priorities that serve to complement existing initiatives and bring new approaches to climate challenges.
Not over yet
EU’s chief negotiator Wopke Hoekstra gives a speech at COP29, Baku, Azerbaijan. He negotiated following a mandate adopted by the Council and kept his cards close to his chest, credit: EU
In his concluding remarks at the conference, EU’s chief negotiator, Wopke Hoekstra, Commissioner for Climate Action, expressed some satisfaction and put a positive spin on the outcome which was received by a coughing protest in the plenary.
“Last year I said that COP28 was the beginning of the end of fossil fuels. And what I would like to add now is that, in my view, COP29 will be remembered as the start of a new era for climate finance… We are tripling the $100 billion goal. We feel it is ambitious. It is needed. It is realistic and it is achievable.”
“It is also a matter of fairness and of importance to us, that all those with the ability to do so should contribute. And therefore, it is good, given the size of the problem, that we enlarge the contributor base on a voluntary basis. We are also seeing a historic expansion of the very important role of multilateral development banks in supporting this transition.”
On the other main issue, reducing emissions, he admitted that COP29 had failed and that the world has lost a year. “It was not the focus of this COP… We did manage to safeguard Dubai and take some steps forward. It is less than what we have liked, but it is better than we feared. We are unhappy to lose a year, but we are happy not to lose this fight.”
“It is not over. We are looking forward to redoubling our efforts until COP30 – we all need to come to Belém (Brazil) with ambitious new Nationally Determined Contribution.”
When asked about his expectations at a press conference a few days ago (21 November), UN General-Secretary Antiono Guterres was not optimistic. “COP 29 is now down to the wire,” he said.
“For me it is clear that science stresses that there will be no way to reach 1.5 degrees as a limit for global warming if there is not a phase out of fossil fuels. Of course, a phaseout of fossil fuels in the context of a just transition. And it is my clear opinion that the language - whatever language is adopted - will not change this reality.”
M. Apelblat
The Brussels Times
