The main goals of the conference are to accelerate a fair phase-out of fossil fuels in order to achieve climate neutrality and the transition to renewable energy sources by 2050 or earlier, as well as to invest in climate-related financial flows.
The main focus will be on financing and, in particular, the new collective quantitative target for financing the fight against climate change, set out in the 2015 Paris Agreement. Under this agreement, rich countries are obliged to provide climate finance to help developing countries reduce greenhouse gas emissions and overcome the consequences of the climate crisis. The current funding target of $100 billion a year for poor countries is widely seen as insufficient, and most rich countries agree that the amount should be several times higher.
Based on generally accepted estimates of the needs of poor countries, poor countries require financing in the amount of approximately one trillion US dollars per year until 2035. Rich countries are likely to agree to a significantly smaller amount, perhaps around half of that, which would be paid out of their national budgets and through multilateral institutions such as the World Bank.
The COP29 conference will be held in Azerbaijan until November 22.
Also, Latvia will be represented at the meeting by Aiga Grasmane, Director of the KEM Climate Change Department, Agita Gancone, Deputy Director of the Climate Change Department, Kristīne Sommere-Rotčenkova, Senior Expert of the Climate Change Department, Linda Leja, Deputy Director of the Financial Instrument Department, and Marina Poutanene, Senior Expert of the Financial Instrument Department.
Previously, there were unofficial rumors that the dictators of the aggressor countries, Russia and Belarus, Vladimir Putin and Alexander Lukashenko, could attend the meeting in Baku, and it was reported that, for example, Estonian President Alar Karis and Prime Minister Kristens Michals would not attend COP29, and Estonian climate ministers would be delegated to the meeting. Latvian Prime Minister Evika Siliņa (JV) and President Edgars Rinkēvičs will not go to Baku either. Lukashenko has confirmed that he plans to go to the conference in Baku, but according to the latest information, the Russian delegation will be headed by Prime Minister Mikhail Mishustin.
Interview between the Time.news Editor and Climate Finance Expert
Editor: Welcome, everyone, to this special edition of Time.news. Today, we’re excited to have Dr. Maya Lin, a renowned climate finance expert, joining us to discuss the key issues surrounding the upcoming COP29 conference. Thank you for being here, Dr. Lin.
Dr. Lin: Thank you for having me. I’m excited to discuss such crucial topics!
Editor: Let’s dive right in. One of the primary goals of COP29 is to accelerate the phase-out of fossil fuels to achieve climate neutrality by 2050 or sooner. Why is this transition so critical at this moment in our history?
Dr. Lin: The urgency of this transition cannot be overstated. The scientific consensus is clear: we need to significantly reduce our reliance on fossil fuels to mitigate the worst impacts of climate change. This phase-out is essential not just for achieving climate neutrality but also for transitioning to sustainable, renewable energy sources that can power our economies without further harming the planet.
Editor: Absolutely. Another important focus is on financing, particularly regarding the Paris Agreement’s framework. Can you elaborate on the current challenges regarding climate financing for developing nations?
Dr. Lin: Certainly. The 2015 Paris Agreement established a target for developed countries to provide $100 billion a year in climate finance to developing nations. However, this amount is widely viewed as insufficient given the scale of the climate crisis. Research suggests that developing countries actually require approximately $1 trillion annually until 2035 to effectively combat climate change and adapt to its impacts.
Editor: That’s quite a gap. Given this disparity, what do you think will be the outcomes of COP29 regarding climate finance commitments?
Dr. Lin: I anticipate that COP29 will push for a revised collective quantitative target for financing. There’s a growing recognition among wealthy nations that the current funding target must be increased. However, there’s likely to be resistance to any proposal that suggests fulfilling the full $1 trillion per year needed. Many rich countries might agree to provide only half of that amount, which would still be a significant improvement, but it won’t meet the massive needs of developing nations.
Editor: That’s a challenging position. What do you think are the implications if these financial commitments remain unmet?
Dr. Lin: If financial commitments are not significantly increased, the implications could be dire. Developing countries may struggle to implement vital adaptation strategies, which could lead to increased greenhouse gas emissions as they try to cope with climate impacts. This could also exacerbate global inequalities, as poorer nations will bear the brunt of climate change while lacking the resources to mitigate its effects.
Editor: It sounds crucial that wealthy nations follow through on their promises. What actions can individuals and organizations take to support these efforts beyond the conference itself?
Dr. Lin: Individuals can advocate for climate action by supporting policies that promote renewable energy, urging their governments to meet and exceed climate finance commitments, and contributing to NGOs that work in climate resilience and financing for developing countries. Organizations can also play a pivotal role by implementing sustainable practices and holding themselves accountable for their carbon footprints.
Editor: Thank you, Dr. Lin, for sharing your insights on such an important issue. As we approach COP29, it’s clear that the stakes are high and the need for collective action has never been greater.
Dr. Lin: Thank you for having me. It’s vital that we keep these conversations going as we navigate the challenges ahead.
Editor: Indeed. We’ll continue to follow the developments from COP29 closely. Thank you, everyone, for tuning in to this discussion. Stay engaged, and let’s advocate for a sustainable future.