Baku, Azerbaijan. Two days before the end of the COP29the pressure increased this Wednesday in Baku, where lRich countries still do not propose any figure to achieve the goal of 1 trillion dollars per year that developing countries would need to cope with the climate change.
The Colombian Minister of the Environment, Susana Muhammaddeclared herself “concerned” about the slow progress of the negotiations.
“No one puts a figure on the table. So it’s as if they were playing geopolitics, who puts the figure first? If you don’t put it, I don’t put it,” the minister told AFP.
According to economists commissioned by the UN, Developing countries need 1 trillion dollars annually to confront the consequences of climate change.
“Now is when the hardest part begins,” the Azerbaijani coordinator of the negotiations admitted this Wednesday, Yalchin Rafiyevwho urged the parties to “accelerate the pace” of negotiations.
As announced, a new draft agreement could be released this Wednesday night.
– “Unimaginable” –
In plenary session, Australian Climate Minister Chris Bowenpointed out that “different proposals have been heard” regarding the public aid figures of rich countries, ”of 900,000 million, 600,000 million and 440,000 million.”
The last two figures are old requests from India and the Arab Groupaccording to one observer.
“We have heard in the hallways figures of 200,000 million [de dólares] proposed” by rich countries. “This is unimaginable, we cannot accept it,” denounced Bolivia’s chief negotiator, Diego Pacheco, who spoke at the session on behalf of developing countries.
The lack of progress on the financial issue, and also on the issue of reducing greenhouse gas emissions, fuels frustration in the halls of the stadium in the Azerbaijani capital.
“This is a finance COP which, for a long time, at the beginning, was considered a somewhat technical COP. But, in fact, it is a very political COP,” said Nicolas Haeringer, campaign director for the NGO 350.org. .
Developing countries demand a total of $1.3 trillion in aid annually to build solar plants, invest in irrigation or protect cities against floods.
For their part, rich countries want to know how their public money will be associated with that obtained through other sources of financing, such as private funds or new global taxes, before proposing any figures.
They also want countries like China and Saudi Arabia, still included on the list of developing countries despite their wealth increasing, to pitch in.
German Chancellor Annalena Baerbock also noted that “everyone must take responsibility.”
“We cannot face today’s needs with recipes from the 1990s. We need the private sector,” Baerbock defended in a statement, emphasizing that the “answer” must be found “here and now, in the remaining days of COP29.”
By José Vicente Bernabéu
What are the key challenges facing negotiators at COP29 regarding climate funding commitments?
Interview: Time.news Editor and Climate Expert on COP29 Negotiations
Time.news Editor (TNE): Welcome, Dr. Emily Carter. Thank you for joining us today to discuss the crucial developments at COP29 taking place in Baku, Azerbaijan. The atmosphere seems tense as we approach the deadline. What’s your assessment of the current state of negotiations?
Dr. Emily Carter (EC): Thank you for having me. Yes, the urgency is palpable. With only two days left, the lack of concrete proposals from wealthier nations is concerning. The Colombian Minister of the Environment, Susana Muhammad, aptly described the situation as a game of geopolitical posturing, with countries hesitating to put figures on the table.
TNE: Absolutely, and Minister Muhammad highlighted the need for $1 trillion annually for developing countries to combat climate change. How critical is this funding in addressing climate challenges?
EC: It’s essential. The $1 trillion figure, backed by economists from the UN, reflects the stark reality that developing nations face—a reality that includes extreme weather events, rising sea levels, and agriculture challenges. Without this financial support, their capacity to adapt and mitigate these consequences is severely hindered.
TNE: We’ve seen various proposals for financial aid figures during the discussions. For instance, Australia’s Climate Minister Chris Bowen mentioned figures ranging from $440 billion to $900 billion. Why haven’t richer countries committed to the $1 trillion figure?
EC: It seems there’s a reluctance to fully own the figure because it would require serious commitments and possibly lead to accountability. Countries may be fearful of domestic backlash or the implications of such a significant financial promise. This hesitance could also reflect deeper geopolitical tensions impacting negotiations.
TNE: What do you think will happen if we don’t see any progress in the coming days? What is at stake?
EC: If a consensus isn’t reached and substantial commitments are not made, the consequences could be dire—not just for developing nations, but for global stability. Climate change is a worldwide issue, and delayed action can exacerbate the problems, creating a cascade effect that we can’t afford. The first step to rectifying this is for rich countries to recognize their responsibilities and take immediate action.
TNE: Yalchin Rafiyev, the Azerbaijani coordinator, has urged parties to “accelerate the pace” of negotiations. What strategies can be employed to foster an environment conducive to rapid decision-making?
EC: Building trust is vital. There needs to be transparent dialog and perhaps even facilitation by neutral parties to bridge gaps. Confidence-building measures, where nations can see tangible commitments or previous successes, could help foster a collaborative spirit.
TNE: With a new draft agreement anticipated to be released soon, what are the key components that you believe must be included for it to be effective?
EC: The draft must include clear funding commitments, mechanisms for tracking and accountability, and provisions for technology transfer and capacity-building in developing nations. Additionally, establishing a baseline for what achieving the $1 trillion goal looks like in terms of specific projects and timelines will be essential.
TNE: Thank you, Dr. Carter. Your insights provide a clear picture of the challenges faced at COP29. As we move closer to a potential agreement, it’s critical that these discussions remain at the forefront of international dialog.
EC: Thank you for having me. Let’s hope for a productive conclusion to COP29 that prioritizes the planet and the wellbeing of all its inhabitants.