Views expressed: Disappointment at COP – developing countries left unheard

November 26, 2024 04:10 IST

First published: November 26, 2024 04:10 IST

Like almost every COP in the past decade, the 29th edition of the UNFCCC annual meeting went into extra time. But this was not enough to save the rapidly deteriorating reputation of the UN climate agency’s processes. COP 29 was introduced as “Finance COP”. A well-crafted agreement could have gone a long way in resolving the impasse over climate financing. Before delegates gathered in Baku, the capital of Azerbaijan, a broad consensus appeared to be emerging that developing countries need at least $1.3 trillion each year to avoid the worst effects of global warming. Reports that the planet is more than 1.5 degrees Celsius warmer than the industrial era were expected to add a sense of urgency to the discussions. However, even when measured against any of the shining examples following the Paris UNFCCC meeting, the COP was disappointing. On the criteria of both equity and ambition, the last-minute boosted finance target of $300 billion fails developing countries.

On paper, the amount agreed in Baku could be a seed fund to attract more investment and take climate finance to the $1.3 trillion figure. However, history does not give much reason for optimism. It took more than 10 years for developed countries to meet the $100 billion target set at COP 15 in 2009. Much of that money has come in the form of loans, pushing many low-income countries into dangerous debt traps. Before Baku, the need for greater creativity in mobilizing funds was also recognized by the OECD. “For the period after 2025, the scope and design of the new collective quantitative target on climate finance should be more effective than existing targets,” the OECD expert group reported in May. The Baku meeting was expected to provide a road map for such initiatives. Instead, developed countries rallied to achieve the reduced target of $250 billion. Outcry from developing countries and civil society groups led to only a modest increase in ambition.

The Global South has little time to mourn the Baku betrayal. Initiatives like the International Solar Alliance (ISA) driven by New Delhi reflect its resolve. Of course, these are no substitute for UNFCCC-supported funding. However, since developed countries are hardly showing any inclination to loosen the purse strings, initiatives like ISA assume additional importance. Also, developing countries should come together in multilateral forums to put pressure on the West.