Can countries agree on new climate fund targets?
The Intergovernmental Panel on Climate Change (IPCC), the UN’s leading body on climate science, has issued a warning that global temperatures are accelerating. Limiting temperature rise to 1.5°C above pre-industrial times requires concerted investment in clean energy technologies, infrastructure and adaptation measures.
Developing countries, especially small islands and least developed countries, are most vulnerable to the effects of climate change, such as sea level rise, extreme weather events including droughts and storms.
They need to build infrastructure resilience, transition to a low-carbon economy, and compensate for losses and damages caused by climate disruption.
G20 group talks
The COP20 conference in Baku is in its mid-terms and intensive negotiations are underway to provide financial resources to fight climate change. Meanwhile, world leaders are gathering in Brazil for G-20 group talks.
The representatives of developing countries demanded that more funds be made available to fund climate damage and loss and that progress be made on this issue. Also, clean energy targets must be achieved quickly.
UNFCCC Executive Secretary Simon Steele, in his message to G20 leaders, noted that funding remains critical beyond the climate summit.
According to him, the role of the G20 group in this process is very important and therefore the global climate crisis should be prioritized during the G20 meeting in Rio de Janeiro. Ways should be found to provide grants and funds at concessional rates and to reform multilateral development banks.
Earlier, UNFCCC chief Simon Steele warned that the climate crisis is deepening and the risk of serious socio-economic damage is increasing. Against this backdrop, member states cannot leave COP29 without agreeing to an ambitious climate finance target.
The UN’s top official, while addressing world leaders gathered at the Climate Action Summit in Baku, issued a warning that the world must suffer to address the climate crisis, or humanity could pay a huge price.
“Climate finance is not altruism, it is an investment. “Climate action is not optional, it is an imperative.”
Beyond the $100 billion resolution
In 2009, during the COP15 conference in Copenhagen, Denmark, developed countries pledged $100 billion per year in climate finance by 2020. This goal was eventually achieved in 2022, but has been criticized for being late and insufficient.
In light of this, climate negotiators at the COP29 conference are engaged in discussions aimed at setting a new, ambitious target on financing.
Developing countries are trying to agree on a large sum of money, perhaps tens of billions of dollars per year. However, a fixed amount of money agreement and its arrangement is still a long way off.
Intensive negotiations are underway to reach agreement on a new, ambitious climate finance target.
Advances in carbon markets
On the first day of the COP29 conference, Article 6 of the Paris Climate Agreement was passed, paving the way for a UN-backed global carbon market.
This market will facilitate the trading of carbon credits, encourage countries to reduce their emissions and enable investment in climate adaptation projects.
The COP29 conference is being held at a time when the US presidential election is being held, and the possible stance of the new US administration on global climate action is also a topic of discussion in Baku.
Marshall Islands President Hilda Hine and Ireland’s Environment Minister Eamon Ryan stressed that there are concerns about the US withdrawal from the Paris Agreement. Still, the fight against climate change is a global effort, and a better economy for all requires global cooperation.
Just change, not a stampede of greed
UN Secretary-General Antonio Guterres attended several meetings on climate issues before heading to the G20 summit. Minerals required for solar energy, wind turbines and electric vehicles and their reasonable extraction were also discussed.
Copper, lithium, nickel, cobalt and rare elements will be needed to reduce dependence on fossil fuels and move towards renewable energy, and demand for these could triple by 2030.
Many of these minerals are found in Africa and they can reap economic benefits from it, but there is also the danger that the benefits of these resources will instead reach other countries.
In this context, Secretary-General Guterres said that exploitation, exploitation and greed that oppress the poor must be avoided, but mineral demand must be better managed so that local communities can also benefit from it.