COP29 climate summit overruns as $385 billion draft deal stalls

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COP29 climate summit overruns as $385 billion draft deal stalls

时间：2024-11-25 07:41 来源：未知作者：admin 阅读：次

Activists held a silent protest against the draft agreement.

In short:

The COP29 climate summit in Azerbaijan ran into overtime, which is not unusual, as a draft deal requiring developed nations to pay more drew criticism.

The proposal for a $US250 billion ($385 billion) target in annual climate finance by 2035 could still rise as nations continue to negotiate.

What's next?

The current climate finance commitment, $US100 billion per year, ends in 2025. Without a new collective target, some of the poorer countries most vulnerable to climate impacts would have little assurance of the money they need.

The COP29 climate summit has run into overtime, after a draft deal that proposed developed nations take the lead in providing $US250 billion ($385 billion) in annual climate finance by 2035 drew criticism from all sides.

Showing some progress late on Friday, the COP29 presidency released what it hopes will be a final deal for resolving rules around carbon markets.

But world governments at the UN climate summit were still working into the night on the contours of a sweeping funding plan to tackle climate change.

The two-week talks, being held in the Azerbaijan capital Baku, have been marked by division between wealthy governments resisting a costly outcome and developing nations pushing for more.

Many expected late on Friday that the proposal for a $US250 billion ($385 billion) target could still rise.

"I'm so mad. It's ridiculous. Just ridiculous," said Panama's climate envoy Juan Carlos Monterrey Gomez, criticising the proposed target as too low.

"It feels that the developed world wants the planet to burn."

Juan Carlos Monterrey Gomez criticised proposed targets as too low.

On the other side, a European negotiator told Reuters that the same proposal was uncomfortably high and did not do enough to expand the number of countries contributing to the funding.

"No one is comfortable with the number, because it's high and (there is) next to nothing on increasing contributor base," the negotiator said.

Analysts say that, for the EU and other contributors, the $US250 billion target would require only a modest increase from what they are already spending on climate finance.

The final target would include $US120 billion pledged by multilateral development banks (MDB), along with $US65 billion in private investment that the banks projected would be brought in.

"Without much of a lift, developed countries should be able to meet that amount by 2030," said David Waskow, director of the international climate initiative at the World Resources Institute.

Beyond the EU, those contributing countries would include Australia, the United States, Britain, Japan, Norway, Canada, New Zealand and Switzerland.

The COP29 conference ran overtime as countries continued to negotiate.

The draft invited developing countries to contribute voluntarily and emphasised that it would not affect their status as "developing" nations at the UN — a red line for countries including China and Brazil.

"This is not at a landing ground yet, but at least we're not up in the air without a map," said Germany's special climate envoy Jennifer Morgan.

'Game between maximalists and minimalists'

Late on Friday, the COP29 presidency published a hoped-for agreement for carbon markets, which could be approved on Saturday along with a final COP29 deal on climate finance.

Negotiations in Baku have been clouded by uncertainty over the future role of the United States, after Donald Trump, a climate sceptic, won the presidential election. Mr Trump, who takes office in January, has promised to withdraw the world's top historic greenhouse gas emitter from global climate efforts.

The Azerbaijani COP29 presidency expressed hope that negotiators would find agreement soon on the climate finance target.

The draft "doesn't correspond to our fair and ambitious goal, but we will continue to engage with the parties," said Azerbaijan's lead negotiator, Yalchin Rafiyev.

Marina Silva proposed a higher number than the current draft deal.

Brazil responded with a higher number taken from a report by an expert financial panel appointed by the United Nations secretary-general. Brazil Environment Minister Marina Silva proposed $US300 billion a year until 2035 when the number would jump to $US390 billion a year.

Brazil is set to host next year's COP30. When asked whether lack of an ambitious agreement at COP29 would put Brazil in a bad position next year, Silva said the consequences were bigger that that.

"More than just hurting COP30, it will hurt the life of all of us and hurt the conditions that give us life on Earth," she said.

The draft also set a broader goal of raising $US1.3 trillion overall for annual climate finance by 2035 through both public finance and the private investment it can help unlock.

Economists have estimated that developing countries will need access to at least $US1 trillion annually by the end of the decade.

But filling the gap between government pledges and private ones could be tricky, negotiators warned.

"This goal will need to be supported by ambitious bilateral action, MDB contributions and efforts to better mobilise private finance, among other critical factors," a senior US official said, referring to multilateral development banks.

The current climate finance commitment, $US100 billion per year, ends in 2025. Without a new collective target agreed through the UN process, some of those poorer countries most vulnerable to climate impacts would have little assurance of the money they need.

That means such countries have an incentive to negotiate hard, but even those most unhappy have a reason not to walk away or block a deal.

"We are far away from the $US1.3 trillion," said M Riaz Hamidullah, a Bangladesh foreign ministry official who described the final negotiations as a "game between maximalists and minimalists."

"It's a bit like haggling in the fish market, which we do often in our part of the world."

Many previous COPs have often run over time.

Activists held a silent protest against the draft agreement.

Hottest year on record

The showdown over financing for developing countries comes in a year that scientists say is destined to be the hottest on record. Climate woes are stacking up in the wake of such extreme heat, adding volume to the calls for more funding to cope.

Widespread flooding has killed thousands across Africa this year, while deadly landslides have buried villages in Asia. Drought in South America has shrunk rivers — vital transport corridors — and livelihoods.

Developed countries have not been spared. Torrential rain last month in Valencia, Spain, triggered floods in which more than 200 people died and the United States has so far registered 24 billion-dollar disasters — just four fewer than last year.

Daniel Lund, negotiator for Fiji, told Reuters there was a long way to go to reach a finance deal that matched the scale of planetary warming.

"It is a very low number in relation to the available evidence on the scale of the need that exists and understanding of how those needs will evolve," he said.

Reuters/AP

By：ABC

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