At the COP29 summit, countries are grappling with the daunting challenge of securing up to $1 trillion in climate financing for the globe’s most vulnerable populations, all while political tensions cast a shadow over the discussions.
With a staggering seventy-two thousand individuals registered for COP29, many are likely to be disheartened by the latest findings from Climate Action Tracker. According to their analysis, despite relentless efforts, the world is still on a trajectory toward a concerning 2.7 degrees Celsius increase in temperature by the end of this century.
This figure has remained unchanged for the past three years.
Climate scientists warn that such an increase would lead to catastrophic weather events far worse than what we are currently experiencing.
“Let’s be absolutely clear: the consequences of rising temperatures escalate sharply and non-linearly. While a rise of 1.3 degrees may be troublesome, 2.7 degrees is simply unfathomable,” one expert remarked. “This situation is far beyond merely alarming,” they added.
“This impacts the future of our children, and everyone else’s children. We are recklessly impoverishing generations yet to come. We stand as the first generation aware that our actions are actively deteriorating the future for our offspring and their descendants.”
The backdrop of the recent U.S. election results looms large over COP29, influencing diplomats’ strategies and discussions in Baku.
For impoverished nations, the stakes feel particularly high. They are acutely aware that they will bear the brunt of climate consequences, and fears are growing that Donald Trump’s return to political power could stifle climate initiatives.
Some representatives expressed a sense of indignation over the need to plead for financial support from wealthier nations, which are largely responsible for the climatic crisis in the first place.
Sandra Guzman, director of the Climate Finance Group for Latin America and the Caribbean, emphasized that the issue isn’t about the absence of financial resources. Instead, it’s a matter of political resolve. “If we curbed fossil fuel subsidies and imposed taxes on the wealthiest, we could generate significant funding to combat climate change. Thus, it’s not really about money; it’s about finding the political will to allocate it effectively,” she stated.
“The harsh reality for many developing nations is that climate change is already claiming lives and destroying infrastructure. This destruction comes with a financial cost. The question remains: who is going to foot that bill?” she continued.
After enduring three years of behind-the-scenes disputes regarding climate financing, COP negotiators unveiled a preliminary draft decision text last night. This document is intended to steer discussions toward a potential agreement in the coming week.
Intriguingly, this draft spans an impressive 36 pages, a stark contrast to the mere nine pages of the outline presented earlier.
This length implies a resurgence of numerous unresolved and contentious topics that have been reintroduced, still awaiting resolution. Negotiation sessions will likely be intense as delegates grapple with these outstanding issues before arriving at a potential consensus by next week.
The probable withdrawal of the United States from future funding agreements only adds to the pressure on negotiators to unearth alternative funding sources.
Among these alternatives are major global development banks, including the World Bank, which are bankrolled by wealthier nations and are currently undergoing reforms to enhance their lending capabilities.
In recent commitments, ten of the largest banks have announced plans to ramp up their climate financing by about 60%, targeting an annual investment of around $120 billion by 2030. An additional $65 billion is expected to come from private sector investments.
However, the conference has thus far been characterized by far more division than unity, especially as many global leaders opted not to attend.
French climate minister Agnès Pannier-Runacher canceled her trip to COP29 after Azerbaijan’s President Ilham Aliyev accused France of wrongdoing in its overseas territories in the Caribbean.
The longstanding tension between France and Azerbaijan can be traced back to Paris’ support of Armenia, Azerbaijan’s rival in the region. This year, France has leveled accusations against Azerbaijan concerning its interference in New Caledonia, which has sparked disturbances.
“No matter the bilateral disagreements, COP should be a platform where all parties can freely come together and negotiate climate action,” stated European Union climate commissioner Wopke Hoekstra on social media, following Aliyev’s opening speech that called out the United States and the EU for hypocrisy in their climate change efforts.
In further developments, Argentina’s government withdrew its negotiators from the talks today. President Javier Milei has gone on record dismissing global warming as a hoax and is set to meet with Trump, who shares a similar perspective, later this week.
As COP29 continues, the atmosphere is thick with uncertainty and concern. The future of our planet hangs in the balance, and the stakes have never been higher.
Edited by: Ali Musa
alimusa@axadletimes.com
Axadle international–Monitoring
