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COP29 agreed this Sunday at dawn, after two weeks of intense negotiations, moments of crisis and “chaos” in the final stage, an agreement by which rich countries will
COP29 agreed this Sunday at dawn, after two weeks of intense negotiations, moments of crisis and “chaos” in the final stage, an agreement by which rich countries will pay $300 billion annually to developing countries for payment climate action.
In a plenary session that was interrupted several times to finalize details of the text to be discussed, the nearly 200 countries meeting at the Baku summit signed an agreement in which they set a new climate finance target that will replace the previous goal set at $100 billion annually .
Negotiators have spent the last two weeks in the Azerbaijani capital debating the details of that goal, which was agreed this Sunday to $1.3 trillion annually by 2035, although only $300 billion of that is to be provided through aid and private capital mobilization . funds with government support.
Delegates, journalists and the public present in the huge plenary hall erupted into applause and applause as COP29 President Mukhtar Babayev brought down the hammer on the financial agreement, ending a marathon day that lasted more than 32 hours. before the scheduled close of the summit.
More than 24 hours after it adjourned, the Baku summit closed on an agreement in which wealthy states pledged to take on part of the bill that would entail green transition and climate adaptation for countries in the Global South, which have historically been least responsible for global change. warming and, at the same time, those who suffer most from its consequences.
The text repeats one of the demands that these states with fewer resources have expressed for years in these forums: reform of the international financial architecture.
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Countries note that this should “remove barriers” the developing world faces in accessing climate finance, such as removing barriers and high capital costs, budget constraints, “unsustainable debt levels” or high transaction costs.
It also recognizes the particular need to pool “public resources, subsidies and financing on highly concessional terms, especially for adaptation and response to damage” from climate change in “least developed” countries and “small island states in development.”
The parties reaffirm the principle of the Paris Agreement, which concerns the common but differentiated responsibilities of countries in the context of the climate crisis: those considered “developed” – rich – emit more greenhouse gases than those called “developing”, and the parties therefore feel that they must take upon themselves a large part of the bill.
A high-level panel of economists commissioned by the UN to produce a report on climate finance estimated the cost of climate transition and adaptation in developing countries by 2030 at $2.4 trillion a year, but estimated that $1.4 trillion of that amount would be lost. The Global South will be able to provide this from its own pockets, while the remaining billion will have to come from external funding.
Thanks to a new global climate finance target set in Baku, rich states have pledged to mobilize a total of $1.3 trillion annually by 2035, but with a guaranteed first layer of $300 billion.
The largest amount is what developing countries offered in the early days of COP29, although they have asked for it for 2030, but the central target level is still far from the $500 billion they demanded.
On the other hand, parties are encouraged to voluntarily consider climate finance funds coming from multilateral development banks, whose donors include not only rich countries, but also countries considered to be developing.
Categories “developed” and “developing” They correspond to a classification that dates back to 1992, the year the UN Climate Change Convention was born, an outcome of the Earth Summit in Rio de Janeiro.
But now, 32 years later, developed countries such as the United States and the European Union argue that the world has changed and they can no longer consider themselves developing, for example. China, United Arab Emirates or Kuwait.
But the text agreed in Baku “calls on” developing countries to contribute to the $1.3 trillion in climate finance flowing annually to countries in the Global South. (EFE)
Source: Aristegui Noticias
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