At the COP29 summit, nations aimed to make headway in securing up to $1 trillion in climate finance for the world’s most vulnerable communities, though the discussions were clouded by political tensions.
With seventy-two thousand individuals registered for COP29, many will be disheartened by the recent analysis from Climate Action Tracker, which indicated that the global trajectory remains towards a 2.7 degrees Celsius increase in warming by the century’s end.
This figure has remained unchanged for the past three years.
Climate scientists warn that such a rise would lead to catastrophic extreme weather events far beyond what is currently experienced.
“It is essential to understand that the impacts of climate change from increasing temperatures heighten sharply in a non-linear manner. While a warming of 1.3 degrees could be detrimental, 2.7 degrees represents a scenario that is beyond comprehension,” he stated.
“This is more than just concerning,” he added.
“It jeopardizes my children’s future; it is a risk to the future of all children. We are consciously impoverishing future generations. We are the first generation knowingly making life worse for our children and grandchildren.”
The outcome of the US elections has significantly influenced diplomats in Baku.
At COP29, tensions are palpable. The poorest nations fear they will bear the brunt of climate impacts, and they are concerned that Donald Trump’s election in the U.S. may lead to diminished climate action.
Some delegates expressed feelings of humiliation at having to solicit climate finance from wealthy nations that have primarily contributed to the climate crisis.
Sandra Guzman, director of the Climate Finance Group for Latin America and the Caribbean, remarked that the challenge is not a scarcity of funds to combat climate change but rather a deficiency in political resolve.
“By reducing fossil fuel subsidies and taxing the wealthy, we could generate funds necessary for addressing climate change. It’s not about money; it’s a question of political will to channel those resources appropriately,” she stated.
“Many developing nations are concerned that climate change is already resulting in loss of life and damage to infrastructure, incurring significant costs. Who will cover these expenses?” she added.
After three years of behind-the-scenes negotiations regarding climate finance, COP negotiators unveiled a first draft decision text last night, aimed at steering discussions towards some form of agreement over the next eight days.
Notably, this document spans 36 pages.
This is a significant increase from the previous nine pages that served as an agreed framework for advancing talks.
The length suggests that a variety of unresolved and contentious topics have been brought back into the draft text, indicating ongoing debates ahead.
The anticipated withdrawal of the United States from any future funding arrangements will heighten the pressure on delegates to discover alternative ways to secure necessary financing.
Multilateral development banks, such as the World Bank—funded by wealthier countries and undergoing reforms to enhance their lending capabilities—are among potential sources.
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Ten of the largest development banks have announced plans to amplify their climate finance by approximately 60% to $120 billion annually by 2030, with at least an additional $65 billion from private sector contributions.
Argentina’s President Javier Milei has previously labeled global warming as a hoax.
More Division than Unity
Thus far, the conference—which many world leaders opted to avoid—has seen more division than solidarity.
French climate minister Agnès Pannier-Runacher canceled her trip to COP29 yesterday after Azerbaijan’s President Ilham Aliyev accused France of “crimes” in its overseas territories in the Caribbean.
The relationship between France and Azerbaijan has been strained due to France’s support for Azerbaijan’s adversary, Armenia. This year, France accused Azerbaijan of interference and contributing to violent unrest in New Caledonia.
“Despite any bilateral disagreements, COP should be a platform where all parties can negotiate freely on climate action,” European Union climate commissioner Wopke Hoekstra responded in a social media post.
Aliyev’s opening address at the conference criticized the United States and EU for hypocrisy in lecturing others on climate change while being significant consumers and producers of fossil fuels.
Today, Argentina’s government withdrew its negotiators from the COP29 discussions.
President Javier Milei of Argentina has previously dismissed global warming as a hoax and is scheduled to meet with Mr. Trump, another climate change skeptic, later this week.
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