Anoop Khajuria
The Conference of Parties for Climate Action under the United Nations Framework Convention on Climate Change ended its 29th chapter in Baku, Azerbaijan with experts terming the negotiations on the brink of failure. Much hopes were pinned on the COP29 rightly named as the finance COP after the creation of the loss and damage fund in Egypt and later at COP28 in Dubai achieving parties agreeing on the operationalization of the loss and damage fund which is also known as the “New Collective Quantified Goals” (NCQG), however, Baku conference saw sharp differences emerging within the developed counties on prudent utilization of the funds. It all turned out damp squib to deplore ever after.
The climate crisis is increasing in intensity and reaches a point where drought, floods, heat waves, and cyclones are becoming regular occurrences in both hemispheres. This has triggered a global conversation on how to save people, ecosystems, and economies to adapt to a new reality known as climate change adaptations. Adaptations are imperative to check the rise in global temperatures well within the agreed limit of 1.5 degrees Celsius above the pre-industrial levels. The world economies are different. While rich nations enjoy excessive energy consumption, the poor and the least developed nations fight poverty and hunger. Finance for loss and damage is a way to help developing countries respond to the economic & non-economic costs of climate change. It is, for these specific reasons, that the COP29 was significant as it was expected that the ever-escalating requirement of funds, reaching USD 1.4 trillion by 2023 may replace pledges by Developed Nations to actual cash. But it was never meant to bolster the developing countries.
The sharp differences emerged among the parties regarding the modalities of operating the funds. COP Executive Secretary Siemen Stiell appealed to G-20 Nations in the first week of the conference to mobilize rich Nations to contribute to the funds. Negotiations further led to the temporary walkouts from two important blocks, the Alliance of Small Island Developing Nations and the group of least developed Nations. As it is customary to extend the conference time frame from the scheduled ending by a day or two, beginning from Madrid 2019 when it was extended for two days, Egypt and Dubai by one day to clinch last-minute deals on agreements, the extended period in Baku reached on a deal which has been rejected by many countries while others have shown a deep disappointment on it.
Countries at the COP29 summit in Baku adopted a USD 300 Billion a year global finance target to help poorer nations cope with the impacts of climate change. A few gave a standing ovation at the plenary hall while others lambasted wealthy Nations for not doing more. Indian representative Chandni Raina said, “I regret to say that this document is nothing more than an optical illusion.” She further added,” This, in our opinion, will not address the enormity of the challenge, we all face.” She opposed the adoption of the document. It is in fact, a matter of debate how quickly and on time rich nations respond to the agreement.
“It has been a difficult journey, but we have delivered a deal.” says Executive Secretary Simon Stiell.” This deal will keep the clean energy boom growing and protect billions of lives. But like any insurance policy, it only works if premiums are paid in full, and on time.”
This COP failed to set out detailed steps for how countries will act on last year’s UN climate summit pledge to ‘transit away from fossil fuels’ and triple renewable energy capacity this decade.
Therefore, it is obvious that this agreement that dilutes the annual requirement of the funds to the tune of USD 1.4 trillion annually by 2035 will further undergo twists and turns. Will the present criteria of Developed Nations remain the same as had been decided in the 1992 Climate Summit or it would require additions and deletions? “China should also pay which is the world’s second-largest economy”, this clamor is growing among European Nations.
Though this COP may have ended without the desired expectations of reaching a consensus, the fact that last year saw more climate-related disasters than the previous year, and next year 2025 is already predicted to be the warmest year ever, shows that any deal among the Nations to save this planet and its doomed biodiversity is inadequate given the imminent devastations brought by Global warming.
(The author is an acclaimed filmmaker and a member of Asia Pacific Group of Journalists and Broadcasters.)
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