As COP29 unfolds in Baku, Azerbaijan, the stakes for climate action are higher than ever. Now in its third day, the conference is confronting significant hurdles in its mission to secure ambitious climate finance commitments. Despite widespread calls for urgent action, negotiations have hit roadblocks around the New Collective Quantified Goal (NCQG) for climate finance, with developing countries demanding trillions of dollars in annual support to tackle climate impacts. Key negotiators from the Global South—such as the African Group, Like-Minded Developing Countries (LMDC), and G77 and China—have insisted on clearer, more direct commitments, arguing that the current draft is unwieldy and difficult to negotiate. In response, they have asked for a streamlined, thematically organized document to facilitate progress.
Meanwhile, a new report from the Global Carbon Budget has cast a stark light on the state of emissions, projecting record highs in 2024. The findings show that global fossil fuel emissions have not yet peaked, a reality that threatens to derail efforts to keep warming below 1.5 degrees Celsius. As countries share firsthand accounts of extreme climate impacts—from floods to wildfires—the urgency for action is palpable. However, differing views on funding mechanisms, the role of private finance, and phasing out fossil fuel subsidies have added layers of complexity to the talks.
In this context, COP29 delegates must navigate these challenging discussions to set a meaningful path forward. To help us understand these developments and their implications, we are joined today by Aditya V. Bahadur, Director at the Red Cross Red Crescent Climate Centre. He will provide insights into the finance debates, carbon emission targets, and the growing demands for equitable climate support for vulnerable nations.
Topics of Discussion:
1. With the growing divide between developed and developing nations on climate finance goals, what are the major sticking points in reaching an agreement? How might the proposals for climate finance by groups like LMDC, G77, and China affect negotiations?
2. Given the recent Global Carbon Budget report showing record-high carbon emissions, what immediate actions or commitments can we expect from COP29 to address the continuing rise in fossil fuel use?
3. In light of calls to phase out climate finance for fossil fuels, how are countries balancing the need for a just energy transition, especially for regions heavily reliant on fossil energy?
Published - November 14, 2024 04:53 pm IST
