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Dear readers,
Welcome to the Climate Weekly newsletter by the Centre for Science and Environment’s Climate Change programme and Down to Earth.
The recently concluded COP29 held in Baku, Azerbaijan touted as the ‘finance COP’ ended with a decision on the new climate finance target to guide how much money developed countries should pay to developing countries to help them address climate change. Known as the New Collective Quantified Goal (NCQG), the decision followed years of negotiations after the Paris Agreement. The Climate Change team at CSE and colleagues from Down to Earth were in Baku. We have analysed the decision on the NCQG and its implications for the future. A target of USD 1.3 trillion per year by 2035 was agreed upon to enable the scaling up of climate financing for developing countries with the developed countries ‘taking a lead’ of at least USD 300 billion per year by 2035 for climate action with the money coming ‘from a wide variety of sources, public and private, bilateral and multilateral, including alternative sources’. There was a deadlock over the quantum of the goal with developing countries demanding USD 600 billion in public finance while the developed countries pitched an amount of USD 300 billion eventually. The quantum as well as the structure in the final decision is extremely inadequate to meet the demands of the Global South. Under Article 9.1 of the Paris Agreement, the developed countries are obligated to provide financial resources to the developing countries for their mitigation and adaptation needs and this COP was an important opportunity for the former to commit to a more ambitious target; but they managed to escape this obligation.
In other developments, Article 6.2 and 6.4 of the Paris Agreement that address carbon markets were adopted as decisions at COP29. Concerns were raised about the manner in which some of the decisions were taken in addition to the issues around transparency and accountability.
Lastly, there was no consensus and progress on the Global Goal on Adaptation. Until now, the Adaptation Fund (AF) has received only US$ 61 million against its annual goal of US$ 300 million. The adaptation finance gap stands at US$ 187-US$ 359 billion.
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By - Rudrath Avinashi
Climate Change, CSE
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| EXTREME WEATHER TRACKER |
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With neither rain nor snow so far, Uttarakhand desperately awaits precipitation to end dry October-November spell, 26 November 2024
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CLIMATE NEWS | SCIENCE| IMPACTS| POLITICS |
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