Energy News
ENERGY NEWS
COP29 fight looms over climate funds for developing world
COP29 fight looms over climate funds for developing world
By Nick Perry
Paris (AFP) Oct 8, 2024

The developing world needs trillions of dollars in climate aid, but who should pay for it? Wealthy nations? Big polluters? Countries that got rich burning fossil fuels? All of the above?

A fight over this question looms at crucial negotiations next month as China and other major emerging economies come under pressure to chip in for climate action in poorer countries.

It is hoped a new deal can be struck at the UN COP29 climate conference to greatly lift financial assistance to countries least able to reduce carbon emissions and adapt to global warming.

The present bill of $100 billion a year is footed by a list of countries that were the richest and most industrialised at the time the UN climate convention was written up in 1992.

These donors -- including the United States, the European Union, Canada, Japan and others -- agree more money is needed, and intend to keep paying "climate finance" where it is needed most.

But they want others to share the burden, specifically developing countries that have become more prosperous and polluting in the decades since the original donor list was drawn up.

China -- today the world's largest polluter and second-largest economy -- is the obvious target, but Singapore and oil-rich Gulf states like Saudi Arabia could also come under scrutiny.

It is "entirely fair to add new contributing parties, given the ongoing evolution of economic realities and capabilities", the United States wrote in an August submission to the UN Framework Convention on Climate Change (UNFCCC).

- 'Bad faith' -

Diplomats from other developed countries have echoed this, arguing that the contributor list is based on outdated notions of rich and poor, and anyone who can pay should pay.

Some have proposed revised criteria against which potential contributors might be judged, such as income levels, purchasing power or their emissions of planet-warming greenhouse gases.

Calls to widen the donor base are deeply unpopular and have sparked heated exchanges in the months before COP29, which is being hosted in oil-and-gas-rich Azerbaijan, itself classified as a developing country.

Donors have been accused of forcing the matter onto the negotiating table while refusing to engage on the central question of how much they intend to pay.

For some involved "this was the literal definition of negotiating in bad faith", said Iskander Erzini Vernoit from the Imal Initiative for Climate and Development, a think tank based in Morocco.

It has "taken up a lot of airtime, and a lot of oxygen", he told AFP.

"For the sake of all of the poorest, most vulnerable countries of the world, it's not fair to hold the whole thing hostage."

Developing countries are pushing for the strongest possible commitment at COP29 to ensure adequate funding for clean energy projects, defensive sea walls and other climate adaptation measures.

Negotiators are nowhere near landing a concrete figure, but some developing countries are calling for over $1 trillion annually.

In a UNFCCC submission in August, the EU warned "the collective goal can only be reached if parties with high GHG-emissions (greenhouse gas) and economic capabilities join the effort".

- Tough talk -

For developing countries, who pays is non-negotiable: the 2015 Paris climate agreement reaffirmed that developed countries disproportionately responsible for global warming to date pick up the tab.

In a joint statement in July, China, India, Brazil and South Africa strongly rejected "attempts by developed countries to dilute their climate finance legal obligations under international law".

Azerbaijan's chief negotiator Yalchin Rafiyev told AFP in September that the gap between the United States and China over the issue was "narrowing", with a "softening" of stances on both sides.

China, like some other developing countries, actually pays climate finance, it just does so on its own terms.

Between 2013 and 2022, China paid on average $4.5 billion a year to other developing countries, the World Resources Institute (WRI) wrote in a September paper.

This amounted to roughly six percent of what developed countries paid over the same period, said the US-based think tank. China is not required to report this to the UNFCCC, and it is not counted toward the collective target.

Analysts say any formal additions to the donor list at COP29 are very unlikely, though some countries may agree to voluntary contributions in support of the broader goal.

Related Links

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
ENERGY NEWS
Urgent need for climate-friendly aircon: UN report
Nairobi (AFP) Sept 25, 2024
An explosion in demand for cooling systems in developing countries could worsen climate change unless sustainable solutions are prioritised, according to a United Nations report published Wednesday. By 2050, demand for air conditioning, refrigerators and refrigerated transport will increase seven-fold in Africa and four-fold in Asia, according to the UN Environment Agency (UNEP) and the World Bank's private sector arm IFC. "These nations are especially vulnerable to the deadly effects of risin ... read more

ENERGY NEWS
Climate finance billions at stake at COP29

COP29 fight looms over climate funds for developing world

Urgent need for climate-friendly aircon: UN report

European Green Deal could unintentionally raise global emissions

ENERGY NEWS
Fusion project with Russia faces 'rough sea': chief

Fire breaks out at Chinese battery giant CATL plant

A high-energy-density Mars battery designed for long-term missions

Philippines' Marcos opens first EV battery plant

ENERGY NEWS
Government action needed for world to meet renewables goal: IEA

UK campaigners in green energy standoff reject 'nimby' label

Wind turbine orders grow 23 percent, led by China: study

Researchers develop method for chemically recyclable wind turbine blades

ENERGY NEWS
The ZEUS Project to harness solar energy in space with nanowire technology

Solar-powered desalination system requires no extra batteries

Photovoltaic upgrade in Jiaxing, China significantly boosts power output

China's solar goes from supremacy to oversupply

ENERGY NEWS
Kazakhs approve plan for first nuclear power plant

A new tool enhances nuclear data analysis for global research efforts

Private firms set to benefit from nuclear power investments

Framatome secures contract from US Dept of Energy for HALEU fuel development

ENERGY NEWS
New process converts plant waste into sustainable jet fuel

Electrochemical cell converts captured carbon to green fuel with high efficiency

Using sunlight to recycle harmful gases into valuable products

New study highlights improved ethanol production method using CO2 and Nanocatalysts

ENERGY NEWS
Iran oil minister visits key site after Israeli threats

No peak oil demand 'on the horizon', phaseout a 'fantasy': OPEC

California sues oil giant Exxon over plastic recycling 'myth'

Biden holds meeting with Emirati president, first UAE leader to visit US in decades

ENERGY NEWS
Trio plead not guilty in UK after Van Gogh soup attack

Five trapped hippos die as Namibia grapples with drought

Van Gogh's 'Sunflowers' targeted again with soup in UK after activists jailed

On remote Greek island, migratory birds offer climate clues

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.