Small-island states have vehemently opposed the first draft of a political agreement at COP29. The climate talks going on in Baku today are severely threatened, as discussed below. Riders On The Storm Negotiations have stretched into the second week, overwhelming the contract. Developing countries are understandably tired of being disappointed by wealthier countries’ inability to clearly commit to financing them. The text shown above was developed secretly among a few interest group negotiators after those roundtable discussions. This development could lead the series of debates about climate financing.
The resulting controversy is largely focused on a proposed $100 billion annual increase in climate finance. Second, it proposes increasing the funding from a baseline of $100 billion to $250 billion by 2035. Set first in 2009, this modest limit has been a ceiling too far for many low- and middle-income countries. Small island states are currently advocating for a far more ambitious target of $1.3 trillion per year. The new proposal recognizes the $250 billion figure as merely aspirational, leaving many feeling it falls short of their needs.
Frustration Among Developing Nations
These small-island states reiterated their anger at the scarce recognition of real, measurable commitments from richer countries. They railed against the state of play in the negotiations for not offering even “crumbs” in return for any financial assistance. This feeling reflects a deepening concern. Wealthy nations are failing to respond to the climate crisis as they should, while small island states are facing existential threats from rising sea levels and more severe storms.
Justice too Chiara Martinelli, Director at Climate Action Network Europe was infuriated by the conversations on display. We were so grateful that she underscored the terrible outcome with her own remarks. She went on to reinforce the idea that the proposed figure is absurdly low given the magnitude at which we’re facing the challenges of climate change.
“Not even breadcrumbs.” – Chiara Martinelli, Director at Climate Action Network Europe
The Azerbaijani presidency, which is overseeing COP29, stated that the new climate finance text emerged from extensive consultations that extended into the early hours of the morning. The presidency called on all sides to constructively work with the draft text and find consensus on remaining issues.
A Shift in Financial Expectations
Significantly, the new proposal from the Azerbaijani presidency is a big step towards establishing a new baseline of what developing nations can expect from wealthier countries. That $250 billion goal is supposed to help advance transitions to clean energy and make communities more resilient to climate change as it grows more extreme. As many delegates to COP29 point out, this number falls short of what developing countries need now and in the future.
Yet developed nations are coming under growing fire to uphold their commitments written into the United Nations’ global climate accords. Consequently, there is a huge demand for much greater financial contributions. Small-island states are becoming more and more despondent as negotiations continue for many years without the concrete outcomes that are required to safeguard their futures.
The Azerbaijani presidency continues to insist that the current round of proposed texts represent a fair basis for negotiations. We thank all who worked with us for their productive engagement. They all emphasized the need to maintain the spirit of cooperation that exists between all stakeholders.
“These texts form a balanced and streamlined package for COP29. The COP29 Presidency urges Parties to study this text intently to pave the way towards consensus.” – Azerbaijani Presidency
Next Steps in Climate Negotiations
As negotiations at COP29 move forward, it is still unclear if this new proposal will be enough to appease small-island states or other developing countries. The ongoing discussions highlight a critical moment in climate negotiations, where financial commitments are essential for effective action against climate change.
These conversations are critical to helping reframe future policies and funding mechanisms. This is especially important when considering vulnerable communities that are bearing the brunt effects of climate induced disasters. Given the stark differences in expectations between developed and developing nations, the path forward seems to be paved with landmines.
Leave a Reply