One week into COP29, long-standing divisions between developed and developing countries have flared up. Critical negotiations like climate finance and equitable responsibility for action have come to the fore, with India saying that developed nations have failed to meet their commitments to climate finance.
Climate Finance and Historical Reality of Emissions
COP29바카라s primary objective this year is to finalise a New Collective Quantified Goal (NCQG) for climate finance, which will replace the initial 100 billion US dollar annual commitment from 2025. However, the draft NCQG has been shortened to 25 pages from 35, and over 400 bracketed items remain unresolved.
Representing Like-Minded Developing Countries, India said developed nations must commit to 1.3 trillion US dollars annually until 2030, with at least 600 billion allocated to grants.
An Indian negotiator said on November 14 that nearly two-thirds of climate finance comes in the form of loans when the need of the hour is grants and concessional funding. Pointing out that nearly two-thirds of climate finance comes in the form of loans when the need of the hour is grants and concessional funding, the negotiator said, 바카라The real amount mobilised so far has been less than encouraging.바카라
India pointed out that loans make up nearly 70 per cent of climate finance provided so far. Calling this 바카라unacceptable,바카라 India바카라s lead negotiator Naresh Gangwa said it 바카라places undue pressure on developing economies.바카라 Simon Stiell, the Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), added that 바카라Without bold measures, no economy will be spared from climate-driven losses.바카라
India바카라s comments came as the European Union is pushing for its Carbon Border Adjustment Mechanism (CBAM). CBAM, which is meant to curb the carbon footprint of imported goods, said India and other developing nations placed an unfair burden on growing economies while ignoring the historical reality of emissions.
The BASIC bloc said developed nations are attempting to shift additional obligations onto emerging economies. The Alliance of Small Island States (AOSIS) and the Arab Group joined forces with India, demanding scaled-up financial and technological support.
A Bolivian negotiator added that CBAM 바카라shifts the responsibility of climate action onto nations with minimal historical emissions, undermining industrial growth in the developing world. "
India had expressed dissatisfaction on behalf of the G-77 counties and the BASIC bloc바카라 comprising Brazil, South Africa, India, and China. The developing nations voiced frustration with the slow progress during a closing plenary on November 16. 바카라Developing countries are being asked to increase mitigation ambition by those who have not shown any,바카라 read a statement from Indian representatives.
Cosima Castle of E3G, an environmental consultancy, said the upcoming G20 Summit in Rio de Janeiro could break the deadlock. 바카라G20 countries, responsible for 80 per cent of global emissions and 85 per cent of the world economy, hold the key to unlocking ambitious climate agreements,바카라 said Castle.
The BASIC bloc also pointed out that the crucial Adaptation Fund for supporting vulnerable communities has only reached a sixth of its target amount바카라only 61 million US dollars against its 300 million dollar target. Mikko Ollikainen, the fund바카라s head, said that adaptation efforts require between 200 and 400 billion dollars yearly. It was noted that the COP26 decision to double adaptation finance by 2025 would likely be delayed to 2030.
Climate Technology
During week one, developing countries also pushed for equal access to climate technologies and dedicated financial support.
바카라Without equitable access to climate technologies, the promises of the Paris Agreement will remain unfulfilled,바카라 Gangwa pointed out.
India also said it would not tolerate external regulations on its climate targets, saying they were disrespectful of its national sovereignty. The country바카라s negotiators further argued that mitigation efforts must align with Nationally Determined Contributions (NDCs).
Next Stop: G20 Summit
Set to begin on November 18, the G20 Leaders바카라 Summit could be a turning point for the stalled negotiations of COP29. Ana Toni, Brazil바카라s National Secretary for Climate Change, said it was important that G20 leaders send a solid signal to that effect.
Stiell also urged the G20 to prioritise debt relief, multilateral bank reforms, and increased grant-based financing. 바카라Climate finance progress outside of our process is equally crucial, and the G20바카라s role is mission-critical,바카라 he wrote in a November 16 letter.
