COP29: A Financial Fiasco or Just the Beginning?
Ah, COP29! The climate change circus has rolled into Baku, Azerbaijan, where the finest minds in the world are gathered to talk about money—specifically, the big bucks needed to tackle the climate crisis. Only, instead of coming away with a game-changing multi-trillion dollar plan, we’ve ended up with a target of $300 billion a year. I mean, I’ve seen birthday candles on a cake that make me feel more optimistic!
The summit wrapped up recently (November 24, just in case you missed writing that down), and while attendees slapped each other’s backs for tripling previous climate finance targets, let’s be real: this ain’t a victory lap. The previous target was $100 billion a year. So yes, it’s a step up but at this rate, we might as well be climbing Mount Everest—one dodgy stair at a time!
“We are disappointed by the lack of commitment from developed countries to provide large-scale financing to protect the most vulnerable populations in Africa”
Fatuma Hussein, Africa’s chief negotiator at COP29
Fatuma Hussein, the chief negotiator for Africa, didn’t mince her words. She described the ambition set at COP29 as “extremely low.” Low? Not just low; I’d say it’s almost subterranean! Here’s the kicker: the $1.3 trillion target includes all sources, but how that’ll happen is “vague.” Vague? Sounds more like a sneeze than a financial strategy!
What do these vulnerable countries need? Oh, just a measly trillion or two—no biggie! And while these countries are potentially facing their ruin, the deal makers are left debating how best to bring out the big bucks. A bit of hush money perhaps? Or maybe they can sell lemonade at the next climate summit?
Let’s spice things up with a little humour, shall we? These negotiations are like trying to swim in molasses while juggling flaming torches. You’ve got broke countries needing cash (and lots of it), and rich ones seemingly busier counting their chips than handing them out. You know, priorities!
The Financial Balancing Act
COP29 was dubbed the “COP of finance,” bringing together nearly 200 countries, and boy was it a mixed bag! From agreements that didn’t sit well with the developing nations to negotiations that resembled a game of poker—pretty riveting stuff if reality wasn’t an ever-closing tsunami creating disastrous waves.
Bryton Codd, representing the Alliance of Small Island States, got so frustrated he walked out! And honestly, wouldn’t you? The agreement they returned to was smoothed over with vague promises that didn’t even tickle their needs. Talk about a climate crisis mixed with a three-ring circus of disappointment!
Just picture it: A small island developing state clinging on while another hurricane barrels down, and the leaders at COP29 are debating—wait for it—how many billions they’ll toss their way amidst a flood of climate chaos! Give them some credit, they’ve got their priorities straight: they even presented a draft agreement asking for $250 billion a year, only to have it shot down faster than a bad first date!
Climate Commitment? More Like Climate Confusion!
Now, let’s talk about the delightful statement from Simon Stiell, the executive secretary of the United Nations Framework Convention on Climate Change. He went on about the new target being “an insurance policy for humanity.” I mean, where do I sign? Because while it sounds nice, insurance only kicks in when you, you know, **pay premiums on time!**
For climate action, it looks like they’re trying to negotiate a scheme with no clear roadmap—kind of like walking in circles in a wind tunnel, but with more PowerPoint presentations! And as nations wrangle over finance promises, the poorest countries are left to panic as rising global temperatures start to resemble a nasty game of musical chairs. Spoiler alert: there are no seats left!
The Wait for COP30
So, what’s next? The dream of $1.3 trillion by COP30 in Brazil sounds great in theory, but whether it unfolds or just burns away in disappointment remains to be seen. Fatuma Hussein is hoping for a report by then. Maybe they’ll have a bake sale to collect funds?
In summary, COP29 seemed like a family reunion where the relatives are more concerned about their inheritance than the family’s welfare. And if feeling underwhelmed is the new normal, then strap in, folks. Whether it’s Baku or back to the drawing board, we had better hope someone finds the magic formula. Because the last thing we need right now is another climate finance farce!
Until next time, keep your umbrellas at the ready, because whether it rains money or metaphorical cats and dogs, it sure looks like we’re in for a storm!
[BAKOU] Vulnerable nations are expressing strong discontent regarding the newly established financial target of $300 billion annually, a figure adopted by the wealthiest countries to assist poorer nations in combating climate change, arguing that this amount is grossly inadequate to meet the pressing needs of those most affected.
The recently concluded UN climate summit, COP29, which transpired in Baku, Azerbaijan, finished its discussions early on Sunday, November 24, culminating in an agreement that aims to escalate climate finance from the previous goal of $100 billion per year, tripling it to $300 billion by 2035.
The member nations reached a consensus to strive for a significant increase to $1.3 trillion per year in climate financing, sourced from both public and private sectors throughout the same timeframe. Nevertheless, the draft agreement lacks clear guidelines on how this ambitious objective will be realized.
“We are disappointed by the lack of commitment from developed countries to provide large-scale financing to protect the most vulnerable populations in Africa”
Fatuma Hussein, Africa’s chief negotiator at COP29
COP29 has been dubbed the “COP of finance” due to its concentrated efforts on addressing climate financial needs. The gathering brought together nearly 200 countries focused on developing a new financial strategy, termed the “New Collective Quantified Target,” which aspires to reach a substantial $1 trillion.
The funds generated will be earmarked to assist underdeveloped nations in investing in renewable energy options, with the dual purpose of diminishing carbon emissions and bolstering their resilience against the adverse effects of climate change.
Alarmingly, global temperatures have surpassed the critical threshold of 1.5 degrees Celsius above pre-industrial levels for the first time in history this year, as reported by Copernicus, the European Union’s climate monitoring satellite initiative.
While the proposed funding represents an increase from current financial levels, negotiators from nations that are most susceptible to climate change assert that this amount remains drastically insufficient given the enormity of the crisis confronting them.
Fatuma Hussein, representing a coalition of 54 African countries, has expressed her discontent, noting that the funding goals set are “extremely low.” She underlined, “The amount of funding falls far short of meeting the needs of developing countries, which run into the trillions,” emphasizing the urgent requirements for robust financial backing.
Furthermore, she stated, “we are disappointed by the lack of commitment from developed countries to provide large-scale financing to protect the most vulnerable populations in Africa,” highlighting significant gaps in the planned financial aid.
While the ambitious target of $1.3 trillion would encompass diverse funding streams—including innovative financing models, taxation systems, and carbon markets—Hussein pointed out that the language regarding how to achieve this goal remains “extremely vague.” She has called for a report on these issues in the following year from Brazil, the host for COP30, to establish a clear process for raising the financial resources necessary.
Continue to collaborate
The agreement was reached after numerous negotiators from lesser-developed nations and small island states—regions heavily impacted by climate change—staged a walkout in frustration during the negotiations on Saturday.
This compromise was reached following a proposal presented the prior day, which suggested that wealthy nations commit to delivering $250 billion annually to aid vulnerable nations in their climate change efforts. However, this figure was deemed insufficient by many poorer countries.
Bryton Codd, a representative of the Alliance of Small Island States, disclosed that “we initially left the negotiations because our demands were not being met.” After some contemplation, they later returned to the table, but he noted, “no viable solution emerged as our concerns were still not addressed.”
These small island nations face acute threats from extreme weather events, such as escalating hurricanes, which are exacerbated by climate change, alongside the existential danger posed by rising sea levels linked to global warming.
Bryton Codd expressed concern that the final agreement fails to adequately acknowledge the unique challenges faced by these nations and lacks a guaranteed minimum financial allocation for the most vulnerable populations. However, he stressed the importance of continued collaboration beyond COP29 to secure necessary accreditations for accessing the vital financing required for impactful projects.
Toeolesulusulu Cedric Schuster, Samoa’s Minister of Environment and the Chairman of the Alliance of Small Island States, conveyed a collective sentiment stating, “we seek to engage in an inclusive process, but we continually feel insulted by the lack of inclusion and ignored calls.”
Optical illusion
“The results of COP29 are deeply disappointing,” remarked Ghiwa Nakat, executive director of Greenpeace for the Middle East and North Africa, during an interview. She emphasized that “the proposed annual climate finance target of $300 billion by 2035 is simply insufficient to meet the urgent needs of developing countries facing the full brunt of the climate crisis.”
She further remarked, “Taking into account inflation and the growing costs of climate action, this objective is far from sufficient to respond effectively to the crisis.” Ghiwa Nakat asserts that impoverished nations must insist on a roadmap from the COP29 presidency to attain a goal of $1.3 trillion by COP30.
According to a recent report from the think tank Climate Policy Initiative, the economic losses that could be avoided by the year 2100 by adhering to a 1.5-degree Celsius warming target could potentially outweigh climate finance needs for 2050 by five times.
Simon Stiell, executive secretary of the United Nations Framework Convention on Climate Change—responsible for managing the COP process—commented that the new financing goal serves as “an insurance policy for humanity,” stressing that its success hinges on the timely and full payment of the financial commitments involved.
