2024-11-18 02:38:00
The UN climate conference COP29 in Azerbaijan starts its final week on Monday. Climate Protection Minister Leonore Gewessler (Greens), who will now enter into the negotiations in Baku, sees this year’s COP under “particularly difficult” circumstances. In any case, there are numerous unresolved questions waiting for the subsequent talks at the political level, as little progress was made in the first week.
The central task of the delegations from almost 200 countries is to define a new financial framework for the period after 2025 with regard to climate financing by the end of next week. According to expert estimates, at least one trillion dollars per year will be necessary in the future to support countries in the Global South in climate protection and adapting to the consequences of global warming. Some calculations even put it at $2.4 trillion. “The states must urgently agree on a new financing target. Because without enough money, the fight against the climate crisis is hopeless,” demanded Jasmin Duregger, climate and energy expert at Greenpeace Austria and on site in Baku.
“There is still a long way to go,” said UN Climate Secretary Simon Stiell about what has been achieved so far. The world expects “strong signals that climate protection is a key concern for the world’s largest economies” from the two-day G20 summit in Rio de Janeiro, which starts on Monday. Progress on climate finance outside the UN process is important, “and the role of the G20 is crucial.”
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How do you assess the effectiveness of current international climate financing mechanisms in addressing the needs of the Global South?
**Interview with Jasmin Duregger, Climate and Energy Expert at Greenpeace Austria**
**Editor:** Thank you for joining us, Jasmin. As the final week of COP29 in Baku begins, it’s clear that a lot remains unresolved. You mentioned the urgent need for a new financial framework to support climate action in developing countries. Can you elaborate on why this is critical at this stage?
**Duregger:** Absolutely. We are at a pivotal moment where the stakes are higher than ever. To combat climate change effectively, countries in the Global South need significant financial support. Estimates indicate that between one to two point four trillion dollars per year will be necessary post-2025. Without these funds, efforts to tackle climate change and adapt to its impacts will be severely compromised.
**Editor:** That sounds daunting. Minister Gewessler referred to the circumstances surrounding this COP as “particularly difficult.” What do you believe are the key challenges that delegates are facing as they seek to reach an agreement on climate financing?
**Duregger:** There are several hurdles. Firstly, political will is lacking among the world’s largest economies. The urgency of our climate crisis requires immediate and substantial commitments, but negotiations are often mired in competing national interests. Additionally, there is a gap in understanding and prioritizing the needs of developing countries, which can lead to insufficient funding and support.
**Editor:** Looking ahead, what do you hope to see by the end of this conference? Are there specific outcomes that you think would indicate meaningful progress?
**Duregger:** I hope to see a clear agreement on a new financing target, with concrete commitments from wealthier nations to provide the necessary resources. It would be encouraging to also see strong partnerships formed between public and private sectors, and a robust mechanism to ensure that funds are delivered effectively to those who need it most.
**Editor:** As the G20 summit in Rio de Janeiro coincides with COP29, how do you think their discussions might influence the outcomes in Baku?
**Duregger:** The G20 plays a crucial role in shaping global climate finance. We need to see strong signals from these economies emphasizing their commitment to climate action. If they can demonstrate leadership and accountability, it could ignite momentum for negotiations in Baku and beyond.
**Editor:** Very insightful, Jasmin. Lastly, for our readers: given the pressing financial needs for climate action and the ongoing struggles at international negotiations, what do you think? Are the wealthier nations doing enough to support Global South countries in this climate crisis? Let us know your thoughts and join the debate.