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UN DRAFT: DEVELOPING NATIONS EXPECT TRILLIONS FOR CLIMATE MITIGATION EFFORTS

ByJayashree Nandi, New Delhi
Aug 31, 2024 11:54 PM IST
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THE LIKE MINDED DEVELOPING COUNTRIES (LMDC) GROUP, WHICH INCLUDES INDIA, EXPECTS
AT LEAST $1 TRILLION MOBILISED BY DEVELOPED COUNTRIES YEARLY FROM 2025 TO 2030



A draft document on the new climate finance goal, to be negotiated at the UN
Climate Conference COP29 in November, indicates developing countries expect
contributions in the trillions from developed nations for climate change
mitigation efforts.

A shepherd leads his flock along the bed of the dried up Studen Kladenets (Cold
Well) reservoir dam, near Kardzhali, southern Bulgaria, on August 28. (AFP)



HT has reported that setting a new climate finance goal will be the primary
agenda at the annual UN climate meeting when it convenes for this year in Baku,
Azerbaijan. The current goal has a floor of $100 billion annually after 2025.




According to the document, the Like Minded Developing Countries (LMDC) group,
which includes India, expects at least $1 trillion mobilised by developed
countries yearly from 2025 to 2030, with updates until 2035 based on evolving
needs.

“The quantum set in the NCQG (New Collective Quantified Goal) will be active
from 2025-2030 and be updated for 2030-2035 in 2029, in line with the Nationally
determined contributions (under Paris Agreement) cycles and others processes
under the UNFCCC, to be adjusted according to the evolving needs of developing
countries,” the group stated.




The United States, however, has not specified a number or timeline. It expects
contributions from all sources, including “contributing parties,” and proposes
“a goal of investing USD [X] trillion globally in climate action by [timeframe]
from all sources” — leaving those specific details up for discussion.

The Arab group expects developed countries to mobilise $1.1 trillion annually to
developing nations from 2025 through 2029, providing a minimum of $441 billion
per year. The African group calls for developed countries to jointly mobilise
$1.3 trillion annually by 2030, with an aggregate goal of $6.5 trillion.



These positions highlight the polarised stance between developed and developing
countries. The U.S. and other wealthy nations have attempted to blur the
distinction that finance should flow from developed to developing countries, as
specified in UNFCCC principles — instead, they are pushing emerging economies to
contribute.



Negotiations on the new finance goal have faced challenges and lack of
consensus. Major differences emerged between rich and developing countries
during an Ad Hoc Work Programme in Cartagena, Colombia, in April. The U.S.
described the New Collective Quantified Goal as “voluntary” for those that
“choose to pay.”

At the next meeting, held at Bonn over two weeks, there was no progress. The
United States reiterated its stance that contributing to the new fund should be
voluntary, and argued that NCQG is separate from UNFCCC provisions, potentially
to avoid mentioning developed countries’ obligation to deliver climate finance
to developing countries.

Developing countries and climate activists criticised developed nations for
attempting to broaden the contributor base and shirking their responsibilities.

The dispute harks to a fundamental principle known as the “common but
differentiated responsibilities and respective capabilities” (CBDR-RC). The
principle was formally adopted as part of the UNFCCC when it was established at
the Earth Summit in Rio de Janeiro in 1992.



Largely, the principle lays down that developed countries have contributed more
to global greenhouse gas emissions historically and are therefore expected to
take the lead in addressing climate change.

It implies that developed countries should provide financial resources to
support developing countries in their efforts to mitigate and adapt to climate
change and recognises that countries have different capabilities to address
climate change based on their economic and technological resources.

The US stance on voluntary contributions and attempts to broaden the contributor
base appear to conflict with this principle.

COP29 president-designate Mukhtar Babayev said in a statement: “This latest
input paper is a significant step towards preparing concrete proposals for a
fair and ambitious new climate finance goal at COP29. We have come a long way
but there are still clearly different positions we need to bridge.”



Babayev added, “We now only have 73 days before COP29 begins and Parties need to
accelerate their engagement on this top negotiating priority to reach
consensus.”

“Reaching an agreement on the new climate finance goal at COP29 in Baku is about
climate justice. Despite being on the frontlines, developing countries have
ambitious plans to scale up renewable energy and address climate impacts, yet
they receive inadequate support. Meanwhile, wealthy, industrialized nations
continue to fund the very fossil fuels driving this crisis. Without urgent and
equitable financial commitments — measured in trillions — the promise of climate
action will remain broken, leaving the most vulnerable to pay the price for
others’ inaction,” Harjeet Singh, Climate Activist and Global Engagement
Director for the Fossil Fuel Non-Proliferation Treaty Initiative said.






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