Rich nations under pressure over climate finance at COP29 talks

Pressure mounted on wealthy nations Wednesday to put a figure on the table as time runs out at COP29 to strike a deal on climate assistance for poorer countries.


Issued on: 20/11/2024 
By:  FRANCE 24
Developing nations say rich historic polluters have a duty to help them face the challenges caused by the climate crisis. © Laurent Thomet, AFP


At the UN COP29 climate summit in Azerbaijan, rich nations have still not revealed how much they are ready to provide the developing world to fight climate change. UN agencies have said that developing nations, not counting China, will need $1 trillion a year by the end of the decade to meet the challenges caused by the climate crisis.

"We need a figure," said Adonia Ayebare, chair of the G77+China group of developing nations.

"Then the rest will follow. But we need a headline," the Ugandan negotiator told reporters.

Developing nations, from islands imperilled by rising seas to drought-afflicted states, contribute the least to global warming but have called for $1.3 trillion annually to prepare for its impacts.


They say rich historic polluters have a duty to help, and are clamouring for an existing commitment of $100 billion a year to be increased many times over at COP29.
 
Read more  How lending-based climate finance is pushing poor countries deeper into debt

Talks have gone around in circles for over a week but a slimmed-down draft is expected to land in the early hours of Thursday, ensuring a sleepless night for negotiators.

"I'm sure we will have some long days and hours ahead of us ... This will be a very steep climb," EU climate commissioner Wopke Hoekstra told reporters.

Colombian Environment Minister Susana Muhamad said it was difficult to speed things up "when there's nothing to negotiate".

"The concern is that at this moment, nobody is putting a figure on the table," Muhamad said.

Rich countries on the hook for climate finance, including the European Union and United States, say they cannot show their hand until they know what they are agreeing to.

"Otherwise ... you will have a shopping basket with a price, but you don't know exactly what is in there," said Hoekstra.

"We don't just want to pluck a number from the sky," echoed Germany's climate envoy Jennifer Morgan.
China role

Developing countries, excluding China, will need $1 trillion a year in foreign assistance by 2030 to wean off fossil fuels and adapt to worsening disasters.

This number rises to $1.3 trillion annually by 2035, according to an expert economic assessment commissioned by the United Nations.

But many of the nations obligated to pay face political and fiscal pressures, and insist they cannot cover this cost on their balance sheets alone.

Developing countries want public grants from governments – not loans or private capital – to make up the majority of the new finance goal under negotiation.

Three figures – $440 billion, $600 billion and $900 billion – had been floated, said Australian climate minister Chris Bowen, one of the envoys leading the finance negotiations.

Delegates from several countries told AFP these numbers were not proposed by developed nations themselves.

"Many parties told us they need to see certain building blocks in place before they can put forward their suggested number," Bowen told COP29 delegates.

Chief among these is a demand for emerging economies such as China and Saudi Arabia, which have grown wealthy yet remain classified as developing nations, to chip into the pot.

"There are countries out in the world that have an income level that is close to or above the poorest European countries, and we think that it's only fair to ask them to contribute," Danish climate minister Lars Aagaard told AFP.
'Receding hope'

Bowen said some countries had drawn a "red line" over the type of money that could be included in any deal, insisting it come "from a wide range of sources and instruments".

Bolivia's chief negotiator, Diego Pacheco, said there was a "steadily receding hope of getting an ambitious" deal and cited $200 billion as one number in circulation.

"Only 200 billion," he told the conference. "This is unfathomable, we cannot accept this."

The lead negotiator of COP29 hosts Azerbaijan, Yalchin Rafiyev, urged countries to "pick up the pace".

"Let us embrace the spirit of collaboration, compromise and determination to ensure that we leave this conference with outcomes that make a real difference," he said.

(FRANCE 24 with AFP and Reuters)

Thank You for Emitting: The Hypocrisies of COP29

by Binoy Kampmark / November 19th, 2024

COP29 was always going to be memorable, for no other reason than the hosting country, Azerbaijan, is a petrostate indifferent to the issue of emissions and scornful of ecological preachers.  It has seen its natural gas supply grow by 128% between 2000 and 2021.  Between 2006 and 2021, gas exports rose by a monumental 29,290%.  A dizzying 95% of the country’s exports are made up of oil and gas, with much of its wealth failing to trickle down to the rest of the populace.

The broadly described West, as stated by President Ilham Aliyev in his opening address to the Conference of the Parties to the United Nations Framework Convention on Climate Change, was in no position to be lecturing his country about cutting back on the use of fossil fuels.  They were, he grandly claimed, “a gift from God”.  In this, he should have surprised no one.  In April 2024, he declared that, as a leader of a country “which is rich in fossil fuels, of course, we will defend the right of these countries to continue investments and to continue production.”

A few days later, Aliyev played the other side of the climate change divide, suggesting at a meeting with island leaders that France and the Netherlands had been responsible for “brutally” suppressing the “voices” of communities in such overseas territories as Mayotte and Curaçao concerned with climate change.  (Aliyev himself is no stranger to suppressing, with dedicated brutality, voices of dissent within his own country.)  This proved too much for France’s Ecological Transition Minister, Agnès Pannier-Runacher, who cancelled her planned attendance to the summit while attacking Baku for “instrumentalising the fight against climate change for its undignified personal agenda.”

On the second day of the summit, the UN Secretary-General, Antonio Guterres, tried to turn the attention of delegates to the urgent matter at hand.  “The sound you hear is the ticking clock – we are in the final countdown to limit global temperature rise to 1.5°C, and time is not on our side.”  Others, however, heard the sound of money changing hands, with the fossil fuel industry lurking, fangs and pens at the ready, presided over by the good offices of a petrostate.

In the background lie assessments of gloomy inevitability.  The Climate Change Tracker’s November 2024 briefing notes this year was one characterised by “minimal progress, with almost no new national climate change targets (NDCs) or net zero pledges even though government have agreed to (urgently) strengthen their 2030 targets and to align them with the 1.5°C goal of the Paris Agreement.”

As easy as it is to rage against the opportunistic Aliyev, who crudely blends environmentalism with ethnic cleansing, few attending the summit in Baku come with clean hands.  As with previous COP events, Baku offers another enormous event of emitters and emission, featuring tens of thousands of officials, advisors and minders bloviating in conference.  That said, the 67,000 registrants at this conference is somewhat lower compared with the 83,000 who descended on Dubai at COP28.

The plane tracking website FlightRadar24 noted that 65 private jets landed in the Azerbaijani capital prior to the summit, prompting Alethea Warrington, the head of energy, aviation and heat at Possible, a climate action charity, to tut with heavy disapproval: “Travelling by private jet is a horrendous waste of the world’s scarce remaining carbon budget, with each journey producing more emissions in a few hours than the average person around the world emits in an entire year.”

COP29 is also another opportunity to strike deals that have little to do with reducing emissions and everything to do with advancing the interests of lobby groups and companies in the energy market, much of it of a fossil fuel nature.  In the spirit of Dubai, COP29 is set to follow in the footsteps of the wily Sultan Ahmed Al Jaber, who chaired COP28 in Dubai.  Prior to the arrival of the chatterati of climate change last year, the Sultan was shown in leaked briefing documents to the BBC and the Centre for Climate Reporting (CCR) to be an avid enthusiast for advancing the business of the Abu Dhabi National Oil Company (Adnoc).  It was hard to avoid the glaring fact that Al Jaber is also the CEO of Adnoc.

The documents in question involve over 150 pages of briefings prepared by the COP28 team for meetings with Jaber and various interested parties held between July and October this year.  They point to plans to raise matters of commercial interest with as many as 30 countries.  The CCR confirms “that on at least one occasion a nation followed up on commercial discussions brought up in a meeting with Al Jaber; a source with knowledge of discussions also told CCR that Adnoc’s business interests were allegedly raised during a meeting with another country.”

The COP29 chairman, Samir Nuriyev, had already put out feelers as early as March this year that a “fair approach” was needed when approaching countries abundant with oil and natural gas, notably in light of their purported environmental policies.  He went so far as to argue that Azerbaijan was an ideal interlocutor between the Global South and Global North.  His colleague and chief executive of the COP29 team, Elnur Soltanov, showed exactly how that process would work in a secret recording ahead of the conference in which he discusses “investment opportunities” in the state oil and gas company with a person posing as a potential investor.  (The person in question purported to be representing a fictitious Hong Kong investment firm with a sharp line in energy.)  “We have a lot of gas fields that are to be developed,” Soltanov insists.  “We will have a certain amount of oil and gas being produced, perhaps forever.”

In many ways, the Baku gathering has all the hallmarks of a criminal syndicate meeting, held under more open conditions.  Fair play, then, to the Azerbaijani hosts for working out the climate change racket, taking the lead from Dubai last year.  Aliyev and company noted months in advance that this was less a case of being a theatre of the absurd than a forum for business.  And so, it is proving to be.

Binoy Kampmark was a Commonwealth Scholar at Selwyn College, Cambridge. He lectures at RMIT University, Melbourne. Email: bkampmark@gmail.com. Read other articles by Binoy.

 

The Planet Under Threat of Breakdown

by Robert Hunziker / November 19th, 2024

There’s a new trend in the world that’s working against the planet, you know, the one you’re standing on. This new trend, over the past year or so, spells “thumbs down” for planet Earth. It’s a disheartening, and fraught with danger, change in attitude, dismissing commitments, left and right.

A figurative Planet Support Switch has been turned off by several key players. Proof of this agnostic attitude is found in every meeting of nations of the world over the past couple of years. They are turning their noses up on prior commitments. This is a new attitude. And it’s happening as climate change has turned into an ogre of destruction that’s impossible to ignore, featured on nightly news programs with automobiles tumbling as if children’s toys in torrential rivers of city streets (Paiporta).

Meanwhile, COP29, the UN Conference of the Parties on climate change, Nov 11^th-22^nd, is being held in oil-rich Azerbaijan. Such a strange coincidence: UN climate meetings have become an outgrowth of oil producer largess. After all, they do have spectacular venues, hmm. Gotta wonder what they’ll do to stave off all-time record heat, caused by fossil fuel emissions, Co2? The paradox is devastatingly inescapable.

A key data point exposes the challenge COP29 faces: Annual CO2 released into the atmosphere, 37.4 billion metric tons in 2023 vs. 9 billion metric tons in 1960.

According to Dr. Patrick McGuire, of the University of Reading and National Centre for Atmospheric Science: “The new Global Carbon Budget reveals a disturbing reality – global fossil CO2 emissions continue to climb, reaching 37.4 billion tonnes in 2024. Despite clear evidence of accelerating climate impacts, we’re still moving in the wrong direction. The need for rapid decarbonization has never been more urgent.” (Source: “Fossil Fuel Co2 Emissions Increase Again in 2024,” University of Reading, November 13, 2024)

Also, of more than passing interest at COP29, according to Victoria Cuming, head of global policy at BloombergNEF: “Donald Trump’s dramatic victory in the US election will drip poison into the climate talks.” (Source: Bloomberg Green Daily: COP29 Climate Money Fight)

The planet is losing key support. Yet, it doesn’t take a climate scientist to figure out the planet has already gone ballistic with (1) rampant wildfires (2) torrential rains (3) massive destructive floods (4) brutal scorching droughts (5) pounding hailstorms (6) frightening thunder/lighting all unprecedented and all on a regular schedule nowadays. There are no more once-in-100-year storms; they’re every other year.

Recent talks on protecting nature at the UN Biodiversity Conference d/d October 21-November 1st in Colombia collapsed when nations could not agree on key goals. This was the 16^th meeting of the Conference of the Parties to the UN Convention on Biological Diversity. It was a disaster: “Talks were overshadowed by a lack of progress on implementing the Kunming-Montreal Global Biodiversity Framework, the landmark ‘Paris Agreement for nature’ deal made at COP15 in Montreal in 2022.” (Source: Carbon Brief Nov. 2, 2024) By summit’s end, only 44 out of 196 parties had come up with a new biodiversity plan. This is pitiful.

As for Net Zero prospects to halt global warming, forget it!

At the G20 summit September 9-10 countries demanded rolling back promises to cut back burning oil, coal, and gas (Source: “G20 Countries Turning Backs on Fossil Fuel Pledge, Say Campaigners,” The Guardian, Sept. 10, 2024).

“Over the last few months, we’ve seen everyone from major corporations to countries backpedaling on climate commitments made in the recent months and years. Despite growing, urgent evidence that climate change continues to accelerate, this is no real surprise.” (Source: Countries Are Rolling Back Their Climate Commitments, Climatebase, October 7, 2024)

Global corporations from Ford to J.P. Morgan Chase are all rolling back their commitments to climate change, which is all deeply intertwined with what played out ahead of COP29, now playing before bemused Middle Eastern oligarchs.

“Instead of indicating that the money required to green the economy is ready to flow, industry leaders now say their first priority is delivering financial returns for clients—and that means energy-transition investments will only be undertaken if they’re considered profitable,” (Source: “Wall Street Wants You to Know Profit Comes Before Net Zero,” Bloomberg, September 18, 2024.)

The bankers are pointing their fingers at the politicians and governments, who have been largely unwilling to make significant headway in fighting climate change globally.

Meanwhile, stating the obvious, which cannot be emphasized enough, climate warning signs have never been stronger than this year. Just for starters, a 2–3-foot sea level rise hangs by a cryosphere thread at the Thwaites Glacier in West Antarctica. If it goes down for the count, and there’s reason to think it’ll happen during current generations, all bets are off for 8 of the world’s 10 largest megacities, nestled along coastlines. This is but one of several tipping points at the edge, and tipping. The protagonist is fossil fuels that emit carbon dioxide (CO2) which makes up around 76% of total greenhouse gas emissions, making it the primary greenhouse gas responsible for the majority of climate change impacts.

And it is a fool’s errand that carbon capture/sequester will save the day; it’s too slow too unwieldy too expensive too inefficient takes too long and overwhelmed by the task at hand, sans super-duper-effective technology. “Despite its long history, carbon capture is a problematic technology. A new IEEFA study reviewed the capacity and performance of 13 flagship projects and found that 10 of the 13 failed or underperformed against their designed capacities, mostly by large margins.” (Source: “Carbon Capture Has a Long History of Failure,” Bulletin of the Atomic Scientists, September 1, 2022)

Losing key support for the planet couldn’t come at a worse time. According to Perilous Times on Planet Earth: 2024 The State of the Climate Report, 25 of 35 planetary vital signs are at record extremes. Two-thirds with record-extremes is viewed by climate scientists as a clear mandate for a planet “on the edge.”

Alas, losing key support because of “concern over profits” is nonsensical and trivial at best, thinking small, not big. A report by Potsdam Institute for Climate Impact Research contradicts that notion and exposes the silliness behind focus on “profit over planet,” to wit: “The analysis of data from 1,500 regions over the past 30 years showed that 30 percent have managed to lower their carbon emissions while continuing to thrive economically.” (Source: Green Growth: 30 percent of regions worldwide achieve economic growth while reducing carbon emissions, Potsdam Institute For Climate Impact Research, Oct. 29, 2024)

Beyond the insanity of profits at the expense of mitigation efforts for the planet, which exposes the underbelly of high-end capitalism, some good news: According to some climate experts, Trump’s re-election and his statements that green energy is a scam, and the likelihood that he withdraws the US from UN Climate agreements might drive a new sense of unity, even building a coalition that actually does something positive to stop fossil fuel emissions to support a parched planet. It’s possible, but here in America Wall Street prefers profits over planet. Umm, honestly, shouldn’t that be reversed?

Robert Hunziker (MA, economic history, DePaul University) is a freelance writer and environmental journalist whose articles have been translated into foreign languages and appeared in over 50 journals, magazines, and sites worldwide. He can be contacted at: rlhunziker@gmail.com. Read other articles by Robert.