The Baku conference did not bring the desired results
The Baku climate conference was named ‘Finance COP’ or ‘Climate Finance Conference’. But representatives of 200 countries could not reach any solution despite meeting for 2 weeks. The two-day closed-door meeting that began last Friday (November 22, 2024) did not bring the desired results either.
Developing countries, including Bangladesh, are requesting $1.3 trillion annually to address their climate change losses. And industrialized countries have agreed to pay a maximum of 300 billion dollars (30 thousand crores) per year.
Even that money will not be given by them alone. Rapidly developing countries like China, India and Brazil will also have to contribute to the fund.
Syeda Rizwana Hasan, Bangladesh’s Environment, Forest and Climate Change Advisor, urged the least developed countries to reject the COP-29 announcement.
Bangladesh has expressed deep disappointment with the latest draft of the New Collective Quantified Goal (NCQG) released by the Presidency. Syeda Rizwana Hassan stated that the proposal of 300 billion US dollars per year for developing countries is inadequate.
This allocation is not identified as a grant and is not under any specific mechanism. In addition, no special funds have been allocated for the 45 most vulnerable Least developed countries (LDC)s.
COP29 observers note that political leaders who opposed the Paris Agreement are regaining power in industrialized nations. Donald Trump has already won the elections in the United States.
Right-wing parties are also gaining popularity in Canada, Italy, the Netherlands, Germany and France. Developed countries are unwilling to commit to the $1.3 trillion fund requested by climate-vulnerable nations.
The IPCC, stated that all countries agreed in the Paris Agreement to limit global temperature rise to no more than 2 degrees Celsius this century. But in the past 24 years, the global temperature has risen by 1.3 degrees Celsius.
To keep the temperature, increase under 2 degrees Celsius this century, global carbon emissions must be reduced by 43% by 2030. None of the world’s largest carbon emitters, including the US, China, India, and Japan, are making this commitment.
The developed world is unwilling to pay for climate change damages. On the other hand, they are not agreeing to reduce carbon emissions to reduce the damage.
There are talks of increasing commitments from some countries, including the cold-blooded countries of Europe and the United Kingdom, to reduce carbon emissions and increase money in the fund. But it is not confirmed whether it will be given as state aid or as part of loans or regular foreign aid.
Ziaul Haque, a member of Bangladesh’s climate change negotiating team, noted that although there were many disappointments, some progress was achieved at the Baku conference. They increased the money in the fund at the last minute.
Article 9.1 of the Paris Agreement prioritizes climate-vulnerable developing countries, such as Bangladesh, for funding related to climate change. As a result, Bangladesh will have to increase its preparations to receive the fund.
The President of COP29 stated that developing countries should be prioritized in the climate fund targets. The public and private sectors need to seriously consider the $1.3 trillion annual financing demand by 2035 through joint initiatives.
Ainun Nishat, Professor Emeritus at BRAC University and participant in the Baku conference, called for an increase in the UN Climate Fund. For this, Bangladesh needs to be more vocal, that’s right.
Bangladesh must significantly improve its efficiency to receive projects from that fund. A process must be created to prepare project proposals and implement them and ensure transparency.
