Despite the pessimism stemming from the constant failure of developed countries to fulfil past commitments, the Baku negotiations begin on a stronger footing compared to any other CoP.
For a fortnight from November 11, the world will be looking to climate negotiators, especially those from the developed countries, to ramp up actions to mitigate global warming and afford protection to the most vulnerable. For the first time in 15 years, the UNFCCC’s Conference of Parties (CoP) is slated to provide guidelines for financing climate action. At Copenhagen in 2009, developed countries agreed to mobilise $100 billion every year by 2020 to help developing countries address climate-related challenges. They managed to deliver on the promise partially, that too by 2022. Meanwhile, the Global South’s financial burden has increased several times from what was estimated at Copenhagen. CoP 29, which begins in Azerbaijan’s capital Baku on Monday, is expected to set up a new financial target, and funding mechanism. That’s why even before it has commenced, the Baku meet is being described as the “Finance CoP”.
Despite the pessimism stemming from the constant failure of developed countries to fulfil past commitments, the Baku negotiations begin on a stronger footing compared to any other CoP. At the last two meets, delegates had agreed to set up a Loss and Damage Fund to help countries deal with extreme weather events. Financial targets, 15 years from Copenhagen, are backed by stronger scientific analyses. Most developed country governments, especially EU members, agree that mechanisms need to be instituted to raise $1 trillion every year to protect the most vulnerable. Developing countries, by and large, agree on this target.
Near unanimity on the amount of money needed to stem climate change, however, does not extend to who will bear the costs, and by how much. In February, India took the lead in demanding that developed countries should commit to raising $1 trillion every year till 2030. At climate meets in the run-up to Baku, the North has given strong signals that it is not ready to bear this cost by itself. CoP 29 is likely to see tough negotiations on including India and China in a climate-funding mechanism. Donald Trump’s election as US President could queer the pitch further — he has again threatened to withdraw his country from the Paris Pact. Painting India and China as climate villains was a key feature of Trump’s “America First” approach in his last term at the White House. There is no indication that he will adopt a different stance in his second term. New Delhi should stand to its principled position on the responsibility of developed countries to address climate change. This position, in fact, has acquired greater moral heft with India doing much better on its Paris Pact commitments compared to most developed countries.
