With global climate finance urgency, CA Yunus calls for global fairness in action

Reza Mahmud and Abu Jakir  :

The COP29 climate summit has commenced in Baku amid a mix of urgency and caution, as delegates from over 200 countries, including Bangladesh, have gathered with a primary goal: securing essential climate financing commitments from wealthier nations.

However, the absence of many high-profile leaders, especially from the world’s most polluting economies, has cast doubt on the summit’s potential impact.

Adding to the pressure is the recent election of Donald Trump in the United States.

Trump’s renewed pledge to withdraw from the Paris Agreement has raised concerns among delegates about continued U.S. support for international climate efforts.

As a result, negotiators are turning to European and Chinese leaders to assume stronger leadership roles, hoping to ensure meaningful outcomes from the conference.

Over the next two days, more than 75 world leaders are expected to participate in the talks, but notable absentees include U.S. President Joe Biden, Chinese President Xi Jinping, Indian Prime Minister Narendra Modi, and French President Emmanuel Macron. Only a handful of G20 representatives, including UK Prime Minister Keir Starmer, are present in Baku.

This limited participation from the G20-a group responsible for nearly 80 per cent of global greenhouse gas emissions-has led many analysts to question the summit’s capacity to drive substantial climate action.

The UK government continues to underscore the importance of climate security, with Energy Secretary Ed Miliband stating on X (formerly Twitter) that “climate security is national security,” reflecting the UK’s commitment to addressing climate change despite the absence of other major economies.

While the Baku summit proceeds with various high-stakes negotiations and pledges from smaller nations, uncertainty surrounding the U.S.’s future climate position looms large.

Analysts suggest the absence of key G20 leaders may undermine the impact of the discussions, with Trump’s election potentially steering international climate cooperation off course in the years ahead.

Eminent environmental expert Professor Dr Ahmad Kamruzzaman Majumder told The New Nation on Tuesday, “Major carbon-emitting countries like the USA, China, and Russia have shown reluctance to participate in the ongoing COP29 in Baku, Azerbaijan, which is disappointing.”

Described as a “finance COP,” this year’s COP29 in Azerbaijan carries high expectations following 28 previous summits. Dr Majumder explained, “Following the recent US election, global leaders are uncertain about financing efforts to reduce carbon emissions due to Donald Trump’s re-election as U.S. President, given his previous reluctance toward funding carbon reduction programmes.”

Dr Majumder expressed hope, noting, “Azerbaijan’s leader, Ilham Aliyev, has stated firmly that it’s no longer a time for talk but for action to save the planet.”

He added, “We hope world leaders will ultimately come together to take concrete action to preserve the planet for future generations.”

The conference, running from November 11-22, is expected to focus on the urgent need for funding to combat the worsening climate crisis, marked by record-breaking heatwaves, floods, cyclones, and other extreme weather events.

Global Financing Needs and Calls for Climate Action UN Climate Chief Simon Stiell, addressing the conference, emphasised the importance of climate finance, calling on negotiators to set ambitious new targets.

“Let’s dispense with any idea that climate finance is charity,” Mr Stiell said, highlighting that climate change impacts “every single individual in the world one way or another.”

The summit has drawn heads of state and government officials from over 100 countries, gathering to discuss how wealthier nations can support vulnerable countries in reducing carbon emissions, shifting from fossil fuels to clean energy, and preparing for the impacts of climate-related disasters.

Yet leaders of the 13 highest carbon-emitting countries, responsible for over 70 per cent of 2023’s emissions, are notably absent.

Bangladesh’s Advocacy at COP29 Bangladesh, represented by Nobel Laureate Prof. Dr Muhammad Yunus, is advocating for stronger financial commitments and technology transfers to aid climate-vulnerable nations.

Dr Yunus, who is attending from November 11-14, is highlighting Bangladesh’s urgent climate needs and calling for increased support for climate adaptation.

Bangladesh, which experienced severe heatwaves and devastating floods this year, aims to secure global financing through mechanisms such as the Loss and Damage Fund and the Green Climate Fund, both established under the Paris Agreement.