Progress in climate finance and global commitments

Prof Dr. Ahmad Kamruzzaman Majumder :

The 29th United Nations Climate Change Conference (COP29) in Baku, the capital of Azerbaijan, is a major step towards tackling the impacts of climate change. On the first day of the conference, significant progress was expected in combating climate change. The Paris Agreement focuses on climate finance, adaptation, and global assessments. Leaders from nearly 200 countries discussed ways to provide more financial assistance to poor countries. A UNEP report says developing countries need $1 billion a day to address the current climate crisis, but are receiving only $75 million. UN Secretary-General Antonio Guterres called it a crisis and called for rapid adaptation. Conference President Mukhtar Babayev called COP29 “a moment of truth for the Paris Agreement.” UN climate chief Simon Steele highlighted the losses of vulnerable countries in the climate crisis. COP29 agreed to set new global financial targets and finalise carbon market rules. However, the role and conflict of interest of fossil fuel companies have hampered the discussions. Experts say the prospect of Trump’s re-election poses a challenge to US climate policy.
On the second day of COP29, civil society groups criticized the carbon market trading process, saying it could have a detrimental impact on poor people, indigenous peoples and small farmers in the South. According to Global Witness, the oil and gas industry made $4 trillion in profits in 2022, 10 times the annual cost of climate damage. But less than 0.2 per cent of this was allocated to the UN’s Loss and Damage Fund. US Ambassador John Podesta claimed that Donald Trump’s climate policy, even if it slows down, cannot be stopped. Outgoing President Joe Biden’s IRA law will continue to invest in the clean energy sector. A UNHCR report revealed the plight of 120 million people displaced by the climate crisis. UK Prime Minister Keir Starmer announced an 81 per cent reduction in carbon emissions by 2035. Kazakhstan pledged to achieve carbon neutrality by 2060. Professor Muhammad Yunus lobbied for Bangladesh’s inclusion of the climate crisis in the final declaration of priorities.
Data released on the third day of the COP29 climate conference showed that fossil fuel emissions in 2024 will be 8 per cent higher than in 2015, despite pledges to reduce emissions. Although countries decided to move towards renewable energy at COP28 in 2023, there is no sign of change in reality. There is still a chance to maintain the 1.5-degree Celsius temperature target, but urgent action is necessary. At this time, leaders of developing countries proposed to increase the climate fund to $ 1.3 trillion. Sweden pledged to provide $ 20 million to the Loss and Damage Fund. The UK Prime Minister announced a target of reducing emissions by 81 per cent by 2035 and planned to ensure 100 per cent clean energy supply. Professor Dr. Muhammad Yunus emphasized the importance of optimal water management in solving the climate problem. He called for the creation of a South Asian grid using hydropower in Nepal and Bhutan. He also talked about creating a new civilization through the Three Zeros policy. UN Secretary-General Guterres said 2024 could be the hottest year on record, but the clean energy revolution will not stop. Spanish Prime Minister Pedro Sanchez stressed the need to reduce the severity of disasters caused by climate change.
Although discussions on implementing the Loss and Damage Fund began at the 26th Glasgow Conference, there was no visible progress in its implementation at the 29th COP. Although this year’s COP was called the “Climate Finance COP”, developed countries did not agree on a trillion-dollar fund. Vulnerable countries have demanded new and additional funds, grants instead of loans, and a clear fund definition, but these have remained ignored. Argentine President Javier Miele ordered the withdrawal of his representatives from COP29, calling the climate crisis a “socialist lie” that could damage Argentina’s commercial and environmental position. France’s environment minister canceled his participation in the conference after the Azerbaijani president’s comments with France. Bangladesh’s chief adviser, Professor Dr. Muhammad Yunus, called for a new culture of reducing luxury. He noted that poor countries are being forced to ask for money, which is insulting. The leaders of Pakistan and Iran also supported his statement. Financial negotiations at COP29 have progressed slowly, failing to replace the $100 billion pledge. Fossil fuel subsidies have reached $1.7 trillion, hindering the progress of renewable energy.
The discussions at the 29th United Nations Climate Change Conference have shown that there are still many shortcomings in international policies and cooperation to combat climate change. In particular, the lack of transparency and effective accountability in the formulation of rules for reducing emissions under Article 6 of the carbon market was evident. The proposed rules for the carbon market have failed to ensure quality carbon credit trading at the international level, which has weakened effective solutions to climate change. Despite the Paris Agreement, the lack of cooperation from developed countries and the slow progress on climate finance have called into question the success of the conference. The data on greenhouse gas emissions of 57.4 gigatons in 2023 have further highlighted the severity of the climate crisis. As a result, poor and developing countries have been the most affected by global warming. Climate-vulnerable countries, including Bangladesh, have expressed the need for financial assistance and climate-resilient technologies to cope with natural disasters. Although the conference emphasized renewable energy, no effective steps have been taken to reduce dependence on fossil fuels. Overall, while COP29 made progress on some proposals, it missed an opportunity to ensure transparency and accountability for effective change. Without the active role of developed countries, it will be impossible for developing countries to address this crisis.

(The writer is Dean, Faculty of Science at Stamford University Bangladesh).