{"id":48917,"date":"2024-11-27T17:32:29","date_gmt":"2024-11-27T17:32:29","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/cop29-deal-betrayal-of-the-most-vulnerable-or-what-was-politically-achievable"},"modified":"2024-11-27T18:07:56","modified_gmt":"2024-11-27T18:07:56","slug":"cop29-deal-betrayal-of-the-most-vulnerable-or-what-was-politically-achievable","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/cop29-deal-betrayal-of-the-most-vulnerable-or-what-was-politically-achievable","title":{"rendered":"COP29 deal: \u2018Betrayal of the most vulnerable\u2019 or what was \u2018politically achievable\u2019?"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Lesotho. <\/strong><\/span>The sum agreed is light years away from what is needed,\u2019 says Chris Aylett, research associate with Chatham House\u2019s Environment and Society Center<\/p>\n<p>Promised funding \u2018falls way short\u2019 but is \u2018still a considerable step up from the $100 billion per annum pledged 15 years,\u2019 says Michael Wilkins of Imperial College\u2019s Center for Climate Finance and Investment<\/p>\n<p>\u2018There is room in the language of the Baku text to build it towards the $1 trillion figure that was being asked for,\u2019 says Chris Hilson, a climate and international law expert at the University of Reading<\/p>\n<p>As COP29 drew to a close, a chorus of disappointed voices rose around the world, with climate experts and advocates leading criticism of an agreement they say fell well short of what is needed to tackle the biggest threat to humanity.<\/p>\n<p>At the summit, where nearly 200 countries held heated discussions for days at end, rich countries set a new target of mobilizing at least $300 billion annually for developing countries by 2035.<\/p>\n<p>This was part of an overall climate financing target to reach \u201cat least $1.3 trillion by 2035,\u201d with the funds to be raised through a wide variety of sources, including public finance and bilateral and multilateral deals.<\/p>\n<p>Experts and officials from developing and vulnerable nations have blasted the new pledges as a \u201cbetrayal\u201d and a \u201cjoke,\u201d stressing that the figures come nowhere close to what affected nations need on an urgent basis.<\/p>\n<p>Others, while acknowledging the apparent shortcomings and concerns of those most affected, put forward more pragmatic views such as the COP29 agreement representing \u201cthe most that was politically achievable.\u201d<\/p>\n<p><b>\u2018A betrayal of the world\u2019s most vulnerable\u2019<\/b><\/p>\n<p>The outcome of this UN climate summit is \u201cundoubtedly the most unbalanced decision\u201d ever seen, said Iskander Erzini Vernoit, co-founder and director at the Imal Initiative for Climate and Development, a think tank based in Morocco.<\/p>\n<p>This climate finance deal is \u201ca betrayal of the world\u2019s most vulnerable, of the Paris Agreement, and of common sense,\u201d he told Anadolu.<\/p>\n<p>\u201cIt was a text which was really produced according to the developed country positions, and it is a devastating blow to the developing countries and the interests of the Global South,\u201d he said.<\/p>\n<p>The agreement, in many ways, represents a regression from the previous approach, where it was purely about developed nations mobilizing finance for developing countries, he continued.<\/p>\n<p>This one, he explained, is a mobilization goal that is collectively for all countries, where developed countries are only taking the lead.<\/p>\n<p>\u201cFor that reason, it\u2019s a massive blow to the principle of equity and common but differentiated responsibilities,\u201d he asserted.<\/p>\n<p>Vernoit pointed out how several negotiators from the Global South were \u201cabsolutely devastated\u201d by the decision.<\/p>\n<p>\u201cDeveloped countries got away with a highly inadequate quantum, which ensures that developing countries will be footing most of the bill of climate change by themselves,\u201d he said.<\/p>\n<p>\u201cThey got away with very uncertain, indeterminate language on quality, which doesn\u2019t commit them to providing quality finance, but could essentially mean more market rate loans.\u201d<\/p>\n<p>He also criticized the timeline, pointing out that the world is facing \u201ca critical decade through to 2030,\u201d which makes the 2035 goal \u201creally too late.\u201d<\/p>\n<p>The figure of $300 billion, he added, does not even begin to cover the actual costs for developing countries, which would be \u201cat least over $1 trillion per year.\u201d<\/p>\n<p>The consequences of this agreement are something \u201cwe will, unfortunately, have to live with for many years to come,\u201d he said.<\/p>\n<p><b>Deal \u2018represents the most that was politically achievable\u2019<\/b><\/p>\n<p>Chris Aylett, a research associate with the Environment and Society Center at Chatham House, described the final sum agreed as \u201clight years away from what is needed.\u201d<\/p>\n<p>\u201cThe $300 billion headline figure also replicates the weakness of the previous $100 billion target by putting all sources of finance into the same basket, with public grants not distinguished from private market-rate loans, despite very different implications for recipient countries, particularly those that are already debt-stressed,\u201d he explained.<\/p>\n<p>While the deal is disappointing, it should not come as a surprise to the developing countries, he said.<\/p>\n<p>\u201cFinance has long been the major sticking point in international climate negotiations, and there was little to suggest it was going to be adequately resolved at COP29,\u201d he added.<\/p>\n<p>A key reason here is that developed countries, who are facing their own economic problems, \u201cwill have been acutely aware that the country that should be paying the most based on historical emissions, the US, is now likely to contribute nothing at all,\u201d said Aylett.<\/p>\n<p>\u201cFrom this perspective, this agreement represents the most that was politically achievable.\u201d<\/p>\n<p><b>\u2018A considerable step up\u2019<\/b><\/p>\n<p>Chris Hilson, a professor at the University of Reading, said the funds pledged are \u201crealistic\u201d given the situation many developed countries are facing in terms of rising costs of living and the rise of right-wing populists.<\/p>\n<p>\u201cPopulist candidates are becoming increasingly visible in national elections, with Romania a recent example, and of course Donald Trump in the US,\u201d Hilson, a climate and environmental law expert, told Anadolu.<\/p>\n<p>\u201cMany are climate sceptics nationalists, who won\u2019t look favorably on what they see as foreign \u2018aid,\u2019 even if climate finance is in fact a matter of legal obligation under the Paris Agreement, and even if, ultimately, it\u2019s in the interests of developed countries to ensure that we have a global transition to a decarbonized economy. \u201c<\/p>\n<p>While Hilson agrees that $300 billion is not enough to secure a \u201cjust transition,\u201d it is better than the previous $100 billion, and pointed out that \u201cthere is room in the language of the Baku text to build it towards the $1 trillion figure that was being asked for.\u201d<\/p>\n<p>Michael Wilkins, a senior sustainable finance professional at Imperial College\u2019s Center for Climate Finance and Investment, said the new figure is \u201ca considerable step up.\u201d<\/p>\n<p>\u201cWhile the promised public funding falls way short of the trillions of dollars poor and vulnerable nations say they need&#8230; it is still a considerable step up from the $100 billion per annum pledged 15 years ago in Copenhagen, a target that only recently has been achieved,\u201d he told Anadolu.<\/p>\n<p>He emphasized the importance of contributions from private finance, saying they should not be dismissed as trivial.<\/p>\n<p>\u201cTake, for example, the billions in capital raised over the past decade to decarbonize the global economy through the transition to renewable and other sources of clean energy,\u201d he said.<\/p>\n<p>He also believes that the much-maligned carbon markets can make a meaningful contribution to climate finance flows if they are properly structured and governed.<\/p>\n<p>In Baku, he explained, there was \u201ca final deal on the broad rules to launch large-scale carbon trading.\u201d<\/p>\n<p>\u201cThis paves the way to potentially unlocking trillions in emissions trading receipts to developing countries, subject to UN oversight,\u201d he said.<\/p>\n<p><b>\u2018Good COP, bad COP\u2019<\/b><\/p>\n<p>However, Chatham House\u2019s Aylett disagrees with this view, warning that the \u201cagreement on international carbon market rules&#8230; opens the door to greater carbon offsetting, a potentially problematic substitute for emissions reductions.\u201d<\/p>\n<p>He also pointed to the \u201cabsence of any reference to fossil fuels\u201d in the final text, terming it a blow to the momentum around energy transition generated at the previous UN climate summit.<\/p>\n<p>Overall, Aylett believes calling COP29 a disaster would be too strong a judgement.<\/p>\n<p>\u201cIt would have been naive to have expected a materially better result from this specific COP, at this moment in history,\u201d he reiterated.<\/p>\n<p>\u201cHowever, what I do detect among those committed to fighting climate change is a certain steeliness and resolve, with first the US election and now this disappointing COP outcome combining to produce a galvanizing effect.\u201d<\/p>\n<p>A positive outcome could be that people are now \u201cmore clear-eyed now about the need for different structures and vehicles, to move towards coalitions of the willing, circumventing countries that have long sought to stymie progress, and inoculating crucial negotiations against the influence of fossil fuel interests,\u201d he added.<\/p>\n<p>For Hilson, COP29 can be characterized both as a disaster and as something that builds a hopeful foundation towards the next summit in Brazil.<\/p>\n<p>\u201cWe are becoming more aware of what makes a \u2018good COP\u2019 and what makes a \u2018bad COP,\u2019 and how COP agendas can be hijacked by vested interests,\u201d he said.<\/p>\n<p>\u201cUltimately though, the global economy is changing in the direction of renewables and away from fossil fuels. That economic lever is turning despite the COPs. What future COPs need to do is to ensure it happens faster and more fairly.\u201d<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">Lesotho<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Lesotho. The sum agreed is light years away from what is needed,\u2019 says Chris Aylett, research associate with Chatham House\u2019s Environment and Society Center Promised funding \u2018falls way short\u2019 but is \u2018still a considerable step up from the $100 billion per annum pledged 15 years,\u2019 says Michael Wilkins of Imperial College\u2019s Center for [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":48916,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[2121,4549,3097,245,4799],"class_list":["post-48917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-climate-change","tag-cop29","tag-fossil-fuels","tag-lesotho","tag-un-climate-summit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>COP29 deal: \u2018Betrayal of the most vulnerable\u2019 or what was \u2018politically achievable\u2019? 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