Climate: before COP29, countries are trying to move forward on the thorny issue of financing
The Copenhagen ministerial meeting on climate ended on Friday March 22 with around forty leaders and ministers attending. They represent the main forces present around the climate negotiation table and this is their first meeting since COP 28. The objective was to already launch discussions to fight against climate change, because the next conferences , including COP 29 in November, promise to be tense.
Danish Minister for Global Climate Policy Dan Joergensen speaks alongside COP28 President Sultan Ahmed Al Jaber and Brazilian Climate, Energy and Environment Secretary Andre Aranha Correa do Lago during of a meeting of climate ministers at the Marienlyst Strandhotel, ahead of this year's climate summit, COP29, here in Helsingor, Denmark, March 21, 2024. © Thomas Traasdahl / Reuters
By: Jeanne Richard Follow
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Every year, representatives from countries around the world meet at the climate COPs to try to coordinate in the fight against climate change. Every year the question of financial aid gets stuck.
The rich countries, historically responsible for climate change, are being awaited at the turning point by the countries of the South, who are suffering the consequences and who need help to deal with them. Essential aid, particularly for
African countries, which are experiencing droughts
, heat waves, cyclones and floods.
This is precisely the big challenge of the next climate conference, COP 29, which
is due to take place at the end of the year in Baku
, the capital of Azerbaijan: to agree on a new amount of financial aid. for poor countries. The previous objective,
raising 100 billion dollars each year
, has never been achieved, according to NGOs. Western countries and the OECD say the opposite.
In any case, the countries of the South are suspicious, especially since 100 billion is
a sum far from real needs
: A week ago, India estimated that it would be necessary to raise 1,000 billion dollars each year by 2030 to help developing countries in their ecological transition.
Read also Africa will be short 2.5 trillion dollars for the energy transition and the climate
Find alternative financing
During these two days of meetings in
Denmark
, funding was discussed. The idea was to carry out a first round table of the forces present, see each other's positions and launch discussions very early in advance of the COP so as not to find ourselves stuck on difficult points.
“
The 100 billion should have been reached earlier
,” recognizes Denmark's Minister of
Climate
and Energy, Dan Jørgensen. “
The fact that it was not possible shows us how important the challenge before us is because we are now aiming for a much more important objective! We don't need billions... but hundreds of billions of dollars.
»
Given the scale of the sums to be raised, States seem to be moving towards more private financing, he explains: “
Countries like Denmark,
France
and others must clearly contribute to this objective. But that won't be enough. Even if we increase our participation and pay more than today, we will still not reach hundreds of billions. So we must move towards more private and innovative financing. How exactly? The discussions over the coming months must provide us with answers.
»
Several avenues have been put forward: possible taxes on maritime transport, aviation, oil companies, credit facilities for green projects or state guarantees to reassure investors and encourage them to get started.
First difficult point: the West believes that certain countries, formerly exempt from contributions, are now sufficiently developed to participate in the common pot in favor of poor countries. Without ever mentioning them, it is
China
or the Gulf countries that are targeted. A point of view which is not shared by those mainly concerned.
Another topic of discussion animated the debates in Copenhagen: the new Nationally Determined Contributions (NDC). These are countries' new concrete plans to combat and adapt to climate change. In a year, detailed documents must be submitted to the UN climate. All States have committed to it but it is unlikely that all will succeed.
US and EU against new financial aid
For the moment, countries seem to agree that these plans will go further than those currently published. They must cover all sectors of the economy: transport, energy, agriculture, construction, industry, etc. Finally, they must target emissions of all greenhouse gases and not just CO2. Emissions of methane and nitrous oxide, which have even more warming potential, must also be targeted.
Here again,
countries in the South need assistance
to implement ambitious plans. Here again, the countries of the North are cautious about the idea of yet another financial aid, the
United States
and the European Union, in particular.
Notoriously on Thursday March 21, during the first exchanges, open to the press, the United States stood out with a rather vehement and reluctant speech at the idea of loosening the purse strings: “We
thought it was a private discussion
,” explained John Podesta, the new White House special envoy for climate – He replaces John Kerry who joined Joe Biden’s campaign for the American presidential election.
The Americans believe that their aid for poor countries - 11 billion dollars - is sufficient. Civil society, on the contrary, criticizes the United States for not recognizing its responsibility as the main emitter of greenhouse gases for a century. She also criticizes him for not contributing up to what the finances of the world's largest economy allow.
The president of the next COP in
Azerbaijan
, Mukhtar Babayev, promised to “
create bridges
” between North and South. Negotiations are underway, the road will be difficult.
Also read: The world has become poorer by trillions of dollars because of climate change
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