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Peter Gathii
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COP29: What to expect from Baku climate talks
Monday, November 11, 2024
What you need to know:
In 2009, developed countries pledged to remit 100 billion dollars annually to the developing world to address climate needs, a figure that was not based on actual financing needs.
About 5,000 kilometres from Nairobi by air, the Heydar Aliyev International Airport in Baku, Azerbaijan, is receiving thousands of guests over the next few days, who are on a mission to discuss the pressing needs of the climate crisis.
This is the 29th time, since 1995, that such meetings have been held around the world.
Starting today, delegates from more than 190 countries that are party to the United Nations Framework Convention on Climate Change (UNFCCC), except Papua New Guinea that pulled out this year, will bend their backs to discuss texts that will determine the trajectory of our planet.
In the next fortnight, the 29th Conference of Parties (COP29) will focus on one of the most contentious issues –climate finance.
This time, countries are hoping for change, one which they have summarised as a New Collective Quantified Goal (NCQG).
The NCQG hopes to put climate finance realities on the table based on a thorough assessment of countries' climate related needs.
The pledge
In 2009, developed countries pledged to remit 100 billion dollars annually to the developing world to address climate needs, a figure that was not based on actual financing needs. Over the years, remittances have fallen short of this and now there is an estimated need of about USD6.9 trillion to meet the needs of Nationally Determined Contributions in developing countries like Kenya.
Dr Jackson Koimboiri, head of the Kenya Private Sector Alliance Circular Economy and Climate Change, tells the Nation that this year's COP is needed for the implementation of adaptation finance as the climate crisis keeps getting worse by the day.
"The recent floods in Kenya affected most of our businesses, which contribute a lot to the Gross Domestic Product (GDP). Our members have been crying out for climate resilience and adaptation to secure their businesses when there are climate extremes," he explains.
Dr Koimbori says this year's theme at COP29 –‘In solidarity for a green world’, should make countries shift to renewable energy and aim to cut their carbon emissions.
"We are pushing for increased commitment to climate finance and that we should have a transparent and accessible mechanism that allows African nations to access the funding without burdensome conditions," he explains.
In his opening remarks, Simon Stiell, executive-secretary of UN Climate Change, echoed the obstructions that may dissuade most people from believing in the impact that such conferences have.
"I am as frustrated as anyone that one single COP can't deliver the full transformation that every nation needs. But if any of your answers to those questions was no, then it is here that Parties need to agree a way out of this mess. That's why here in Baku, we must agree to a new global climate finance goal," he said.
Prickly as expected, meetings held by delegates prior to this two-week conference did not show promise, but things can change in the next two weeks.
"Let's dispense with any idea that climate finance is charity. An ambitious new climate finance goal is entirely in the self-interest of every nation, including the largest and wealthiest," said Stiell.
“But it's not enough to just agree on a goal. We must work harder to reform the global financial system. Giving countries the fiscal space they so desperately need," he added.
In a press statement, ActionAid International's Global Lead on Climate Justice Teresa Anderson reminded delegates who may oppose climate finance that frontline countries who have done almost nothing to cause the problem are being pushed deeper into debt by the climate crisis.
"They are the ones getting stuck with an escalating climate bill as they bear the costs of recovering from disasters, preparing for future impacts, and transitioning to green technologies. Climate-hit countries desperately need COP29 to agree to a new climate finance goal worth trillions of dollars in grants each year," she explained.
The texts and goals in the negotiation rooms may seem far-fetched to the people bearing the brunt of climate change, but preliminary data shows that 2024 will likely be the hottest on record.
A preliminary report by the European Union's climate agency; Copernicus Climate Change Service, predicts that the 1.5 Degrees Celsius mark that is capped under the Paris Agreement, is likely to be breached this year.
The agency data shows that in 2023, global average temperature was 1.48 degrees Celsius above the pre-industrial level.
"This marks a new milestone in global temperature records and should serve as a catalyst to raise ambition for the upcoming COP29," said Samantha Burgess, deputy director of the Copernicus Climate Change Service.
Part of the financing mechanisms that will also be discussed at the COP is on carbon markets.
Last year, Kenya enforced the Climate Change (Amendment) Act 2023 to include the regulations of carbon markets in the country. While some parties hope to finalise Article 6 of the Paris Agreement during this year's COP, others still feel that it is not important.
"Pushing forward market-mechanisms in place of climate finance is unacceptable. Market mechanisms are not climate finance. These mechanisms promote offsetting - letting countries and companies pay to avoid cutting their own emissions, which the world cannot afford and does not fulfil developed countries' climate finance obligations," said Kelly Stone, senior policy analyst at ActionAid USA.
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4 w
Thanks for this!