At Bonn, talks hit climate finance roadblock ahead of Baku summit
Half way through the two week Bonn Climate Change Meeting, observers said there has been no progress on talks to define a new collective quantified goal (NCQG) , which is expected to define the contours of discussion at the next UN climate conference, COP29, at Baku, Azerbaijan. The US has repeated its stance on how contributing to the new fund, meant to replace the existing goal of $100 billion per year, should be voluntary. The Arab group, Cuba and African nations have called for determining the quantum of the new goal. The agenda of COP29 this November is to negotiate a new financial goal to be set from the floor of $100 billion for the post-2025 period. This is expected to help developing countries transition to a low-carbon future. “Proper progress is urgently needed at the UNFCCC climate negotiations this week as, with each day passing, the talks are turning into a cesspit of inaction,” said an update by the Climate Action Network on Monday. According to Loss and Damage Collaboration, a climate policy group that is tracking the negotiations, the US has argued that NCQG is separate from the provisions under the United Nations Framework Convention on Climate Change. This weakens the provision in the convention and the Paris Agreement that developed nations ought to deliver climate finance to developing countries, experts said. They also said developed countries are urging to expand the number of donors by including emerging economies and limiting beneficiaries to least developed countries. The African group of countries have demanded discussions on what will be the quantum of this new goal. “What we are focusing on is the $1.3 trillion (demand) that was put forward by developing countries and how we’re going to deliver,” Ambassador Mohamed Nasr, Egypt’s chief climate negotiator said on behalf of the Africa group on Saturday during a meeeting on the NCQG. “At the end of week one we are still far from convergence on an ambitious finance target. Multiple options are on the table, and developed countries are still making bad faith demands to open up discussions like the contributor base, despite Article 9 of the Paris Agreement being clear that finance must flow from developed to developing countries. The G77 is so far united in its asks and must scale up pressure in week two to move the need ahead of COP 29,” said Avantika Goswami, programme manager - climate change, Centre For Science And Environment.
