The UN climate conference in Baku has reached a critical juncture as the draft text for a new climate finance package, issued on Thursday, left developing nations in limbo. Instead of a concrete figure, the draft contained an ‘X’ in a bracket, symbolizing the unresolved commitment of developed countries to provide adequate financial aid to help the Global South tackle climate change. The lack of a specific amount of funding also reflects another contentious issue—the gap between developed and developing nations in addressing this increasingly dire climate crisis.
The Baku talks center the updating of the climate finance target adopted in 2009 at USD 100 billion annually. Developing nations argue that the revised figure should adequately meet the growing climate challenges they face. They have proposed that a new annual goal begins in 2025 at USD 1.3 trillion annually. They emphasize that at least USD 600 billion of this amount should come from public funds in developed countries. These countries claim that private sector participation in water and sanitation projects should not replace robust and responsible public finance.
Global South representatives have grown frustrated by the delay in finalizing funding commitments, as they underscore the imperative of much-needed climate finance to adapt to and mitigate the impacts of climate change. As many as 23.7 million people were internally displaced due to storms, floods, and droughts triggered by climate change, the Internal Displacement Monitoring Centre reported in 2023. These numbers are likely to increase without sufficient funding, resulting in an intensification of the humanitarian crisis in the most vulnerable regions.
Even more pressing is the recent warning from the World Meteorological Organization that 2024 is going to be the hottest year on record, with the prospects of crossing the critical limit of a 1.5-degree Celsius global increase. This alarming situation could lead to irreversible climate impacts, one that would further intensify the problems for the already-affecting and suffering low-income nations.
Despite these dire trends, developed nations have hesitated to pledge a specific financial target, citing concerns over economic constraints and the role of private investments. Such a move has attracted much criticism for passing the burden to the ailing economies that significantly contributed less to global greenhouse emissions.
Conclusion:
Concluding meeting The Global South waits for a possible revised text of the draft embodying an acceptable financial commitment to its climate adaptation and mitigation needs as the conference draws to a close. The success or failure of these negotiations will determine the level of international solidarity in the fight against climate change and vulnerability nations’ ability to build resilience to its impacts. A blowout-the-concreteness-of-funding agreement would precipitate far-reaching ripples in global climate action and equity.
Source: PTI