International climate finance is said to be the “wild west.” Romain WeikmansResearcher at Université Libre de Bruxelles.
There are at least six main reasons why this is true. There is no agreed-upon definition of what counts as climate finance, accounting for climate finance is inconsistent or not transparent, some climate finance does not help address climate change, and reliance on loans overstates climate. Financial flows, countries are reporting money that will never be spent, and climate finance is used to advance the economic interests of donors.
This list comes from a series of publications: carbon briefs‘S Josh Gabbatistogether Vera Deleha-Hakko, Gustav Elfving, poor dissolution, And Sevilay Nur SaraçlarIt’s probably the best starting point for anyone who wants to know what world leaders did or were planning to do during their two weeks in Baku.
At the so-called ‘climate COP’ from November 11 to 24, negotiators focused primarily on how much to allocate to the New Collective Quantified Goal (NCQG), but that was just one of many decisions made in small words and phrases. , they had to finish. And it wasn’t just NCQG that disappointed observers. carbon briefs‘s excellent coverage of COP is a classic, and the final summary is a must-read.
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Besides the bizarre analysis of the paperwork, other journalists did a great job of following the conversation and explaining their bizarre obstacles to non-expert readers.
Among them Ludovica LugliHe wrote about one good outcome of the summit: We will give the carbon credits market a second chance. Lugli conducted interviews with experts in the sector. hi postIt is an attempt to unravel some of the most complex lines in climate diplomacy.
“The completion of Article 6 negotiations is an important signal for the implementation of the Paris Agreement,” said Stefano de Clara, executive director of ICAP, an intergovernmental organization working to improve emissions reduction systems. “Most efforts will have to come through national action, but international credit markets, if implemented correctly, can be an essential complement. “Especially in the least developed countries.” Others expressed some skepticism, such as Federica Dossi of Carbon Market Watch, a non-profit research organization funded by the European Union. He said: “The safeguards introduced are particularly those related to transparency in markets regulated by Article 6.2, since there are no concrete consequences if fraud occurs.”
Let’s go back to the big picture. Valerie Larame of Tannenberg COP29 concluded economic alternative. “By focusing on financial decisions, the Azerbaijani Presidency of the UN Climate Summit has overlooked issues of mitigation, adaptation and just transition.” Laramie de Tannenberg Write. “The parties could not agree on a follow-up to the global assessment of greenhouse gas emissions reduction trajectories presented ahead of COP28, particularly on ending dependence on fossil fuels. (…) Adaptation was the same. . There is no sign of a work program following the transition. Some of these topics could have been included in the Chapo decision, which COP President Mukhtar Babayev did not want to present. It promised a trajectory to phase out fossil fuels. This has been postponed to the spring 2025 negotiating session ahead of COP30 in Belém next November.”
Also in French, reporter‘S Emmanuel Clivenot I dare call the final agreement “neo-colonialism.” Klevno I report what someone said in the plenary room at 3 a.m. that all of us will remember. Chandni Raina, India’s chief negotiator. Raina took the microphone and immediately lamented that it was a ‘really regrettable incident.’ ‘We saw what you just did. ‘Using the gavel to prevent the parties from speaking is opposing the adoption of this document.'”
Milu Dirks and Julian Bettengelin clewWe reported another kind of reaction, perhaps more rooted in the realities of multilateralism. “Those who came here to block progress, prevent more climate justice and completely undermine the multilateral UN system have failed,” said German Foreign Minister Annalena Baerbock. She said closing the deal was a success “during these unsettling times.”
But while international leaders debate abstract billionaire wallets, there are fresh warnings of dangerous flooding in parts of Spain. Rosie Frost to euro news During the COP: “It’s been two weeks since Spain’s worst floods in decades killed at least 220 people in Valencia. And it came just days after Spanish Prime Minister Pedro Sánchez brought the region’s tragedy to the world stage in his COP29 speech.”
It is worth noting that $1.3 trillion should have been used to prevent and address the dramatic consequences of climate change. In the end, Frost wrote, echoing the words of UN Secretary-General António Guterres, who said 2024 was a “masterclass in climate destruction.”
In partnership with Display Europe, co-funded by the European Union. However, the views and opinions expressed are solely those of the author and do not necessarily reflect those of the European Union or the Office for Communications Networks, Content and Technology. Neither the European Union nor the licensing authorities are responsible for this.
