Siphakeme .Mnindwa
Richard Muponde, Zimpapers Politics Hub
THE recently concluded United Nations climate summit (COP29) in Baku, Azerbaijan, has widely been criticised for lack of tangible results as rich nations blatantly reneged on their commitment to climate funding as agreed upon at the 2015 Paris Conference.
Known as the “climate finance COP”, the summit was held from November 11 to 22, 2024, under the theme: “Climate finance, nature-based solutions, clean energy transitions, climate-vulnerable regions and inclusive climate actions.”
The summit, which was meant to be a crucial catalyst in the global fight against climate change, once again exposed the hypocrisy and lack of commitment from the world’s richest nations.
Global delegates left Baku “empty handed” as no practical deal on funding was reached. In fact, what became apparent as the summit ended, was a clear stalemate to a walk out by delegates from the global south.
Global climate negotiators had suggested US$1,3 trillion to US$5 trillion per year until 2035 but this hit a snag after the United States allegedly influenced other developed nations to scuttle funding initiatives.
Developing nations are seeking trillions of dollars to mitigate the effects of droughts, floods, rising seas and extreme heat, pay for losses and damages caused by extreme weather, and transition their energy systems away from planet-warming fossil fuels to clean energy.
Wealthy nations are obligated to pay vulnerable countries in accordance with the Paris 2015 agreement.
The Paris Agreement of 2015 set a goal of US$100 billion per year by 2025 but the rich nations failed to honour the agreement as the final draft of the COP29 agreement only pledged US$250 billion to US$300 billion per year, a far cry from the original commitment.
This has been widely criticised by delegates from the least developed countries and island nations, who walked out of the talks in protest.
Climate negotiators from different countries were not only angered by the goal itself but also the process by which it was finalised with accusations of back-room deals.
In an interview with the British Guardian in Baku after the end of the meeting, Indian negotiator, Ms Chandni Raina who is an adviser to India’s department of economic affairs was quoted saying the US$300 billion pledge was “stage-managed.”
“This document is little more than an optical illusion,” Ms Raina said.
She said the goal’s adoption was “outrageous”. “This was completely a travesty of justice.”
Ms Raina said the CoP29 presidency did not adopt another key negotiating item, known as the UAE dialogue, which is a follow-up on a commitment to “transitioning away from fossil fuels” made last year at CoP28 which was rejected when countries said it was too weak.
Bulawayo-based climate expert, Dr Anglistone Sibanda, chief executive officer of Africa Carbon Markets Forum (ACMF), a Pan-African Climate Action organisation that is driving the sustainability agenda and climate justice, said the hypocrisy and double standards of rich nations has always been the biggest challenge since the Kyoto protocol.
He said developed nations were not interested in practical actions to solve the global climate crisis that they are responsible for creating.
“Today, the world is facing an enormous catastrophe because of the gigatons and gigatons of green house gases they unleashed into the ozone layer since the industrial revolution. Their unwillingness to commit to funding mitigation and adaptation exposes them and leaves the world in a quandary,” Dr Sibanda said.
“Less developed countries, especially in Africa, are facing increasing frequency and escalating severity and complexity of climate change-induced disasters yet they have very limited coping, resilience, mitigation and adaptation capacity and one would have hoped that, in the spirit of globalisation, rich nations take responsibility and at least own up by funding mitigation and adaptation but it did not happen at CoP29.”
He said poor nations have very limited options for now unless they begin to build strategic partnerships among themselves, and ring fence their natural resources that are needed by the rich nations.
Allegations have been levelled against the rich nations, led by the United States and the European Union for deliberately reneging on their climate funding commitments.
Even at the recent G20 summit in Brazil, the issue of climate change funding did not gain any traction, further highlighting the lack of political will among the world’s wealthiest countries.
The United Nations, which is the primary facilitator of these climate negotiations, has been criticised for not being fully empowered to force the rich nations to pay for the damages they have caused.
As a result, the organisation has been playing to the whims of its major funders, compromising the interests of the most vulnerable nations.
In his statement at the close of the Summit after the US$250 billion annual fund agreed by rich nations, UN secretary-general Mr Antonio Guterres said as emissions continue to rise, developing countries were desperately in need of funding to mitigate effects of climate change.
“Finance has been priority number one. Developing countries swamped by debt, pummelled by disasters, and left behind in the renewable revolution, are in desperate need of funds,” Mr Guterres said.
“An agreement at COP29 was essential to keep the 1,5-degree limit alive. And countries have delivered. I had hoped for a more ambitious outcome — on both finance and mitigation — to meet the great challenge we face. But this agreement provides a base on which to build. It must be honoured in full and on time. Commitments must quickly become cash. All countries must come together to ensure the top-end of this new goal is met.”
He also said the COP29 built on progress made last year on emissions reductions and accelerating the energy transition and reached agreement on carbon markets.
“This was a complex negotiation in an uncertain and divided geopolitical landscape. I commend everyone who worked hard to build consensus. You have shown that multilateralism — centred on the Paris Agreement — can find a path through the most difficult issues. I appeal to governments to see this agreement as a foundation — and build on it,” he said.
Developing nations, particularly the least developed countries and small island states, cannot solely rely on the rich nations’ funding and must put in their own efforts to fight the effects of climate change through adopting green energy and move away from fossil fuels.
The COP29 summit has proven to be a disappointment, with the rich nations’ hypocrisy and lack of commitment to climate funding being exposed.
To break this impasse, the rich nations must take full responsibility for their actions and provide the necessary funding to the developing world.
Only through global co-ordination, collaboration, and a genuine commitment to sustainable development can the world hope to address the devastating effects of climate change.
