Connect with us

Published

on

Governments have made progress on how a new global climate finance goal should be structured – but big gaps remain on who should pay out and how large the goal should be, negotiators chairing United Nations talks said on Wednesday.

Ministers gathered in Azerbaijan’s capital Baku to discuss a new post-2025 goal for finance to help developing countries tackle climate change. A deal is due to be reached by the end of the COP29 climate summit in Baku in late November.

At the start of Wednesday’s talks, Azerbaijan’s COP29 President Mukhtar Babayev said he had seen “positive signs that there may be growing convergence on the structure of the goal”.

Zaheer Fakir, a negotiator co-chairing the UN talks on the goal, added that “parties remain apart on some of the core issues” but “substantial progress has been made” on how the goal is structured.

The other co-chair, Australian Fiona Gilbert, said “many agree” that the goal should include both the provision of public climate finance to developing countries and the mobilisation of private finance – either as a single number or as two separate numbers.

Some governments, Gilbert said, want the smaller public finance – or “core” – goal to be complemented by an additional broader goal consisting of either total investment flows to developing countries or global investment flows for climate action in all countries.

Some countries, she said, want more specific sub-goals – for example, that a certain amount of money should go towards helping developing countries adapt to more extreme weather and rising seas.

The structure of the New Collective Quantified Goal (NCQG) will not be conclusively agreed until all aspects of the goal are settled at COP29 – and some resistance remains to this proposed structure. China’s negotiator today called it “overly complex”, and criticised its reliance on the private sector.

Ambitious or realistic?

Developed and developing countries also remain split on the size of the goal and which countries should contribute.

Developing countries said on Wednesday the goal should be large enough to help meet their climate action needs and have proposed figures of between one and two trillion dollars a year.

But wealthy nations have not proposed any figures, other than saying – as already specified in the Paris Agreement – that it should be at least as large as the previous goal of $100 billion a year, which they only met two years after the target year of 2020.

Why we need to keep climate COPs inclusive

US climate envoy John Podesta said in Baku that the “inner layer” of the target, meaning the public finance element, should be “ambitious and stretch parties as the $100 billion goal did- but it also has to be realistically achievable”.

He said the overall amount of finance required would be “well above $1 trillion”, adding that this should include “the outer layer” of the goal, which would consist of private, philanthropic and domestic finance provided in all countries, as well as international public finance.

Switzerland’s negotiator said “ambition does not only refer to a number – ambition also means that a goal is achievable if we collectively try our best to get there and to that end, we have to take political and economic realities into account.”

He added that an “unrealistic” goal “makes it much harder to convince finance ministries, development agencies and other actors to make all the efforts to contribute a maximum to achieve it” and warned that a failure to achieve the goal would risk breaking trust in the UN climate system.

New study blows hole in “transition fuel” claim of fossil gas backers

On the other hand, the Philippines’ negotiator said the NCQG should be at least $1.3 trillion and “must be significantly supported by public finance”. “Only in this manner can we fill in the glaring financing gaps in climate action and address the challenges that disproportionately affect us,” she added.

China’s negotiator said that developed countries “must state the quantum they are willing to put on the table”.

Who should pay?

The United Nations climate convention (UNFCCC) currently groups countries into two broad camps: developed countries that are obliged to provide climate finance and developing countries that are entitled to receive it.

Developed nations like the US, UK, Japan and EU member states argue that this classification – drawn up in 1992 – is out of date as the global economy has shifted. Some developing countries like Saudi Arabia and China have become much wealthier and emit far more greenhouse gases than back then, they note.

Japan’s negotiator said an ambitious NCQG “is not achievable by the official financial resources of developed countries only”.

Switzerland’s negotiator said it would help developed countries’ environment and climate ministers to convince their finance ministries and parliaments to contribute more if they could say “we have all hands on deck – everyone’s contributing”.

Greenpeace Africa in disarray as restructuring meets resistance

But no developing countries expressed support for efforts to expand the official pool of climate finance contributors and several, particularly those targeted, expressed strong opposition to it.

China’s negotiator said: “We need to stick to what we have already agreed”, adding that “any attempts to change the rules or increase the obligations on developing countries is not in line with” the Paris Agreement or the UNFCCC.

Statements by the Arab Group and Singapore agreed with China that the list of government contributors should not be expanded.

Paris Agreement ‘sets up’ layers

Germany’s climate envoy Jennifer Morgan tried to reassure those nations, saying that “this is not about changing the status of any country” under the UN climate system and “one can be contributing and receiving at the same time”.

Brazil’s National Secretary for Climate Change Ana Toni noted that Article 9 of the Paris Agreement already states that developed countries “shall” provide climate finance, encourages developing countries to do the same “voluntarily”, and obliges developed countries to “take the lead in mobilising climate finance”. “There we have three layers already set up for us,” she said.

Commenting on the ministerial meeting in Baku, Teresa Anderson, ActionAid International’s global lead on climate justice, said talk by developed countries of a “multilayered approach” to climate finance “is code for their efforts to count loans and private investments towards the new climate finance goal”.

“If they could, rich countries would probably like to count the sun, the moon, and grandpa’s old socks as climate finance too,” she added in a statement, calling on them instead to provide “trillions of dollars in much-needed grants”.

(Reporting by Joe Lo; editing by Megan Rowling)

The post Progress on structure for new global climate finance goal but trickier divides persist appeared first on Climate Home News.

Progress on structure for new global climate finance goal but trickier divides persist

Continue Reading

Climate Change

Big fishing nations secure last-minute seat to write rules on deep sea conservation

Published

on

As a treaty to protect the High Seas entered into force this month with backing from more than 80 countries, major fishing nations China, Japan and Brazil secured a last-minute seat at the table to negotiate the procedural rules, funding and other key issues ahead of the treaty’s first COP.

The Biodiversity Beyond National Jurisdiction (BBNJ) pact – known as the High Seas Treaty – was agreed in 2023. It is seen as key to achieving a global goal to protect at least 30% of the planet’s ecosystems by 2030, as it lays the legal foundation for creating international marine protected areas (MPAs) in the deep ocean. The high seas encompass two-thirds of the world’s ocean.

Last September, the treaty reached the key threshold of 60 national ratifications needed for it to enter into force – a number that has kept growing and currently stands at 83. In total, 145 countries have signed the pact, which indicates their intention to ratify it. The treaty formally took effect on January 17.

    “In a world of accelerating crises – climate change, biodiversity loss and pollution – the agreement fills a critical governance gap to secure a resilient and productive ocean for all,” UN Secretary-General António Guterres said in a statement.

    Julio Cordano, Chile’s director of environment, climate change and oceans, said the treaty is “one of the most important victories of our time”. He added that the Nazca and Salas y Gómez ridge – off the coast of South America in the Pacific – could be one of the first intact biodiversity hotspots to gain protection.

    Scientists have warned the ocean is losing its capacity to act as a carbon sink, as emissions and global temperatures rise. Currently, the ocean traps around 90% of the excess planetary heat building up from global warming. Marine protected areas could become a tool to restore “blue carbon sinks”, by boosting carbon absorption in the seafloor and protecting carbon-trapping organisms such as microalgae.

    Last-minute ratifications

    Countries that have ratified the BBNJ will now be bound by some of its rules, including a key provision requiring countries to carry out environmental impact assessments (EIA) for activities that could have an impact on the deep ocean’s biodiversity, such as fisheries.

    Activities that affect the ocean floor, such as deep-sea mining, will still fall under the jurisdiction of the International Seabed Authority (ISA).

    Nations are still negotiating the rules of the BBNJ’s other provisions, including creating new MPAs and sharing genetic resources from biodiversity in the deep ocean. They will meet in one last negotiating session in late March, ahead of the treaty’s first COP (conference of the parties) set to take place in late 2026 or early 2027.

    China and Japan – which are major fishing nations that operate in deep waters – ratified the BBNJ in December 2025, just as the treaty was about to enter into force. Other top fishing nations on the high seas like South Korea and Spain had already ratified the BBNJ last year.

    Power play: Can a defensive Europe stick with decarbonisation in Davos?

    Tom Pickerell, ocean programme director at the World Resources Institute (WRI), said that while the last-minute ratifications from China, Japan and Brazil were not required for the treaty’s entry into force, they were about high-seas players ensuring they have a “seat at the table”.

    “As major fishing nations and geopolitical powers, these countries recognise that upcoming BBNJ COP negotiations will shape rules affecting critical commercial sectors – from shipping and fisheries to biotechnology – and influence how governments engage with the treaty going forward,” Pickerell told Climate Home News.

    Some major Western countries – including the US, Canada, Germany and the UK – have yet to ratify the treaty and unless they do, they will be left out of drafting its procedural rules. A group of 18 environmental groups urged the UK government to ratify it quickly, saying it would be a “failure of leadership” to miss the BBNJ’s first COP.

    Finalising the rules

    Countries will meet from March 23 to April 2 for the treaty’s last “preparatory commission” (PrepCom) session in New York, which is set to draft a proposal for the treaty’s procedural rules, among them on funding processes and where the secretariat will be hosted – with current offers coming from China in the city of Xiamen, Chile’s Valparaiso and Brussels in Belgium.

    Janine Felson, a diplomat from Belize and co-chair of the “PrepCom”, told journalists in an online briefing “we’re now at a critical stage” because, with the treaty having entered into force, the preparatory commission is “pretty much a definitive moment for the agreement”.

    Felson said countries will meet to “tidy up those rules that are necessary for the conference of the parties to convene” and for states to begin implementation. The first COP will adopt the rules of engagement.

    She noted there are “some contentious issues” on whether the BBNJ should follow the structure of other international treaties such as the Convention on Biological Diversity (CBD), as well as differing opinions on how prescriptive its procedures should be.

    “While there is this tension on how far can we be held to precedent, there is also recognition that this BBNJ agreement has quite a bit to contribute in enhancing global ocean governance,” she added.

    The post Big fishing nations secure last-minute seat to write rules on deep sea conservation appeared first on Climate Home News.

    Big fishing nations secure last-minute seat to write rules on deep sea conservation

    Continue Reading

    Climate Change

    Climate at Davos: Energy security in the geopolitical driving seat 

    Published

    on

    The annual World Economic Forum got underway on Tuesday in the Swiss ski resort of Davos, providing a snowy stage for government and business leaders to opine on international affairs. With attention focused on the latest crisis – a potential US-European trade war over Greenland – climate change has slid down the agenda.

    Despite this, a number of panels are addressing issues like electric vehicles, energy security and climate science. Keep up with top takeaways from those discussions and other climate news from Davos in our bulletin, which we’ll update throughout the day.

    From oil to electrons – energy security enters a new era

    Energy crises spurred by geopolitical tensions are nothing new – remember the 1970s oil shock spurred by the embargo Arab producers slapped on countries that had supported Israel during the Yom Kippur War, leading to rocketing inflation and huge economic pain.

    But, a Davos panel on energy security heard, the situation has since changed. Oil now accounts for less than 30% of the world’s energy supply, down from more than 50% in 1973. This shift, combined with a supply glut, means oil is taking more of a back seat, according to International Energy Agency boss Fatih Birol.

    Instead, in an “age of electricity” driven by transport and technology, energy diplomacy is more focused on key elements of that supply chain, in the form of critical minerals, natural gas and the security buffer renewables can provide. That requires new thinking, Birol added.

    “Energy and geopolitics were always interwoven but I have never ever seen that the energy security risks are so multiplied,” he said. “Energy security, in my view, should be elevated to the level of national security today.”

    In this context, he noted how many countries are now seeking to generate their own energy as far as possible, including from nuclear and renewables, and when doing energy deals, they are considering not only costs but also whether they can rely on partners in the long-term.

      In the case of Europe – which saw energy prices jump after sanctions on Russian gas imports in the wake of Moscow’s invasion of Ukraine – energy security rooted in homegrown supply is a top priority, European Commission President Ursula von der Leyen said in Davos on Tuesday.

      Outlining the bloc’s “affordable energy action plan” in a keynote speech at the World Economic Forum, she emphasised that Europe is “massively investing in our energy security and independence” with interconnectors and grids based on domestically produced sources of power.

      The EU, she said, is trying to promote nuclear and renewables as much as possible “to bring down prices and cut dependencies; to put an end to price volatility, manipulation and supply shocks,” calling for a faster transition to clean energy.

      “Because homegrown, reliable, resilient and cheaper energy will drive our economic growth and deliver for Europeans and secure our independence,” she added.

      Comment – Power play: Can a defensive Europe stick with decarbonisation in Davos?

      AES boss calls for “more technical talk” on supply chains

      Earlier, the energy security panel tackled the risks related to supply chains for clean energy and electrification, which are being partly fuelled by rising demand from data centres and electric vehicles.

      The minerals and metals that are required for batteries, cables and other components are largely under the control of China, which has invested massively in extracting and processing those materials both at home and overseas. Efforts to boost energy security by breaking dependence on China will continue shaping diplomacy now and in the future, the experts noted.

      Copper – a key raw material for the energy transition – is set for a 70% increase in demand over the next 25 years, said Mike Henry, CEO of mining giant BHP, with remaining deposits now harder to exploit. Prices are on an upward trend, and this offers opportunities for Latin America, a region rich in the metal, he added.

      At ‘Davos of mining’, Saudi Arabia shapes new narrative on minerals

      Andrés Gluski, CEO of AES – which describes itself as “the largest US-based global power company”, generating and selling all kinds of energy to companies – said there is a lack of discussion about supply chains compared with ideological positioning on energy sources.

      Instead he called for “more technical talk” about boosting battery storage to smooth out electricity supply and using existing infrastructure “smarter”. While new nuclear technologies such as small modular reactors are promising, it will be at least a decade before they can be deployed effectively, he noted.

      In the meantime, with electricity demand rising rapidly, the politicisation of the debate around renewables as an energy source “makes no sense whatsoever”, he added.

      The post Climate at Davos: Energy security in the geopolitical driving seat  appeared first on Climate Home News.

      Climate at Davos: Energy security in the geopolitical driving seat 

      Continue Reading

      Climate Change

      A Record Wildfire Season Inspires Wyoming to Prepare for an Increasingly Fiery Future

      Published

      on

      As the Cowboy State faces larger and costlier blazes, scientists warn that the flames could make many of its iconic landscapes unrecognizable within decades.

      In six generations, Jake Christian’s family had never seen a fire like the one that blazed toward his ranch near Buffalo, Wyoming, late in the summer of 2024. Its flames towered a dozen feet in the air, consuming grassland at a terrifying speed and jumping a four-lane highway on its race northward.

      A Record Wildfire Season Inspires Wyoming to Prepare for an Increasingly Fiery Future

      Continue Reading

      Trending

      Copyright © 2022 BreakingClimateChange.com