An Emirati company has signed two deals to develop renewable energy and development banks have pledged funding to low- and middle-income countries. At the same time, France and Azerbaijan have experienced renewed tension and the countries are still very far from a consensus on climate finance. Here is what to remember from Cop29, this Wednesday, November 13, 2024, which takes place until November 22 in Baku, Azerbaijan.
Agreements to develop renewable energies
The Emirati company Masdar has signed two agreements aimed at developing projects in the field of renewable energy, according to theAFP. The first concerns the creation of a wind farm in Mingbulak, Uzbekistan, to provide clean energy to 300,000 homes in the region and create 1,000 jobs.
The second, signed by Albanian Prime Minister Edi Rama, aims to create a joint venture to provide electricity to Albania and neighboring countries through cross-border interconnections.
Development banks promise funding
Leading development banks have pledged to increase financing for low- and middle-income countries, giving a boost to discussions taking place in the Azerbaijani capital.
A group of donors, including the World Bank and the European Investment Bank, have announced a common goal of increasing financing for the fight against global warming to $120 billion per year by 2030, or an increase of approximately 60% over the 2023 amount.
“I think it’s a very good sign,” declared to Reuters Eamon Ryan, the Irish Minister for the Environment, while specifying that “this will not be enough” and that countries and businesses must also do their part.
Distant positions on finance
Countries are still very far from a consensus on climate finance, according to a new draft agreement published today. Most developing countries call for in this document “at least $1.3 trillion per year” aid from rich countries, among multiple proposals.
A first draft of the text had already been established before the Cop by Egypt and Australia, designated to synthesize years of North-South standoff. But this text was rejected on Tuesday by unanimous developing countries, who considered it too favorable to rich countries.
Tensions between France and Azerbaijan
French Minister for Ecological Transition Agnès Pannier-Runacher announced that she would not travel to Baku after the attacks “unacceptable” by Azerbaijani President Ilham Aliev “against France and Europe”.
Azerbaijan, whose relations with France are very tense due to French support for its historic enemy Armenia, has been accused by Paris of interference during recent riots in New Caledonia, allegations rejected by Baku.
In a speech at Cop29 in Baku, Azerbaijani President Ilham Aliyev reiterated his attacks on Paris, denouncing France's colonial history and speaking of « crimes » of “President Macron’s regime” in its overseas territories, including New Caledonia.
Bangladeshi Muhammad Yunus denounces 'humiliating' battle for money
Developing countries' battle for climate money is “humiliating”, lamented the interim leader of Bangladesh. “It is very humiliating for nations to come and ask for money to repair […] the problem that others have caused for them”, declared to theAFP Nobel Peace Prize laureate Muhammad Yunus in Baku
Westerners appear reluctant to spend more in times of austerity, calling for the mobilization of the private sector – a “wishful thinking” for NGOs.
Most developing countries are in favor of an annual commitment from rich countries of at least $1.3 trillion (compared to around $100 today), and are calling for more grants rather than loans.
Negotiators released a new draft agreement on financing, with a range of options but leaving sticking points unresolved. A new working text could be published as early as Thursday.
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