According to the Azerbaijani presidency, this sum reflects the demand of developed countries. This new commitment, which concerns the 2035 horizon, could, according to her, be financed.by a wide variety of public and private, bilateral and multilateral sources including alternative sources“However, there is no specific mention of potential taxes on aviation, oil or multinationals as proposed by a working group on innovative financing.
private companies, cryptocurrencies and multinationals: taxes envisaged to finance the climate transition of countries in the South
For their part, the NGOs denounce a sham agreement and hope for new developments between now and the end of the conference. “The $250 billion target is not enough: it is neither high enough nor fast enough, it is not good. The world is burning, we can’t wait for peanuts for 11 years while giving the impression of taking a break from fossil fuels.”responded Friederike Roder, from the NGO Global Citizen.
“This is clearly much less than what developing countries need,” analyzed for his part Rob Moore, from the E3G think tank.
“It’s simply unacceptable, I can’t even find a positive point in this text. In terms of content, it’s simply absurd, I don’t know what they did in three years of negotiations to arrive at a result which so little reflects real needs and which is so little consistent with the Paris agreement”believes the Belgian Rebecca Thissen (Climate Action Network).
The presidency of COP29 proposes 250 billion dollars for the contribution of developed countries
Significant decline
“The figures put forward by the Azerbaijani presidency do not at all correspond to the demands of developing countries. The target of 250 billion is supposed to replace the previous target of 100 billion per year, but this new amount does not even correspond to half of the budget necessary for the adaptation of countries in the South to climate change. This figure in no way corresponds to the reality of needs, it is a real middle finger to developing countries. she continues. “In addition, the way the text is worded implies that developed countries must only take the lead in raising this sum. Implicitly, this is therefore a call to other contributors. In this regard, we are facing a significant step backwards compared to the previous objective, which had many faults but had the merit of being a closed objective where only developed countries had to contribute.”
“We are extremely disappointed, comments Carine Thibaut, general director of Amnesty International Belgium. We have been waiting for days for a figure to be put on the table. The needs to cope with adaptation to global warming, reduce emissions and respond to loss and damage are enormous. However, the text put on the table today is not at all good because it includes many possible financing options, but the central issue was public financing. This is the only way to have a clear view of the amounts actually put on the table and to see if the objectives are being achieved, as well as to avoid loans, which only worsen the debt of southern countries. What has been proposed is therefore a huge disappointment and a real scandal.”she denounces.
“The figure put forward is ridiculous in relation to the needs and the challenges, it will neither allow the countries of the South to reduce their emissions nor to cope with the needs of adaptation. And we are not even talking about losses and damages (for the irreversible damage already suffered by these countries and to come, Editor’s note). Furthermore, the text seems to abandon the polluter pays principle, with the idea of taxing the profits and surplus profits of fossil companies. There is also no follow-up on the question of the gradual transition away from fossil fuels. What guarantees us that we are not moving towards an extension of the use of fossil fuels rather than an exit?notes the director of Amnesty International Belgium.
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Probable extensions
Many expected an extension of COP29 into the night of Friday, or even the day of Saturday. The Azerbaijanis, however, warned Friday afternoon that they would no longer accept that “final adjustments”. The NGOs, however, hope for a final agreement more in line with their demands and those of the countries of the South.
“We are only asking for 1% of global GDP (Gross Domestic Product). Is that too much to ask to save lives?”asks Juan Carlos Monterrey Gomez, Panama’s negotiator. “We cannot postpone for several years, now is the time”insists the Bolivian negotiator, Diego Pacheco, to Agence France Presse.
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