Means of implementation from developed to developing countries must be prioritised, think tank underlines
CSE’s climate change team speaking during a live chat over Bonn climate talks
As the world gears up for the 29th Conference of Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC) later this year, Delhi-based think tank Centre for Science and Environment (CSE) has called on developed countries to fulfill their financial obligations in the fight against climate change.
“In the global negotiations on climate change, this will be the year of climate finance — a year when the world will try and agree to what is being called the ‘new collective quantified goal’ for climate finance, the prime agenda at COP29,” Avantika Goswami, programme manager for climate change at CSE, said in a statement.
The Bonn climate talks, which begin June 3rd, are critical in laying the groundwork for this ambitious goal, Goswami highlighted.
The Bonn meeting, also known as the 60th meeting of the Subsidiary Bodies (SB60), serves as a key mid-point in the journey from CoP28 in Dubai to CoP29 in Azerbaijan.
A recent report by Organisation for Economic Cooperation and Development (OECD) pointed out that developed countries provided and mobilised more than $100 billion in climate finance to developing countries to support climate action in 2022. However, experts pointed out several holes in the report. Moreover, the target was met two years late and loans continue to make up much of the financial flow, which is already pushing developing countries into a debt trap.
The previous discussions on the NCQG in Cartagena exposed a clear gap between developed and developing countries. Developing nations highlighted the challenges they face in accessing climate finance, including high capital costs, debt burdens and uneven geographical distribution of funds.
Developed countries, on the other hand, called for expanding the contributor base and even suggested making the NCQG voluntary.
“It is crucial for developing countries to remain united and demand an ambitious amount of funding aligned with their needs, clear sub-goals for various climate purposes and a focus on non-debt creating finance flows,” emphasised Sehr Raheja, programme officer, climate change at CSE.
Talks on Global stocktake, carbon markets
SB60 will also host the first annual Global Stocktake (GST) Dialogue, which aims to assess the progress made by countries towards the goals of the Paris Agreement. This dialogue will focus on sharing best practices and learnings on how the GST outcomes can inform countries’ Nationally Determined Contributions (NDC).
Additionally, the meeting will address unresolved issues related to carbon market mechanisms under Articles 6.2 and 6.4 of the Paris Agreement. These include the eligibility of emission avoidance activities for both markets, the authorisation process and further guidance on corresponding adjustments.
“As Parties come together to agree on specific guidelines, it is important to ensure that any agreement on operationalisation must steer clear of replicating the pitfalls observed in the past in the Clean Development Mechanism or the voluntary carbon market. It must also prioritise integrity, transparency and appropriate safeguards for affected communities,” Trishant Dev, programme officer, climate change, CSE, said in the statement.
The third installment of the global dialogue and investment-focused event for the Mitigation Work Programme (MWP) will also take place at SB60, focusing on “Cities, buildings and urban systems.”
This event is expected to provide a platform for countries to discuss opportunities and challenges in scaling up mitigation ambitions in their NDCs.
Goswami stressed the importance of developed countries participating in the MWP in good faith, acknowledging their historical responsibility for emissions and their leading role in mitigation and decarbonisation.
“Means of implementation from developed to developing countries must be prioritised, with specific channels and partnerships determined for developing countries to benefit from the MWP and receive support for their domestic mitigation pathways, whether in the form of non-debt creating finance, technology, or capacity building,” she concluded.
We are a voice to you; you have been a support to us. Together we build journalism that is independent, credible and fearless. You can further help us by making a donation. This will mean a lot for our ability to bring you news, perspectives and analysis from the ground so that we can make change together.
