Azerbaijan Calls for Global Urgency as UN Climate Conference Kicks Off; New Climate Finance Goal at Center of Talks
Baku, Azerbaijan - November 11 (Reuters) - In a pressing call to action, the host nation of this year's UN climate conference, Azerbaijan, urged all countries to work towards resolving outstanding issues and agreeing on a new climate finance goal.
During the opening ceremony of COP29, UN Climate Change Executive Secretary Simon Stiell emphasized that an ambitious new climate finance goal is crucial for every nation, as it can avoid catastrophic consequences. The priority negotiating item at the conference is the New Collective Quantified Goal (NCQG), also known as the new climate finance package.
Stiell noted that historic polluters must deliver a package that is not only ambitious but also predictable, time-bound, and delivered as grants, rather than loans to Global South countries. He warned that if nations cannot afford to cut emissions quickly, they will all face severe consequences.
Developing countries are under pressure to reform the existing global financial system to make climate funding more accessible and affordable. They argue that current policies lead to high-interest loans for climate projects, which further burdens their already fragile economies.
COP29 President Mukhtar Babayev highlighted the top priority of finding consensus on a fair and ambitious NCQG to address the urgent problem of climate change. He emphasized that the new goal must be effective and adequate to cope with the scale and urgency of the issue.
According to estimates, developing countries will require trillions of dollars to adapt to and combat climate change by 2030. Developing nations argue for a focus on public finance, grant-based funding, and concessional loans to ensure they can manage their debt without jeopardizing their economic stability.
Major divide exists in negotiations over the new climate finance goal, including contributors, quantum, and types of projects eligible. Developing countries demand that all developed countries contribute fairly to the goals agreed upon. High-income industrialized nations are demanding contributions from countries with higher capacity for emissions reduction.
UN Climate Change Executive Secretary Stiell urged negotiations to find a solution before November 23, when the conference concludes. The talks have been tense thus far, but the ultimate goal of avoiding catastrophic climate changes must be at the heart of every negotiation.
Only time will tell if the nations will come together in agreement on this highly-urgent matter or let their global cooperation and mutual ambition go astray once again, allowing devastating problems that threatens billions to spread freely.