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The COP29 Presidency has released a draft document outlining two contrasting visions for a post-2025 climate finance goal for developing countries, leaving key issues unresolved. Option one proposes an annual goal from 2025 to 2035, primarily funded by developed nations, while option two suggests a broader, more flexible approach with a target by 2035, allowing for diverse funding sources. Concerns have been raised about the lack of sub-goals for emissions reduction and the potential inclusion of fossil fuel investments as climate finance, which could undermine the Paris Agreement's objectives.
Negotiators at COP29 are pushing for a streamlined climate finance text, aiming to clarify options for a new financial goal amidst concerns over delays. Meanwhile, Brazil unveiled its updated climate plan, targeting a 59-67% emissions reduction by 2035, despite plans to increase fossil fuel production by 36%. Critics argue that Brazil's approach undermines its climate commitments.
The UAE has submitted its third Nationally Determined Contribution (NDC), aiming for a 47% emissions reduction by 2035 while planning to increase oil and gas production by a third. Critics argue that without addressing fossil fuel expansion, the UAE's climate commitments lack credibility in the fight against global warming.
New Zealand's government faces potential backlash for reversing a ban on offshore fossil fuel exploration, as civil servants warn it could harm the country's climate reputation and anger Pacific nations. The move risks legal challenges related to international climate obligations and could contradict commitments made at COP28. Critics, including Pacific leaders, emphasize the importance of maintaining a strong stance against fossil fuels to ensure regional safety and security amid climate threats.
The COP Troika, comprising the UAE, Azerbaijan, and Brazil, has reiterated its commitment to submit 1.5C-aligned climate action plans by year-end but has faced criticism for lacking specific targets amid expanding fossil fuel ambitions. Experts emphasize the need for clear, measurable emissions reduction goals across all sectors to ensure effective implementation and avoid "creative accounting." As global emissions must peak before 2025 to limit warming, the upcoming NDCs are seen as crucial for climate action.
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draft finance text reveals stark divisions between developed and developing countries
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