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Progress on the post-2025 climate finance goal at COP29 remains sluggish, with negotiators struggling to streamline a lengthy text. As discussions continue, a new UN report emphasizes the need to mobilize $1 trillion annually for developing countries by 2030, urging advanced economies to triple their climate finance commitments. Developing nations resist including countries like China in the finance contributor base.
At COP29, nearly 200 countries are negotiating a new climate finance goal, potentially reaching up to $2 trillion annually, as developed nations signal reliance on private sector funding amid their own budget constraints. Developing countries, however, advocate for publicly financed grants, expressing skepticism about the feasibility of mobilizing private finance without direct control over these funds. The ongoing distrust stems from past unmet commitments, raising concerns about the credibility of future pledges and the role of multilateral development banks, which face capital restrictions and competing priorities.
G20 nations have diluted a crucial climate finance report from leading economists, despite UN calls for urgent action. The report highlights myths hindering climate progress and urges G20 governments to adopt green strategies, yet faced significant revisions after government pushback. With emissions at a record high, the UN warns that immediate and substantial cuts are essential to meet global climate goals.
The European Central Bank (ECB) has blocked efforts by the African Development Bank (AfDB) and Inter-American Development Bank (IDB) to secure special drawing rights (SDRs) from Eurozone nations for climate finance, citing legal incompatibilities. Despite support from France and Italy, Germany opposes reallocating SDRs, which the ECB views as a risk to financial stability. Economists suggest that direct allocation of SDRs to multilateral development banks could be a solution, but achieving the necessary consensus within the IMF remains challenging.
Vera Songwe
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slow progress on climate finance negotiations at cop29 in baku
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