The Conference of the Parties to the United Nations Framework Convention on Climate Change
Past Event
2024-11-24
COP29's New Climate Finance Targets Fall Far Short of Needs; No Progress on Phasing out Fossil Fuels
CarbonCare InnoLab Responds to COP29 Negotiation Outcomes
Dubbed the "Finance COP," the COP29 climate negotiations concluded abruptly this early morning amidst chaos, with the financing target drastically reduced from the initially demanded $1.3 trillion per year to merely $300 billion, less than a quarter of the requirement. CarbonCare InnoLab expresses profound disappointment and outrage at this outcome.
Over the past two weeks, colleagues and youth representatives from CarbonCare InnoLab, attending as NGO observers, worked tirelessly at the conference site, actively engaging in negotiations with the hope of advocating for the phase-out of fossil fuels and increased climate finance targets. However, this COP29 session can be described as one of the worst in terms of negotiation atmosphere. Despite the COP's declared openness to NGO participation, most discussions and negotiations were closed to observers, severely restricting diverse voices and youth involvement.
The urgent issue of enhancing climate finance cannot be postponed any longer. According to the Paris Agreement, to limit the temperature increase within 1.5 degrees Celsius, developing countries need between US$5.1 and $6.8 trillion per year. Early in the conference, these countries proposed a target of US$1.3 trillion annually by 2035, most of which should be grants.
During negotiations, developed countries were unwilling to compromise on the amount, proposing various mixed financing methods, including grants, loans, and investments. Some developing countries made concessions in hopes of reaching a quick compromise, but only a $300 billion annual financing target was agreed upon—a drastic US$1 trillion reduction from the earlier target, which is unacceptable.
Moreover, the financing will be allocated for mitigation and adaptation, excluding loss and damage. Such low financing targets are merely a drop in the bucket for vulnerable nations, insufficient for effectively coping with increasingly extreme weather events, leading to greater loss of life and property.
Climate mitigation also faced significant setbacks. Last year's COP28 negotiations resulted in commitments to accelerate energy transitions and "transitioning away from" fossil fuels by 2030, tripling renewable energy and doubling energy efficiency. This session should have outlined concrete action plans on how to implement these commitments by 2035. However, the agenda was opposed by oil-producing nations led by Saudi Arabia and some developing countries, turning back the clock on binding action plans to mere platforms for knowledge exchange and dialogue, hindering a just energy transition. These discussions have been deferred to the next COP30, leaving little time before the 2030 deadline.
The only area of progress was in negotiations on the carbon market mechanism, where countries reached a consensus on the authority and functions of the carbon trading registry; however, issues like transparency, integrity, and compliance with human rights standards in carbon trading remain. Civil society continues to closely monitor these developments and will keep exposing the mechanism's flaws, urging future COPs to address these issues.
The host country, Azerbaijan, faced criticism right from the start for establishing carbon market mechanisms, setting climate financing targets, and failing to pass resolutions on global stocktake and just transition plans. In the end, only texts on carbon market mechanisms, climate mitigation projects, and global adaptation goals were approved, reflecting minimal effectiveness. Despite these disappointing results, CarbonCare InnoLab feels an increased sense of responsibility to accelerate actions on climate mitigation and adaptation to meet the 1.5-degree target.
Additionally, gender issues, often overlooked in past climate negotiations, were addressed at COP29 in the context of climate mitigation, adaptation, and financing. Representatives from CarbonCare InnoLab actively participated in related negotiations and lobbying efforts, establishing principles of gender in various areas despite resistance from conservative countries, laying the groundwork for mainstreaming gender in future climate actions.
CarbonCare InnoLab will host a "Decoding COP29: Financing a Just Transition for Hong Kong" seminar on December 11 to discuss Hong Kong's potential contributions to global climate finance and the Paris Agreement's 1.5-degree target. [Registration link] COP29 youth delegates will share their experiences and continue to advocate for Hong Kong's climate policies.
CarbonCare InnoLab will soon provide a detailed analysis of the COP29 climate negotiation outcomes. Stay tuned for further updates.