Baku, Azerbaijan, November 16, 2024. During the ongoing Cop 29 Global Climate Conference, a civil society dialogue is held, where they made a demand 1.5 trillion dollar under the discourse on new climate finance goal for 2025-30 period. They also opposed any text and criteria that shift the responsibility from developed to LDC [Least Developed Countries] and developing countries.
The dialogue, titled ” From millions to trillions: the transformations needed to finance climate justice” took place at the CoP 29 climate conference center in Baku. Representatives from various Civil Society Organizations (CSOs) as Mrs. Lidy Nacpil [Asia Pacific Movement on Debt & Development, Philippine], Mr. Ezequiel Steuermann [Network for Economic, Social and Cultural Rights-ESCR, Argentina], Mrs. Patricia Wattiena (ESCR-Net, USA) and Mr. Aminul Hoque [COAST Foundation, Bangladesh] many other civil society representatives from different countries participated and shared their insights. Katja Voigt (Rosa Luxemburg Stiftung, Germany) has moderated the dialogue.
Aminul Hoque said, the climate finance is sought for survival of MVCs and the humanity, not for any development. The draft text on NCQG [New Collective & Quantified Goal] is included with 13 negotiating options with hundreds of brackets, those are in fact a dilemma and intend for trapping the countries by following a procrastinated negotiation. The absent of CBDR-RC [Common but Differentiate Responsibility with Respective Capacities] principal will force the LDCs to share financial burden which is unfair. He demands a clear climate finance definition along with quantified finance from the negotiation.
MVCs like Bangladesh has no capacity to mobilize additional money for survival spending where country needs around 3.5 billion dollar per year. It obviously paid by developed countries under Paris Agreement [PA] Article 9.1 as they are responsible creating these climate crisis and vulnerabilities he opined.
Mrs. Lidy said, an ambitious NCQG provision and mobilization quantum of 1.5 trillion is a lifeline for our vulnerable communities. Our quantitative estimates of the financial support needed for implementing our NDCs stands at $1.48 trillion by 2030. This translates into a requirement of $220 billion per year for the LDCs alone. The NCQG must reflect of its operational features that give full effect to Articles 9.4 [Scale up finance] of the PA, aligning with the needs and priorities of developing countries and must also incorporate tailored features for SIDS and LDCs, she demands.
Mr. Ezequiel highlights the NCQG text must clearly make the outline what does not count as climate finance under the goal from an accounting perspective, including non-concessional loans and export credits which cannot count towards the progress on the delivery of the goal. Resources under the NCQG must be new and additional, predictable, adequate, affordable, grant-based, and concessional, enhancing fiscal space without creating fiscal constraints, and non-debt inducive. There cannot be any conditions for finance access, and all elements of the goal must respect the countries’ sovereignty.”
Mrs. Patricia says, we are not to pay any brutal cost of climate crisis, because the NCQG is exclusively for all developing countries; is aligned with Article 4 of the UNFCCC and Articles 9.1 and 9.3 of the PA and in line with the principles of equity and CBDR-RC. The goal is the sole obligation of developed countries to provide and mobilize climate finance to developing countries. But we don’t see any significant text in the draft where its reflected, she criticized and called developing country parties to be united on this issue in the coming days of negotiation.
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