As the 2024 UN Climate Change Conference (COP29) approaches its conclusion, negotiations over setting a new collective quantified goal on climate finance are facing significant hurdles. Delegates are grappling with key issues such as the total amount of funding required and determining which countries should contribute.
“Countries and parties are still working on the ‘total amount of new climate finance target’ and ‘which countries should contribute,'” said Wang Xun, a senior researcher at the International Institute of Green Finance at the Central University of Finance and Economics. The complexity of these discussions has led to prolonged talks, with no clear resolution in sight.
Some experts argue that the Chinese mainland should take a more prominent role in contributing funds alongside developed nations. However, China maintains that it has already made substantial voluntary contributions. According to a report released by the World Resources Institute, climate finance flowing from China to other developing countries amounted to approximately \$45 billion between 2013 and 2022.
Wang emphasized the importance of adhering to international agreements. “Organizations and parties should be aligned with the legal terms defined in the Paris Agreement and by the United Nations, where China is listed as a developing country,” he stated. This designation affects China’s obligations under the agreement.
Under the Paris Agreement, developed countries are obligated to provide financial assistance to developing nations to combat climate change, while contributions from other parties are encouraged on a voluntary basis. “Developed countries have the obligation to provide financial assistance to developing countries, while encouraging voluntary contributions by other parties,” Wang added.
The ongoing debates at COP29 highlight the challenges of reaching a consensus on climate finance—a crucial component in the global effort to address climate change. As the conference clock ticks down, the world watches and waits for a breakthrough.
Reference(s):
cgtn.com
