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GAME INDUSTRY TRENDS ANALYSIS 2024
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COP29 Finance Talks Off To A Shaky Start
COP29 finance talks off to a shaky start
By Lindi Botha | 13 November 2024 | 8:22 pm
As the world gathers in Baku, Azerbaijan, for the 29th Conference of the Parties (COP29), climate change financing and mitigation seems more uncertain than ever.
Taking place from 11 to 22 November, COP29’s theme is In Solidarity for a Green World. There is, however, a noticeable absence in countries that are key to making any progress in reaching climate targets. China, India and France have elected not to attend the conference this year.
While a delegation from the United States is present, there are concerns over the country’s commitment to reducing emissions and contributing to climate financing since president-elect Donald Trump previously indicated that he would withdraw the US from the Paris Climate Agreement.
South Africa’s minister of Forestry, Fisheries and the Environment, Dr Dion George, will join his delegation at COP29 next week. He is set to play a pivotal role in finance discussions, co-chairing meetings on mitigation and financing together with his Norwegian counterpart.
Who will pay?
George said that the focus of these discussions, which will draw in other nations, will be to finalise a financing model, adaptation and mitigation measures.
“We need to agree on mitigation measures since this was not achieved at COP28. The loss and damage fund is also not up and running yet, which poses massive challenges.”
At the core of discussions is who will pay for the adaptation and mitigation measures decided on. In 2009, 43 developed countries committed to contributing US$100 billion per year to developing countries.
Few have, however, maintained this commitment, with China, one of the world’s biggest carbon emitters, since claiming that they are a developing country, and should therefore be receiving financing, rather than providing it.
George stated that many countries had since decreased their appetite for climate funding, yet even more money was actually needed. “US$100 billion is not enough. It should instead be US$1,3 trillion. The developed countries can afford it.”
Part of George’s aim during COP29 will be to finalise a collectively quantified goal for financing.
“South Africa has developed a new climate financing model because the current one is not working. I am confident that we will make progress in this regard, we just have to keep pushing.”
All eyes on Trump
Commenting on the absence of key nations from COP29, George said that while this was regrettable, discussions with China and India had already taken place before the conference and were ongoing.
“There is, however, a lot of uncertainty over the US. All eyes are on Trump to see whether he will withdraw from the Paris Agreement.”
He stated that whether the US and other developed nations will admit it or not, the world is headed for an existential crisis.
“We need to keep moving towards our climate goals. I don’t think we will get everyone to agree to more ambitious goals, but we do need to get more countries on-board.”
The United Nation’s Food and Agriculture Organization’s director general, Qu Dongyu, said that farmers were at the frontline of the climate crisis and that agriculture needed to be prioritised in adaptation and mitigation efforts. “Financing and investment are currently insufficient for agrifood systems transformation.”
He noted that in 2022, agrifood systems received US$29 billion – just 23% of total climate-related development finance.
“To meet net-zero targets, agrifood systems require approximately US$1 trillion annually until 2030.”
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