G77, China reject framework for draft text on new climate finance goal

 

 

G77AND China,the largest bloc representing around 130 countries atthe UN climate talks, has rejectedtheframeworkforadraft negotiating text on a new climate finance goal -- the central issue at this year’s climate summit in Baku, Azerbaijan. Thesubstantiveframeworkfor adraftnegotiatingtext,prepared by the co-chairs of the Ad Hoc Work Programme on the New Collective Quantified Goal (NCQG) and published in October,isthefirstitemforcountries to deliberate on. However, on Tuesday, G77 and China rejectedthe framework, arguing it does not accurately reflect the suggestions that developing countrieshave madeforthenew climate finance goal.

 

Other groups of developing countries, including the LikeMinded Developing Countries (LMDCs),AllianceofSmallIsland DevelopingStates(AOSIS),Least Developed Countries (LDCs), andthe IndependentAllianceof LatinAmericaandtheCaribbean (AILAC), backed G77 and China in this rejection. According to the Loss and DamageCollaboration,aninternational coalition of climate researchers and activists, G77 and China have requested that theco-chairsprepareanewdraft text before the next negotiating session.G77andChinademanded that the new climate finance packagemeettheirneedsandpriorities, with a minimum quantum of USD 1.3 trillion. The group said that this amount shouldsupportmitigation,adaptation, and loss and damage initiatives, and should be exclusively allocated to developing countries.

 

Developing countries also insist that the new climate finance goal, or NCQG, should prioritize public, grant-based, and concessional finance, as these types of funding are less burdensome fornations already facing financial challenges. Public finance provides a stable support source, while grants and concessional loans (with verylow or zero interest)are easier for developing countries to manage. According to the Delhi-based think tank Centre for Science and Environment, developing countries are also calling for developed countries to provide arrears for the USD 100 billion climate finance goal agreed to in 2009. At COP15 in 2009, developed countries pledged to mobilise USD 100 billion per year to help developingnationsadapttoand combat climate changeby 2020. However, this target was only metin2022,withloansaccounting for around 70 percent of the total climate finance provided. Developing countries are also asking that the NCQG impose no conditions on access to climatefinance.Theysayresources provided under the new goal must be predictable, new and additional, adequate, grantbased, and concessional, and mustnotcreatefiscalconstraints or debt burdens.

 

 

MOST G20 members, including the US, Australia, Canada, Saudi Arabia and Turkey, need to step up climate action significantly, according to a Climate Accountability Matrix launchedatCOP29onTuesday. The Climate Accountability Matrix (CAM) is a first-of-itskind assessment tool from the Global South to analyse countries’ performance in climate aspects beyond mitigation, including adaptation and means of implementation.

 

As against the rich nations, countries from the Global South, such as India and South Africa have made significant efforts in climate action by actively participating in key agreements,undertakingreasonable effortsdomesticallyandadhering to their obligations, the CAM, featured in a report by independent,NewDelhi-based think tank the Council on Energy,EnvironmentandWater (CEEW), found. TheCEEW report—Are G20 Countries Delivering on Climate Goals? Tracking Progress on Commitments to StrengthentheParisAgreement — unveiled at the COP29 here introducestheCAMasabenchmark for evaluating climate performance.