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Fundamentally flawed

Millennium Post Delhi

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New Delhi 29November2024

However flawed, COP meetings are the only way to get the world's nations in the same room to hash out what to do about climate change

- JACK MARLEY

Fundamentally flawed

OP29, the 29th annual climate conference in Azerbaijan, came to an end on Sunday and in its wake have come doubts about the UN process for negotiating a solution to global heating.

"All this means we are still looking at a future with global warming above 3 degrees Celsius," say climate scientist Mark Maslin, infrastructure engineer Priti Parikh and international development expert Simon Chin-Yee at UCL.

COP29 ended with a target to triple the flow of money to the poorest and most climate-vulnerable countries by 2035. Rich and high-emitting nations agreed to pay USD 300 billion (£237 billion) a year to help developing countries transition to green energy, adapt to extreme weather and recover from mounting disasters.

"This is less than a quarter of what developing countries asked for and not in the form of the no-strings-attached grants money that they need," says Jodi-Ann Jue Xuan Wang, a PhD candidate in international development at the University of Oxford.

Who owes whom? The United Nations Framework Convention on Climate Change (UNFCCC), the basis for international negotiations, lacks a universal definition for "climate finance". Rich countries have successfully proposed a mixture of grants, loans, insurance schemes and debt swaps, in which a country's debt is reduced or forgiven for investing in wind farms or wetland restoration.

The private sector is supposed to make up the shortfall and, incredibly, help summon USD 1.3 trillion a year by 2035 - often on the assurances of rich governments that they will take on debt obligations should private companies fail.

There are problems with trusting the private sector to fund climate action - not least for compensating the damage that is already done says Lisa Vahala, a professor of political science at UCL:

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