Money matters

The last meeting before COP28 gets little work done as developed and developing countries fight over climate finance

- AKSHIT SANGOMLA,  TRISHANT DEV AND ANANYA ANOOP RAO

HEATED DEBATES on climate finance between developed and developing country groups hijacked the recently concluded conference of the UN Framework Convention on Climate Change (UNFCCc)'s Subsidiary Body 58 (SB 58) in Bonn, Germany. The conference, held between June 5 and June 15, was the last opportunity for countries to prepare frameworks for adoption at the upcoming 28th Conference of Parties (COP28) to UNFCCC in UAE in December.

Participants took nine of the 10 days to accept the agenda for the conference. Their disagreement revolved mainly around an agenda item on the mitigation work programme (MWP) introduced by the European Union, which the developing countries insisted puts an unjust mitigation burden on them, while sidelining the developed world's commitment to transfer money and technology for equitable climate mitigation and adaptation.

Bolivia, on behalf of Like-Minded Developing Countries (LMDCS), introduced a separate agenda on finance in line with Article 2.2 of the Paris Agreement that talks about equity, common but differentiated responsibilities and respective capabilities. "All these are code words for justice," a negotiator from the LMDC group said in a closed-room meeting with non-profits. Ultimately, rich countries did not want to discuss providing more finance and developing countries would not discuss stronger mitigation targets without finance being provided.