COP29 ended without formal objections to the New Collective Quantified Goal, set at $300 billion per year by 2035 for developing countries. India expressed dissatisfaction with the negotiation process, yet Azerbaijan’s lead negotiator insisted there was overall acceptance. The goal reflects significant progress amid challenging geopolitical conditions and emphasizes a collective commitment to climate action.
COP29 in Baku concluded without formal objections to the New Collective Quantified Goal (NCQG), according to Yalchin Rafiyev, the lead negotiator for Azerbaijan. This statement emerged amidst notable contention and dissatisfaction, particularly from India, which criticized the climate finance deal as being rehearsed rather than genuine. India attempted to voice its dissent just before the gaveling of the NCQG proposal that aims to allocate at least $300 billion annually by 2035 for climate action in developing countries, yet it was not permitted to do so.
Rafiyev expressed that there were no final objections from any parties, stating, “We have not seen any party until the last moment and even after the adoption (of NCQG decision) that wanted to object the decision.” He emphasized that the negotiated increase from an initial $250 billion to $300 billion represents a significant achievement. Furthermore, the plan includes a broader $1.3 trillion roadmap intended for operational execution, showcasing substantial progress.
The negotiator highlighted the inclusive nature of the talks, noting efforts to engage multiple parties throughout the COP29 process with various opportunities for discussion. He reflected on the complexities involved, pointing out that factors like regional elections influenced attitudes towards climate initiatives. Despite the challenges, Rafiyev conveyed optimism about securing an agreement on NCQG and additional decisions, such as activating the loss and damage fund and developing high-integrity carbon markets.
Rafiyev also addressed perceptions regarding the US’s previous withdrawal from the Paris Agreement, suggesting that the finalized finance target transcends individual political cycles. He remarked on the evolving role of nations such as China and the UK, indicating their commitment to leadership in climate discussions. He reiterated that while developed countries initially proposed a lesser target, the presidency’s resolve helped elevate the goal to $300 billion, demonstrating a willingness to push for more substantive outcomes.
In summary, the COP29 talks yielded a contentious but ultimately unopposed decision on the New Collective Quantified Goal, aiming for at least $300 billion in climate financing for developing nations by 2035. The negotiations showcased challenges influenced by global political climates, yet progress was made in establishing cooperative targets. The discussions reflect a strong commitment from various nations to enhance climate action despite divergent views on the process.
Original Source: www.hindustantimes.com
