Finance goal at centre of Baku COP29 crisis

New Delhi: With no progress made in week 1, the COP29 Presidency decided that ministers from Egypt and Australia will conduct consultations on the structure, contributors, and overall “quantum” of the new finance goal. According to developing countries including India, developed countries are pushing for higher mitigation goals without a commitment or even an indication of the quantum of the new collective quantified goal to be agreed upon in Baku. The developed country parties especially Environmental Integrity Group consisting of Switzerland, South Korea, Mexico among others, Umbrella Group consisting of US, Australia, Canada; among others have said that developing countries are “blocking progress” on mitigation action. Para 28 of GST calls for need for deep, rapid and sustained reductions in greenhouse gas emissions in line with 1.5 °C pathways and calls on Parties to contribute to the following global efforts, in a nationally determined manner, taking into account the Paris Agreement and their different national circumstances, pathways and approaches: Tripling renewable energy capacity globally and doubling the global average annual rate of energy efficiency improvements by 2030; Accelerating efforts towards the phase-down of unabated coal power; Accelerating efforts globally towards net zero emission energy systems, utilizing zero- and low-carbon fuels well before or by around mid-century; Transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050 in keeping with the science, among other interventions agreed in UAE at COP28. The Like Minded Developing Countries, a group of over 30 developing countries which includes India said in a statement during the plenary on Monday: “As we move to the crucial week 2, we would like to provide the following process suggestions: Negotiations must be party-driven, transparent and inclusive; Issues must progress in a balanced manner; In your guidance to the co-facilitators of agenda items, we request you to convey to them to take all Parties’ views into account to offer a level-playing field and to avoid situations where Parties end up negotiating with co-facilitators of agenda items.” “Presidency, this is a finance COP.