Op-Ed by Emily Thompson
Many nations have gathered in Baku, Azerbaijan since November 11 to discuss who should pay to prevent the worst effects of climate change. But Donald Trump’s U.S. election win appears to be influencing a reduction in commitments.
COP29 is the world’s most important meeting on climate change. It is led by the UN, and this year’s event, the 29th such gathering, runs from November 11-22.
In addition to the issue of financing, a black cloud hangs over the conference as delegates remain aware that Trump’s inauguration in January will likely mean America’s withdrawal, again, from the Paris agreement.
When the Paris agreement was inked, world leaders included a provision that any party seeking to leave the pact would have to wait until three years after it entered into force. This meant that Trump could not pull the United States out of the agreement officially until 4 November 2020. When U.S. President Joe Biden succeeded Trump a little over two months later, he signed the paperwork to rejoin the agreement.
This time around, the exit process will take only one year, but observers say the damage is already done.
Trump’s election signifies that the U.S. is unlikely to keep its pledge, made under Biden, to cut greenhouse-gas emissions to 50% below 2005 levels by 2030. This could give other countries political cover to scale back their efforts under the agreement.
The anticipated U.S. policy shift has altered the dynamics of COP29 negotiations. Other nations are reassessing their positions and commitments, considering the potential reduction in U.S. leadership and financial contributions to global climate initiatives.
UN Secretary-General António Guterres urged delegates to move from voluntary pledges to mandatory rules.
“The future of humanity is at stake. Action cannot be optional,” he said. “Disclosing credible transition plans, that align with 1.5 degrees must be mandatory for corporations and financial institutions.”
A bloc of 134 developing countries have said the yearly target beginning in 2026 should be $1.3 trillion, at least.
But negotiators remain at a standstill over a new climate finance goal to help developing countries fight climate change.
As the first draft of a text outlining a potential decision at the conference was introduced, it was met with criticism from politicians and civil society advocates alike.
“The text as it now stands is clearly unacceptable,” Wopke Hoekstra, EU commissioner for climate action, told reporters at the conference. “There’s not a single ambitious country who thinks this is nearly good enough.”
A document on the new finance goal released by the UN this morning hints at progress in discussions on climate finance: while the exact figure remains undisclosed, it appears to be in trillions of dollars, which many delegates are pleased with.
“One of the key outcomes expected from this year’s COP is this exact number which will become the new collective quantified goal, popularly referred to as NCQG. There is a high expectation that countries will be able to reach a consensus on a quantified number, which can be the North star to mobilize funds to address the urgency of climate change.”
The latest report from a U.N.-backed expert group says the $100 billion target for public finance-related flows needs to triple by 2030, and overall money, including private capital, needs to reach $1 trillion to help developing countries meet their growing energy needs with cleaner sources of power.
Wealthy countries have so far declined to offer a dollar figure, saying only that it should be more than the current $100 billion goal.
That’s less than 10 percent of what poorer countries are asking for. Clearly, the expected U.S. exit is affecting pledges for climate finance.
The U.S. has already decided not to meet its commitment under Biden to boost international aid for developing nations to US$11.4 billion annually, to help them adapt to climate change and forgo industrialization that involves heavy pollution. Congress appropriated just $1 billion this year. And few see any prospects of the new administration under Trump, who has questioned the existence of climate change, committing any more time to this issue.
Trump’s upcoming presidency has introduced uncertainty and shifted the focus toward fossil fuel production. This development underscores the new American administration’s approach to climate change, characterized by skepticism of climate science, a focus on energy independence through fossil fuels, and a preference for deregulation.
Even if nations make specific financial commitments to the NCQG, it is unlikely they will uphold them under a Trump administration that views climate change differently.
Become a Patron!
Or support us at SubscribeStar
Donate cryptocurrency HERE
Subscribe to Activist Post for truth, peace, and freedom news. Follow us on Telegram, HIVE, Minds, MeWe, Twitter – X and Gab.
Provide, Protect and Profit from what’s coming! Get a free issue of Counter Markets today.
Be the first to comment on "America’s Influence is Unmistakable at COP29"