Elizabeth Morgan | Challenges facing climate change and financing

The year is ending with a slew of meetings, including the United Nations (UN) Biodiversity Conference (CDB COP16), Colombia, October 21-November 1; UN Climate Change Conference (COP29), Azerbaijan, November 11-22; the Asia-Pacific Economic Cooperation Forum, Peru, November 15-16; and the Group of 20 (G20) Summit, Brazil, November 18-19. A common subject on the agenda of all these meetings has been/is climate change and climate finance.

The UN Secretary General Antonio Guterres, concerned about the state of the discussions at COP16 and COP29, felt that countries needed to agree on an ambitious climate finance goal to meet the scale of the challenge faced by developing countries. This, the secretary general felt, would be crucial for building trust between developed and developing countries and incentivising the preparation of high ambition national climate plans next year. The secretary general is calling for leadership by the G20 members, the world’s largest economies and emitters, noting that failure is not an option.

PRIORITY FOR CARICOM

Climate change and climate finance, as known, are priority matters for Jamaica and other CARICOM countries, which are vulnerable to climate change effects. The region is looking forward to the end of the Atlantic hurricane season and is hoping that the weather for the winter season will be as close to normal as possible.

Stability in earth tremors would also be welcomed. Our economies cannot cope with any more natural disasters. CARICOM countries were present at COP16 and are at COP29 at high levels.

It will be recalled that Antigua and Barbuda hosted the 4th UN Conference of Small Islands Developing States (SIDS) in May. On climate finance, the outcome document called for:

“Providing climate finance by developed countries to small island developing states in line with existing obligations and commitments under the United Nations Framework Convention on Climate Change and the Paris Agreement; Strengthening, and mobilising and providing financial resources to, existing multilateral climate funds, including the Green Climate Fund, the Global Environment Facility and its Special Climate Change Fund, and the Adaptation Fund.”

Antigua and Barbuda joined other SIDS in seeking an advisory opinion from the International Tribunal for the Law of the Sea (ITLOS) that greenhouse gas (GHG) emissions are a form of marine pollution that states must prevent, reduce, and control.

This advisory opinion: “clarifies the obligations of state parties to the United Nations Convention on the Law of the Sea (UNCLOS) in the context of the climate emergency, and makes clear that state obligations to act on climate extend beyond those under the United Nations Framework Convention on Climate Change (UNFCCC) and its Paris Agreement.”

FINANCE AT COP16 AND COP29

Climate change mitigation and adaptation requires trillions of dollars, the majority coming from the developed countries and principal carbon emitters. Promises for financing were made, but implementation has not lived up to expectations. This is the same for the UN Sustainable Development Goals (UN SDGs), which includes climate change and protection of the environment generally.

Funds are scarce, as growth in gross domestic product (GDP) has slowed and levels of trade are not meeting expectations for several developed and emerging countries. In fact, in trade, the move is from liberalisation towards protectionism.

COP16 on biodiversity, which is linked to climate change, ended without agreement on key issues, including finance. While the conference had pledges of US$163 million to the Global Biodiversity Framework (GBF) Fund, this was short of the expected goal. It is reported that a key point of tension centred on discussions of a new fund to help poorer nations restore their depleted natural environments.

The proposal was blocked. They failed to make much progress on the US$200 billion per year fund for nature of the GBF. No agreement was reached on how to monitor biodiversity targets and a CBD COP-specific budget failed to be approved. Thus, the meeting ended stalled on financing.

The finance negotiations at COP29 are reported as moving at a very slow pace. The SIDS are working to secure a “transformative New Collective Quantified Finance Goal” to provide new financing for climate mitigation and adaptation for developing countries.

It will be interesting to see what the COP29 outcome will be.

USA AND CLIMATE CHANGE

President Joe Biden and/or representatives of his administration participated or are attending these November meetings. These are the last meetings of the Biden presidency.

In multilateral bodies and among world leaders, the concern now is the position of the incoming administration of President-elect Donald Trump. As is known, Donald Trump is not a supporter of climate change. His mantra has been “drill, baby, drill”, indicating that he will be increasing oil production, which is already high in the USA.

He has not shown commitment to reducing carbon emissions and promoting green technology. His selection to head the US Environmental Protection Agency (US EPA), as his implementer, is Lee Zeldin, a former Republican Congressman. Zeldin has expressed doubts about the severity of climate change and concerns about the Paris Accord. He is also said to demonstrate an unwavering allegiance to fossil fuel interests.

Barbados’ Prime Minister Mia Mottley, attending COP29, was reported as extending an invitation to President-elect Trump for a meeting on climate change.

As 2025 could see serious setbacks in climate change mitigation, adaptation and finance, and if we believe the science and the evidence before us, we should all be hoping and praying that this meeting will materialise and yield positive results for climate vulnerable states.

Elizabeth Morgan is a specialist in international trade policy and international politics. Email feedback to columns@gleanerjm.com