$1 trillion needed in climate cash for developing nations, Experts say at COP29
UNB
Publish: 14 Nov 2024, 03:15 PM
BAKU,Nov
14 (AP/UNB) The major battle in Baku is over how much rich nations will help
poor countries to decarbonize their energy systems, cope with future harms of
climate change and pay for damage from warming's extreme weather. The old goal
of $100 billion a year in aid is expiring and Baku's main focus is coming up
with a new, bigger figure.
A special independent
group of experts commissioned by United Nations Secretary-General Antonio
Guterres issued its own estimate of costs and finances on Thursday, calling for
a tripling of the old commitment.
"Advanced economies
need to demonstrate a credible commitment" to helping poor nations, the
report said.
A coalition of poor
nations at the Baku talks are asking for $1.3 trillion in annual climate finance.
The independent experts' report said about $1 trillion a year is needed by
developing nations from all outside sources, not just government grants.
The report detailed how
expensive decarbonizing the world's economy would be, how much it would cost
and where the money could come from. Overall climate adaption spending for all
countries is projected to reach $2.4 trillion a year.
"The transition to
clean, low-carbon energy, building resilience to the impacts of climate change,
coping with loss and damage, protecting nature and biodiversity, and ensuring a
just transition, require a rapid step-up in investment in all countries,'' said
the report.
For the third straight
year, efforts to fight climate change haven't lowered projections for how hot
the world is likely to get - and recent developments in China and the United
States are likely to slightly worsen the outlook, according to an analysis
Thursday.
The analysis comes as
countries come together for the 29th edition of the United Nations climate
talks, hosted in Baku, Azerbaijan, where nations are trying to set new targets
to cut emissions of heat-trapping gases and figure out how much rich nations
will pay to help the world with that task.
But Earth remains on a
path to be 2.7 degrees Celsius (4.9 degrees Fahrenheit) warmer than
pre-industrial times, according to Climate Action Tracker, a group of
scientists and analysts who study government policies and translate that into
projections of warming.
If emissions are still
rising and temperature projections are no longer dropping, people should wonder
if the United Nations climate negotiations known as COP are doing any good,
said Climate Analytics CEO Bill Hare.
"There's an awful
lot going on that's positive here, but on the big picture of actually getting
stuff done to reduce emissions ... to me it feels broken," Hare said.
Climate action is
stifled by the biggest emitters
The world has already
warmed 1.3 degrees Celsius (2.3 Fahrenheit) above pre-industrial times. That's
near the 1.5-degree (2.7 F) limit that countries agreed to at 2015 climate
talks in Paris. Climate scientists say the atmospheric warming, mainly from
human burning of fossil fuels, is causing ever more extreme and damaging
weather including droughts, flooding and dangerous heat.
Climate Action Tracker
does projections under several different scenarios, and in some cases, those
are going up slightly.
One projected track
based on what countries promise to do by 2030 is up to 2.6 degrees Celsius, a
tenth of a degree warmer than before. And even the analysts' most optimistic
scenario, which assumes that countries all deliver on their promises and
targets, is at 1.9 Celsius, also up a tenth of a degree from last year, said
study lead author Sofia Gonzales-Zuniga of Climate Analytics, one of the main
groups behind the tracker.
"This is driven
highly by China," Gonzales-Zuniga said. Even though China's fast-rising
emissions are starting to plateau, they are peaking higher than anticipated,
she said.
Another upcoming factor
not yet in the calculations is the U.S. elections. A Trump administration that
rolls back the climate policies in the Inflation Reduction Act, and carries out
the conservative blueprint Project 2025, would add 0.04 degree Celsius (0.07
Fahrenheit) to warming projections, Gonzales-Zuniga said. That's not much, but
it could be more if other nations use it as an excuse to do less, she said. And
a reduction in American financial aid could also reverberate even more in
future temperature outlooks.
"For the U.S. it is
going backwards," said Hare. At least China has more of an optimistic
future with a potential giant plunge in future emissions, he said.
"We should already
be seeing (global) emissions going down" and they are not, Hare said.
"In the face of all of the climate disasters we've observed, whether it's
the massive floods in Nepal that killed hundreds of people or whether it's the
floods in Valencia, Spain, that just killed hundreds of people. The political
system, politicians are not reacting. And I think that's something that people
everywhere should be worried about."
END/UNB/FH/1355 Hrs