COP29 falls short of expectations, ends in disappointment

The Baku Climate Conference was dubbed the Finance COP. Yet, after two weeks of discussions, over 200 countries were unable to reach a resolution. They even failed to produce the desired outcome from the closed-door meetings that began on Friday.

Developing countries, including Bangladesh, have requested USD 1.3 trillion annually to cover their climate change losses. However, industrialised nations have agreed to contribute a maximum of USD 300 billion per year. In addition, rapidly developing countries like China, India, and Brazil will also be required to contribute to the fund gradually.

The Baku Declaration has been announced on Sunday morning, Bangladesh time. However, there has been uncertainty about whether the declaration will be based on the consent of all countries or if it will take the form of a note. The COP conference, which began on 11 November, concluded yesterday, Saturday.

Nevertheless, climate movement leaders believe that, regardless of the form the declaration takes, it will offer no hope for the climate-threatened world.

Greta Thunberg, Sweden's renowned climate rights activist, has already referred to the possible announcement of the Baku Conference as a "death warrant" for the planet.

Bangladesh's Environment, Forest, and Climate Change Adviser, Syeda Rizwana Hasan, has urged the least developed countries to reject the COP29 declaration. Bangladesh has expressed deep disappointment with the latest draft of the New Collective Quantitative Goals (NCQG) released by the presidency.

Syeda Rizwana Hasan criticised the proposed allocation of US$ 300 billion per year for developing countries, calling it surprisingly inadequate. She pointed out that this allocation is neither identified as a grant nor tied to any specific mechanism. Furthermore, no special fund has been set aside for the 45 most vulnerable Least Developed Countries (LDCs).

COP29 observers note that political leaders who previously opposed the Paris Agreement are starting to regain power in industrialised countries. Donald Trump has already secured a win in the United States, and right-wing parties are gaining traction in Canada, Italy, the Netherlands, Germany, and France. As a result, developed countries are reluctant to pledge the USD 1.3 trillion fund demanded by climate-vulnerable nations.

On the other hand, the UN’s climate science body, the IPCC, has stated that all countries pledged in the Paris Agreement to limit global temperature rise to no more than 2 degrees Celsius this century.

However, over the past 24 years, the world’s temperature has already increased by 1.3 degrees Celsius. To ensure the temperature rise does not exceed 2 degrees Celsius, global carbon emissions must be reduced by 43 per cent by 2030.

Unfortunately, none of the world’s major carbon emitters, including the United States, China, India, and Japan, have committed to this target.

As a result, on one hand, the developed world is refusing to pay for the damage caused by climate change. On the other hand, they are not committing to reducing carbon emissions to mitigate further damage.

Some countries, including those in colder regions of Europe and the United Kingdom, are discussing increasing their pledges to reduce carbon emissions and contribute more funds. However, it remains uncertain whether these contributions will come as state aid, loans, or part of regular foreign aid.

Ziaul Haque, a member of Bangladesh's climate change negotiating team who participated in the Baku conference, told Prothom Alo that despite many disappointments, there was some progress at the conference. At the last minute, the fund was increased.

According to Article 9.1 of the Paris Agreement, climate-vulnerable developing countries like Bangladesh will receive priority in the climate change fund. As a result, Bangladesh must strengthen its preparations to access this funding. According to the declaration from the President of COP29, developing countries must be given greater priority in the ambitious climate fund targets.

The demand for financing of USD 1.3 trillion annually by 2035, through joint initiatives from the public and private sectors, must be taken seriously.

Emeritus Professor Ainun Nishat of BRAC University, who participated in the Baku conference, told Prothom Alo that the amount of money in the UN Climate Fund needs to be increased.

To achieve this, Bangladesh must be more vocal, which is essential. However, it is equally important to emphasise that, in order to secure projects from the fund, Bangladesh must significantly improve its efficiency. A process needs to be established for preparing and implementing project proposals, along with ensuring transparency.

Last night, just before the conclusion of the conference, the Alliance of Small Island States (AOSIS) and the Least Developed Countries (LDCs) announced their boycott of the event, representing countries affected by climate change.

The boycott was declared in protest of the lack of attention given to the affected countries and the failure of wealthy nations to allocate the necessary funds to the climate fund.

The annual UN conference, known as the 'Conference of the Parties' (COP), was attended by Muhammad Yunus, chief adviser to the interim government of Bangladesh, along with heads of state from 100 countries around the world. Additionally, 70,000 representatives from various countries participated in the conference.

However, only a few leaders from the 20 industrialised countries were present. These industrialised nations are responsible for about 80 per cent of global harmful gas emissions. As a result, protests and demonstrations took place throughout much of the opening ceremony.

Muhammad Yunus arrived in Baku on 11 November. On the sidelines of the conference, he met with several world leaders, including Turkish President Recep Tayyip Erdogan and United Arab Emirates President Mohammed bin Zayed Al Nahyan.