Positive Aspects Amidst the Challenges
The reduced text to 10 pages from the previous 25-page version has some positive elements. It emphasizes prioritizing grants, 50% of non-debt funding, 'loss and damage', and the significance of a just energy transition and fulfilling human rights. These aspects highlight the importance of addressing climate change in a comprehensive manner.Finance - The New Collective Quantified Goal
The latest draft NCQG text is considered "glaringly incomplete" without the concrete finance goal numbers. This is the crucial foundation of any agreement at COP29. Regarding the contributor base, there is an option for developing countries to contribute voluntarily without it being accounted as NCQG. Many experts believe this lack of clarity is a significant setback.As Sanjay Vashist, Director of Climate Action Network South Asia (CANSA), pointed out, "We are disappointed to see no clear NCQG numbers in the draft text. It includes some good elements, but the attempt to erode references to historical polluters' obligations is concerning. We need a clear mobilization goal of at least $500 billion per year from developed to developing countries."
Harjeet Singh, Global Engagement Director for the Fossil Fuel Non-Proliferation Treaty Initiative, also emphasized the need. He said, "We must focus on the vast sums required - trillions - and ensure these funds are provided as grants to protect climate-vulnerable nations from additional financial burdens."
Carbon Market, Mitigation, and Adaptation Fund
On Thursday, multiple texts on other crucial issues such as the carbon market, mitigation, and adaptation fund were also released. Differences among nations are expected to be resolved before the final decision on Friday. During the ongoing plenary discussions, even rich nations have expressed concerns, stating that the text offers no real progress.An EU representative told the negotiators that the text is "imbalanced and unworkable, and unacceptable." The Umbrella Group sought clarity on the overall finance package, with Australia wanting the new finance mobilization goal to apply to developing countries as well.
A speaker on behalf of the 'G77 plus China', representing 134 developing countries including India, emphasized the need for a clear quantum of finance. They stated that they cannot leave Baku without a mobilization goal of at least $500 billion per year out of the total annual $1.3 trillion package.
Urgency and the UN Secretary-General's Appeal
Sensing the urgency due to divergent views over the text, UN Secretary-General António Guterres directly appealed to ministers and negotiators. He urged them to soften their stances and find a way through their differences for a "bigger picture." He emphasized the need for a major push to deliver an ambitious and balanced package on all pending issues, with a new finance goal at its core. "Failure is not an option," he said.