First draft text on new climate finance targets for post-2025 released | India News – Times of India

BAKU: With the first draft decision text on new climate finance targets beyond 2025 Released here Wednesday at CO, amid huge disagreements between rich and developing countries on this issue, UN climate body said developing countries would need $1.1 to $2.4 trillion annually by 2030, and as much as $2.9 trillion by 2035, to meet mitigation targets.
At the very least, this could be an indication for rich country negotiators on the requirements as developing countries struggle to get a deal on getting at least $1.3 trillion a year from their developed counterparts, with a significant provision component for adaptation, mitigation and loss. and damage.
However, developing countries do not want this in the form of ‘investments’, as is often the case at the moment climate financing The discussions focus on investments in mitigation measures.
Although the new text mentions the amount ($1.3 trillion), the other, much smaller options are also in brackets, with caveats on the nature of climate finance, which will not be acceptable to developing countries.
Developing countries indicated that climate finance must be “adequate, predictable, accessible, grant-based, at low interest rates and long-term”. Developed countries have not introduced any figures so far.
Referring to the text, developing countries have already pointed out that it was an attempt to use weak language to avoid providing real grant-based financing. Negotiations at CO would therefore lead to more texts on a new climate finance target – called the New Collective Quantified Goal. (NCQG) – In the coming days, countries must sort out their differences. In all likelihood, more intensive discussions on some convergence in the final text are expected next week, when ministers are present.
Albanian Prime Minister deviates from script, speech causes commotion
Albanian Prime Minister Edi Rama caused an uproar at CO on Wednesday, claiming that nothing had actually changed in the real world, despite major calls from leaders, who he said lacked a common political will to go beyond words and unite for meaningful action. Citing an observation he made a day earlier, Rama said he decided to abandon his “well-prepared speech” after watching the “silent TV” in the leaders’ lounge.
“People eat, drink, meet and take photos together, while images of voiceless speeches by leaders play on and on in the background. To me, this looks exactly like what happens every day in the real world,” he said.
A special envoy says the US will continue on the path of decarbonization
US Special Presidential Envoy for Climate John Podesta put on a brave face amid the threat of dilution of climate action under Donald Trump, saying the US economy would continue on the path of decarbonization and reduce emissions for years to come, thanks to the historic private sector investments made possible by the Inflation Reduction Act under President Joe Biden.
Delivering his country’s statement here at CO, he said the US is on track to meet President Biden’s ambitious international public finance commitment of $11 billion per year by the end of 2024. He emphasized that U.S. negotiators must first identify key negotiation outcomes. including Article 6 (carbon market) and a robust new climate finance target here at the climate conference.
“It must be multi-layered, with an ambitious, realistically achievable support layer involving new contributors… supported by a set of qualitative elements that evolve the international financial architecture,” Podesta said in the context of the new post-2025 financial target .