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NOTE: On November 24 afternoon, Down To Earth carried the story on the discrepancy between the UN-released New Collective Quantifiable Goal document, and the UNFCCC press statement issued sometime after the conference came to its official end. While the former categorically mentioned about US$300 billion from all sources, the press statement only mentioned public finance. Though UNFCCC has not responded to the mail this correspondent sent at noon on November 24, seeking clarification on the discrepancy, it actually changed the press statement subsequently as it deleted the word ‘public’ and just mentioned finance. DTE stands vindicated.
The 29th Conference of Parties to the United Nations Framework Convention on Climate Change (UNFCCC) ended in the wee hours of November 24, close to 36 hours beyond the scheduled closure. The finally gavelled document mentioned $300 billion in climate finance support for developing countries by 2035 including all kinds of funding sources - public, private and others.
However, the UNFCCC statement, issued at about 4.30 am Baku time in English and multiple languages, points out that the agreement has led to “…Triple public finance to developing countries, from the previous goal of USD 100 billion annually, to USD 300 billion annually by 2035”. It is a statement that clearly varies from the official NCQG text.
This correspondent has already written to the UNFCCC press office, requesting an explanation on the apparent discrepancy between the two sets of documents. This story will be updated once a response is received.
The gavelled finance text is quite categorical about the quantity and quality of finance.
Paragraph 8 in the ‘New Collective Quantified Goal on Climate Finance’ text says:
“…Reaffirms, in this context, Article 9 of the Paris Agreement and decides to set a goal, in extension of the goal referred to in paragraph 53 of decision 1/CP.21, with developed country Parties taking the lead, of at least USD 300 billion per year by 2035 for developing country Parties for climate action…From a wide variety of sources, public and private, bilateral and multilateral, including alternative sources.”
However, the UN statement is contradictory.
The statement, dated November 24, 2024, under the heading “COP29 UN Climate Conference”, agrees to triple public finance to developing countries, protecting lives and livelihoods.
Paragraph 3 of the document states that it has been decided to “... Triple public finance to developing countries, from the previous goal of USD 100 billion annually, to USD 300 billion annually by 2035.”
Further emphasising the point, it reads in the next paragraph that the agreement “… Secure efforts of all actors to work together to scale up finance to developing countries, from public and private sources, to the amount of USD 1.3 trillion per year by 2035.”
While public finance is meant to flow from developed countries to developing countries directly either as grants or low interest loans, private finance can be roped in from several non- governmental sources which are expected to have interest and other stricter conditions linked to it, raising the possibility of climate debt by the vulnerable developing countries.
“The press statement by the United Nations Climate Change Secretariat glaringly misrepresents the truth, suggesting developed nations have pledged USD 300 billion annually in public finance. The stark reality is that this figure, already grossly insufficient, conflates all forms of funding, including loans, drawing widespread censure from developing nations such as India,” opined Harjeet Singh, climate Activist and Global Engagement Director for the Fossil Fuel Non-Proliferation Treaty Initiative.
“Developed countries persistently ignore the desperate pleas for substantial increases in climate finance, and moreover, the flawed negotiation process at COP29, where rich countries presented their finance targets on the final negotiation day, forcing talks into overtime, has only deepened the rift,” said Singh.