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COP29 Climate Finance Dispute
Developed and developing nations clash over climate funding at COP29, with disputes over accounting and the scale of needed investments.
French
France
International RelationsClimate ChangeFranceEnergy SecurityFinanceGlobal PoliticsDevelopment
Oxfam
Romain Weikmans
- What are the needs of developing countries in the face of the climate crisis?
- Developing nations require substantial funding to address climate change impacts, far exceeding the initially proposed 100 billion dollars. The scale of needed investments is massive and continues to grow as climate change effects worsen.
- What are the main points of contention regarding the accounting of climate finance?
- Controversies arise from differing accounting practices; developed countries often count loans and investments alongside grants, while developing countries seek transparent, verifiable, and genuinely new funding.
- How do controversies over climate financing undermine trust between North and South?
- Disputes over funding accounting methods erode trust between developed and developing nations. Wealthier nations often include loans and investments as climate finance, while developing countries demand grants and additional, new funding.
- What percentage of declared climate finance is actually considered new and additional funding, and what are the implications?
- Only a fraction of declared climate finance is genuinely new and additional; Oxfam estimates only one-third of the 116 billion dollars reported in 2022 meets these criteria, highlighting the need for greater transparency and accountability.
- What is the estimated cost of reducing emissions and adapting to global warming, and what are the proposals from Southern countries?
- The cost of emission reduction and adaptation is complex to calculate, with estimates reaching 5.9 trillion dollars by 2030. Southern countries propose new annual targets of 1 trillion to 1.3 trillion dollars, emphasizing the need for verifiable, public funding.