What will the new collective quantitative goal for climate finance look like, and what debates are unfolding around it in advance of COP 29, to be held in Baku? On these and other issues, "Khazer" Eco-Cultural NGO Expert Aram Gabrielyan gave a report during "Ahead of COP 29" roundtable held on October 17 in Yerevan.
The roundtable was organized by the Heinrich Boell Foundation Yerevan Office - South Caucasus Region as part of “Strengthening Communities in Implementation of Climate Policy in Armenia through Participation and Awareness Raising" project implemented by "EcoLur" Informational NGO.
In his report on "Long-term Financing and Mechanisms for International Cooperation in Addressing Climate Change Issues," Aram Gabrielyan revisited key points from COP 21. "Article 9, Paragraph 3 of the Paris Agreement establishes that developed countries should continue to lead in mobilizing finance within global efforts. The decision at COP 21 set a goal of mobilizing a minimum of USD 100 billion annually by 2025, considering the needs and priorities of developing countries," he noted.
According to Gabrielyan, it was simultaneously decided to establish a "New Collective Quantified Goal on Climate Finance" (NCQG) no later than 2025.
The speaker noted that setting the NCQG has raised several issues and questions. He explained that developing countries, as always, demand that only developed countries bear financial obligations, while developed countries argue that developing countries should also contribute.
The speaker also discussed the ongoing debate surrounding these questions and highlighted key points in circulation. "It has been suggested that the NCQG should represent only a portion of international finance, and the quantitative allocation should comprise three separate components. Reviews should occur every five years, starting in 2030, rather than in 2035. Credit-based funds should only be counted if they have the nature of grants. At the same time, 'Nature (Climate) for Debt' scheme has been deemed unacceptable as a component of the NCQG. In this context, private financing is problematic as it creates opportunities for abuse and manipulation," he said.
"The principle of 'the polluter pays' should form the foundation of financing, regardless of a country's status—whether developed, developing, or least developed. The level of impact on the climate system should be based on the equal natural right and responsibility of all people to utilize climate resources. The total financing amount cannot be subject to arbitrary bargaining but must be justified by and derived from the need to preserve and restore the Earth's climate system," Aram Gabrielyan noted.
Gabrielyan also emphasized the importance of maintaining an Armenian representative in the COP 29 Bureau.
"The Bureau is the executive body of the conference that shapes the entire work process, and our representative also represents 24 countries from Eastern and Central Europe, including Azerbaijan. This is a highly significant role if it is conducted appropriately. The Bureau's mandate lasts one year and will expire before COP 29. However, there is an opportunity for the Bureau member to continue participating for a second term," he said. Aram Gabrielyan underscored that the next Bureau will be formed during COP 29 and will be chaired by the Minister of Ecology and Natural Resources of Azerbaijan, Mukhtar Babayev. "Our main work will begin after COP 29. It is essential that the Ministry of Foreign Affairs makes every effort to ensure that our Bureau member's candidacy is maintained for a second term. This is crucial; otherwise, it would be a disadvantage for Armenia," he added.
This article was prepared within the framework of "Strengthening Communities in Implementation of Climate Policy in Armenia through Participation and Awareness Raising" project, which is implemented in cooperation with the Heinrich Boell Foundation Yerevan Office - South Caucasus Region.
The content of the article is solely the responsibility of the author, and it cannot in any way be perceived as the viewpoint of the Heinrich Boell Foundation Yerevan Office - South Caucasus Region
October 29, 2024 at 13:27