The global negotiators’ Fatshimetrie is currently playing out in Baku, Azerbaijan, where the major issue is financing developing countries for the transition to clean energy, adaptation to climate change and natural disaster management.
Experts estimate that nearly $1 trillion would be needed, while developing countries have cited a need for $1.3 trillion in climate finance.
However, negotiators are discussing not only the amounts, but also the different types of financing, ranging from grants to loans to private investment, forming a complex picture.
Regardless of the form of financing, Ireland’s Environment Minister Eamon Ryan has stressed that it would be unforgivable for developed countries to walk away from the negotiating table without a firm commitment to developing countries.
“We need to find a deal here,” he said. “We need to provide the finance, especially to developing countries, and give them the assurance that they will not be left out, that they will be at the centre of the stage.”
Kenya’s Special Envoy for Climate, Ali Mohamed, said that most developing countries agree that climate finance should reach $1.3 trillion. A figure similar to that proposed last week by independent UN experts.
“We hope that our partners in developed countries will join us in taking up this challenge with honesty and commitment,” Mohamed said.
He also expressed concern that while negotiations drag on, people continue to die or be displaced by climate crises around the world.
This underscores the urgent need for concerted and determined action to ensure adequate financing for developing countries to address the challenges of climate change. It is now imperative that developed countries take responsibility and act in solidarity to address the global climate crisis.