ROMA – The first week of Cop29, the new round of United Nations negotiations on the fight against global warming, ended in Baku. The first half of the summit is over, but there is almost nothing definitive on the table. This is the incipit of Lorenzo Tecleme’s article published by Valori.itnews on ethical finance and sustainable economydirected by Andrea Barolini. The objective of the meeting is, first and foremost, to reach agreement on New Collective Quantified Goal (Ncqg): that is, the financial flows that from the rich North will have to finance the transition in the South, so-called in development. The first point is obviously the quantum. The old objective was 100 billion per year, some estimates suggest a requirement of over 10 thousand billion per year. A substantial report commissioned by the COP presidency speaks of 1,300 billion per year to be reached by 2035 at the latest, and the Latin American, African and Asian nations have followed this line.
No agreement on who the donors will be or how much they will give. But the discussion also focuses on the form of the transfer – loan or non-repayable – and on the donor base. In fact, there is no agreement on which countries should contribute, nor on how much of the money mobilized should be public and how much private. In short, the game is just beginning.
The state of the art at Cop29. “There is still a long way to go”, is the comment of Simon Stiell, president of the UN Convention under which the COPs are held, theUnfcccat the close of the first week. Exact same words used by Samir Bejanov, one of the negotiators of the Azerbaijani presidency.
25 pages of Byzantine diplomatic lexicon. A ritual formula, but not used inappropriately: the agreement is even difficult to imagine. The latest draft circulated is 25 pages – a lot for a text that is negotiated comma by comma. In fact, still not much more than a list of the options available. When it arrived on the journalists’ table there was a moment of optimism: compared to the previous version, many square brackets had disappeared, indicating – in the Byzantine diplomatic lexicon – the points of disagreement. But according to the specialized site Carbon Tracker, it was simply chosen to add curly brackets with a similar meaning. In short, everything (or almost everything) still needs to be done.
Meanwhile, the G20 summit is about to open in Rio De Janeiro. And as often happens, the leaders talk to each other. “As the G20 leaders head to Rio de Janeiro, the world is watching and expecting strong signs that climate action is a critical business for the world’s major economies,” Stiell says. «The G20 was created to address problems that no country, or group of countries, can address alone. On this basis, the global climate crisis should be at the top of the agenda next week in Rio.” Time, however, is not infinite: COP29 is scheduled to close on the 22nd of this month.
* Lorenzo Tecleme – Valori.it
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