At the UN climate conference in Baku, the EU is clearly ready to increase its offer for the new global framework for climate finance. On Saturday, some EU delegates in Baku named an annual amount of 300 billion dollars (287 billion euros) that should be achieved by 2035. The African group of states threatened that the negotiations would fail if there was no progress.
There was initially no official confirmation of the new EU offer. According to information from the delegations, the amount also depends on the design of the financial framework, i.e. which contributions are credited and how, as well as on the fulfillment of demands for further improvements in the decision texts. The industrialized countries have currently committed to contributions of 100 billion dollars, in addition to government subsidies, loans and private funds.
The African group’s spokesman, Ali Mohamed, told the AFP news agency on the sidelines of the negotiations: “Better no agreement than a bad agreement.” If the industrialized countries do not increase their supply, “the climate conference will fail,” he added. However, Mohamed also called for people to “make Baku a success.”
“We have to reach an agreement,” said Irish Environment Minister Eamon Ryan. He recognized that the financial needs of developing countries were enormous. However, the contributions of the industrialized countries should only be “a cornerstone” that must be supplemented by other “innovative financial sources”. Ryan did not initially mention the amount of $300 billion for contributions from industrialized countries. He also urged a clear commitment in Baku “to move away from fossil fuels.”
A proposal from the Azerbaijani presidency of the conference on Friday called for an increase in funding to $250 billion annually, with developed countries “taking the lead.” This was brusquely rejected by developing countries as inadequate. In addition to the amount, they are also bothered by the unclear description of the donor group.
The money is used to finance climate protection and adaptation to climate impacts in developing countries. They estimate their needs at $1.3 trillion annually until 2035. At the conference they called for at least $500 billion in contributions from industrialized countries by 2030. The amount of $300 billion by 2035 was also suggested by UN experts as a possible compromise line. The previous draft resolutions also include the amount of $1.3 trillion, but only as a vague, overarching financial goal.
Because of the slow negotiations, the World Climate Conference has been extended. It was actually supposed to end on Friday evening.
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How might the disparity between the EU’s increased climate finance offer and the demands of developing countries affect the willingness of developing nations to fully engage in future climate negotiations and agreements?
## World Today News Interview: The Baku Climate Conference Showdown
**Guests:**
* **Dr. Amina Diallo:** Climate Finance Expert and Lecturer at Oxford University
* **Mr. Javier Sanchez:** Head of Delegation for the Latin American Group at the Baku Climate Conference
**Host:** Welcome to World Today News. We are here to discuss the latest developments in the climate funding negotiations taking place at the UN Climate Conference in Baku. With us today, we have Dr. Amina Diallo, a leading expert on climate finance, and Mr. Javier Sanchez, Head of the Latin American delegation. Thank you both for joining us.
**Section 1: The EU’s New Offer**
**Host:** Dr. Diallo, the EU has reportedly increased its offer for climate finance to $300 billion annually by 2035. What are your thoughts on the potential impact of this offer?
**Dr. Diallo:** While the increase in the EU’s offer is encouraging, it’s important to consider the context. Developing countries are demanding at least $500 billion annually by 2030, citing the massive costs associated with climate adaptation and mitigation.
**Host:** Mr. Sanchez, how does the Latin American group view this new offer from the EU? Does it meet the needs of your region?
**Mr. Sanchez:** We appreciate the EU’s willingness to increase its contribution, but frankly, $300 billion by 2035 falls short of what we need. The impacts of climate change are already being felt acutely in Latin America, and we require significant resources to implement effective adaptation and mitigation strategies.
**Section 2: The African Group’s Position**
**Host:** Earlier this week, the African group threatened to walk away from the talks if there was no substantial progress on climate finance. Dr. Diallo, can you elaborate on the reasoning behind this stance?
**Dr. Diallo:** The African group, like other developing nations, recognizes that climate change disproportionately affects the most vulnerable communities. They are experiencing the brunt of extreme weather events and are struggling to adapt. Without adequate financial assistance, achieving climate resilience is a near impossibility.
**Host:** Mr. Sanchez, how do you view the potential implications of the conference failing from the perspective of international cooperation?
**Mr. Sanchez:** Failure to reach a consensus in Baku would be a devastating setback for global climate action. It would send a dangerous message about the lack of commitment from developed nations to address this existential threat. This would erode trust and potentially undermine future negotiations.
**Section 3: Innovative Financing and Fossil Fuels**
**Host:** Irish Environment Minister Eamon Ryan talked about the need for “innovative financial sources”. Dr. Diallo, what innovative financing mechanisms could play a role in bridging the funding gap?
**Dr. Diallo:** There are various innovative approaches being explored, including carbon pricing, green bonds, and debt-for-nature swaps. These mechanisms aim to mobilize private sector investment and redirect financial flows towards climate-resilient development.
**Host:** Mr. Sanchez, Minister Ryan also emphasized the importance of transitioning away from fossil fuels. What are the Latin American region’s priorities in this regard?
**Mr. Sanchez:** Latin America is committed to a just and equitable energy transition. We recognize the need to phase out fossil fuels but require support from developed nations in terms of technology transfer and financial assistance to invest in renewable energy sources.
**Section 4: Looking Ahead**
**Host:** We know the conference has been extended. Dr. Diallo, what are your hopes for the outcome of these crucial negotiations?
**Dr. Diallo:** It is essential that developed nations demonstrate genuine leadership by increasing their commitments and providing predictable and accessible funding to developing countries. We need concrete action to address the climate crisis and secure a sustainable future for all.
**Host:** Mr. Sanchez, what message would you like to leave our viewers with regarding the importance of these negotiations?
**Mr. Sanchez:** The time for empty promises is over. We need tangible action on climate finance. Failure to address this issue will have devastating consequences for generations to come. This conference is a critical turning point, and we urge all parties to work towards a just and equitable solution.
**Host:** Thank you both for sharing your insights. We will continue to follow the developments at the Baku Climate Conference and provide updates to our viewers.
