Developed Nations Push to Expand Climate Finance Contributions

As the new climate finance goal deadline nears, developed nations propose expanding the list of countries responsible for funding, targeting high-emission countries like China, Russia, and Saudi Arabia. Developing nations argue this shift undermines equity principles and risks stalling negotiations at COP29 in Baku.

As the deadline to agree on a new climate finance goal approaches, developed nations are advocating for an expanded list of countries to contribute funds to assist developing nations in tackling climate change. Switzerland has proposed criteria aimed at broadening the donor base. Submissions to the United Nations Framework Convention on Climate Change (UNFCCC) suggest that wealthy nations may pressure countries with high emissions and substantial gross national income (GNI) per capita, such as Saudi Arabia, Russia, and China, to contribute.

According to the 1992 UNFCCC, high-income industrialized nations, known as Annex II countries, are responsible for providing financial aid and technology to help developing nations combat and adapt to climate change. These nations include the US, Canada, Japan, Australia, New Zealand, and EU member states like Germany, France, and the UK. However, some developed nations argue the global economic landscape has shifted significantly since 1992. They suggest that wealthier countries during this period, like China and certain Gulf states, should also contribute to the new climate finance goal.

In a recent submission to UNFCCC, the European Commission emphasized, ''The collective goal can only be reached if parties with high GHG emissions and economic capabilities join the effort.'' Meanwhile, the US maintained that while current contributors will continue supporting developing nations, others with the ''capacity to support'' should be held accountable. They indicated contributions from these nations could enable a larger support quantum for the NCQG. Developed nations like Switzerland have spotlighted countries such as Saudi Arabia, Russia, and China for their proposals, citing economic and emissions criteria.

(With inputs from agencies.)