Climate Finance Battle: Who Will Pay for the Future?

With a new climate finance goal deadline approaching, developed nations propose expanding the list of donor countries to include emerging economies like China and Saudi Arabia. Developing nations argue this shift undermines equity principles, risking negotiation delays at COP29. Activists emphasize the historical responsibilities of industrialized countries.

As the deadline to finalize a new climate finance goal draws near, developed nations are lobbying to broaden the list of countries required to contribute funds to assist developing nations in addressing climate change. Switzerland is notably advocating for criteria to expand the donor base. Recent submissions from developed countries to the United Nations Framework Convention on Climate Change (UNFCCC) indicate potential pressure on nations like Saudi Arabia, Russia, and China, which have high emissions and high gross national income (GNI) per capita, to join the contributor list.

According to the 1992 UNFCCC, high-income industrialized countries are responsible for financing and providing technology to help developing nations combat climate change. These countries include the US, Canada, Japan, Australia, New Zealand, and members of the European Union. However, some developed countries now argue that the global economic landscape has significantly changed since 1992, suggesting that wealthier nations emerged during this period should also contribute to the new climate finance goal.

Developing countries see this push as an attempt to redistribute responsibility from historically industrialized nations, which have significantly contributed to greenhouse gas emissions. They argue that this move could derail negotiations at COP29 and underestimate the principle of equity. Climate activists warn that focusing on expanding the contributor base undermines the UN climate convention's core principles, calling for developed nations to honor their financial commitments to avoid stalling critical climate action.

(With inputs from agencies.)