The first five texts out of COP29 in Baku, Azerbaijan — the official agreements outlining globally agreed strategies to combat climate change — are expected to be released after midnight on Thursday, with more to follow throughout the day.
These texts are the result of months of intensive discussions followed by robust negotiations at the COP29 meeting taking place this week and last.
The release shows the climate talks are now at a critical juncture, with negotiators working tirelessly to finalise outcomes.
Ministers now carry the responsibility of applying political pressure to ensure the conference delivers actionable outcomes and a clear road map for the allocation of public climate finance. One of the 17 key agenda items is the New Collective Quantified Goal (NCQG), a funding package aimed at enabling developed countries to assist developing nations with climate action.
Discussions around the NCQG focus on both the quantum of funding and the structure of the package, whether through traditional loans, concessional loans or grants.
On Wednesday evening, minister of forestry, fisheries and the environment Dion George, who is co-chairing the mitigation discussions, expressed optimism about securing an agreement by the end of the week.
A central issue remains the financing of mitigation efforts, with the long-standing $100bn annual commitment by developed countries still a focal point.
George stated that Africa actually required $1.3-trillion annually for effective climate action. But he acknowledged the challenges of securing such high funding levels in the short term, and emphasised the urgency of moving beyond at least the current $100bn commitment.
“Perhaps we won't get there, but we will go forward from the $100bn,” he said.
“[SA does] not have fiscal space for loans; therefore, we need grant funds or very highly concessional funds,” he added, also emphasising the importance of innovative financing models, such as private sector investment.
George has a modular approach to climate finance: “You can look at the NCQG as a basic component block, and then you can look at a second block, which would then be possibly a debt relief, or it could be concessional capital. And then countries that have not been contributing to the basic block have, in fact, already been contributing to that second block because they've been offering concessional financing.”
While this approach has gained some traction, George noted that “the geopolitical element has now come into play, quite to the fore” indicating ongoing complexities.
He also said that SA believed China, the world’s biggest emitter, should not have to contribute funds to developing countries, as it was a developing country itself.
SA’s role as a non-aligned negotiator had been pivotal, he said. He reiterated the country’s commitment to its Climate Change Act and a just energy transition that left no-one behind. The act, however, is not yet operational.
Addressing the language used in the negotiations, George urged for a “softer” approach. “There is also a view, which is an outlying view, that there is going to be this very hard stance, and we're going to ‘phase out’. I think that language is not going to be landing effectively. think it needs to be softer than that. I think that there are different circumstances for different countries, and that's been made very clear.”
However, climate experts have raised concerns over a “softer” approach, warning that the world needs robust action urgently to prevent irreversible climate change.
“We are fully committed to the path we're on... we want to transition. We know the complications of the transition because we are a developing economy country, but nothing has changed.
• Business Day’s COP29 coverage has been made possible by the Meliore Foundation, which has covered flight and accommodation costs
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