HAS COP29every day is a “stage day”, at least for the journalists, who have to run from one block to another, trying to follow the different sessions taking place simultaneously, while trying to reach the delegations of their countries respective. .

Negotiations, on the other hand, are getting nowhere, as developed and developing countries bicker over the new climate finance target, aka the new quantified collective target.

COP29 has had a rocky start from the very first day, and what little progress has been made is on standards to boost the global carbon market under Article 6.4 of the landmark agreement. Paris Agreement signed in 2015.

Some countries were unhappy with the way these guidelines were rushed through without any debate, which could pose a problem at a later stage.

There is, however, little progress on what carbon markets will look like and how countries will reach consensus on carbon credits, which are supposed to provide solutions to climate problems.

Controversial carbon markets and non-operationalization of the Loss and Damage fund among the main sticking points

In the evening, after a delay of several hours, the parties managed to agree in principle on a draft new financial target, but it will take a long time before a final agreement is reached.

Apparently, money earned from carbon markets will be part of climate finance – a contentious issue between North and South – because even after more than a decade, its terms have yet to be worked out.

Interestingly, some Latin American countries, such as Venezuela and Ecuador, which had opposed such plans at every climate conference, apparently gave in this time.

Activists and members of civil society present at COP29 consider these credits to be “false solutions”, which do not suit them.

Where are the losses and damages?

Let’s put this controversial topic aside for a minute. Even the Loss and Damage Fund (L&D) – which was operationalized at COP28 in Dubai – has not gained momentum.

Of the more than $700 million pledged at the last COP, only $10 million was delivered and came from Japan, according to Loss and Damage Collaboration.

The fund was created at COP27 after 31 years of “inaction, delay and obfuscation by developed country parties since the first proposal for a loss and damage financing mechanism was tabled by Vanuatu on behalf of the Alliance of Small Island States (AOSIS) in 1991. .

Currently the fund is empty.

The World Bank, which provides the secretariat for this fund, claims to have no control over the money supposed to be paid into this account.

Arif Goheer, executive director of the Global Change Impact Study Centre, said: Dawn at the Pakistan Pavilion, the losses were in the trillions, and the L&D Fund was not equipped to deal with them.

“Loss and damage does not even have procedures,” said Mr. Goheer, who is aware of the negotiations, adding that the fund should be supplemented with a sufficient amount of money, taking into account the vulnerabilities of different states, particularly from the most affected states. no ability to adapt.

According to Mr. Goheer, since the L&D Fund is intended for emergencies and natural disasters, it should be granted instantly to help countries cope with them, instead of tying it to project-based financing.

On the negotiations, he said the G-77 and the Chinese bloc, which also includes Pakistan, want easy climate funds as well as simple procedures to access them. Negotiations to agree a climate finance target will continue on Saturday, the official added.

Global assessment