With only two months to go before the 29th UN Climate Change Conference, the recently concluded climate talks in Baku have left little promise, as the last round did not offer any substantial direction on the technical aspects of the New Collective Quantified Goal on Climate Finance, particularly on critical concerns raised by the Global South.
Uncertainty still looms over the ambitious idea of providing finance for vulnerable countries, while more and more pressure is being directed on them to “change the policy environment.” Countless rounds of discussions have failed to give the affected countries even an inkling of what the developed world would bring to the table.
A move dubbed as bad faith by experts, this silence should have long been replaced by a greater determination to deliver their fair share instead of dabbling in debt instruments.
If the Global North believes it can resolve the climate crisis by opening a can of worms with the debt crisis, it better look at the story of the much-talked-about $100-billion target, which although fulfilled by the rich nations, was nothing but a re-packaged programme of more debts, existing aid pots and hollow promises. No matter what the policy papers may proclaim, burdening these countries with unsustainable loans did not help move the needle away from the boiling point.
Why is it that shrill alarm bells ringing over 2023 being the warmest year on record and apprehensions over global temperatures soon exceeding 1.5C above pre-industrial levels continue to be shrugged off as a non-affair by a large majority of world leaders?
They are similarly unconcerned about scientific reports cautioning that the economic damage wrought by climate change could be six times worse than previously thought. Can industrial greed really make it easier to close one’s eyes and let vulnerable countries deal with catastrophes on their own?
Every now and then, they are advised to build resilient infrastructure and make necessary adaptations to live with a changing climate, but to no one’s surprise, these “well-wishers” do not know how to respond when asked who would foot the bill. *