Rich rigid on climate finance, developing nations not ready to give up fossil fuels without C- The New Indian Express

Express News Service

DUBAI: The tug-of-war continues between developing countries and a group of rich nations, who are rigid on enhancing climate finance. Without CBDR (Common But Differentiated Responsibilities), a principle formalised in the UNFCCC, the phase down (or out) of fossil fuels is a no-go, said an Indian negotiator.

It’s not just the stand of India, but others as well. The negotiations that started after the new draft on global stocktake (GST) was released on Monday evening went on till 4 am on Tuesday.

Negotiators from Like-Minded Developing Countries (LMDC), the Arab Group, G77, China and the African groups have all stood united and sought for modification of para39 of the GST text, which calls for achieving net zero by around 2050 totally sidelining the principle of CBDR.

India has reportedly raised three concerns, which includes the exclusion of CBDR. “The developed countries might become net-negative first. We have to also understand that this is an issue of cumulative carbon space and developing nations have aspirations to fulfil. Everybody deserves a dignified life. In the absence of finance, we cannot just go for the phase-out of fossil fuels,” the official said and added that India opposed rapid phasing down of coal.   

Nobody is against increasing renewables, but the affordability and commercial viability of these green technologies must be taken into account. “The fight is going on around climate finance. We need trillions not billions. The developed countries, especially the United States, is not commiting on anything,” said a negotiator.

Meanwhile, the Arab Group has also pointed out that the IPCC report asks countries to become net zero to limit global warming to 1.5 degree Celsius, but doesn’t talk about zero fossil fuels. This line of argument from the oil and gas producing countries is nothing new. Many see this as a push for promoting Carbon Capture and Storage (CCS) technologies, which as of now manage to capture only 0.1% of global emissions.

Addressing reporters, Ambassador Majid Al Suwaidi said: “As you know, lots of parties felt it (GST text) did not fully address their concerns. We expected that. In fact, we wanted the text to spark conversations…and that is what happened. What we have seen since, is that the parties have deeply held and deeply split views…especially on the language around fossil fuels. It is important to be clear on something. The text we released was a starting point for discussions. Again, this is entirely normal for a consensus-based process. When we released it, we knew opinions were polarised…”

He said the presidency is calling for the highest possible ambition. “We are trying to agree on a comprehensive plan to close the gaps between where the world is, and where it needs to be to keep 1.5 degrees within reach. That is our North Star. That has been our North Star all along. Part of this is to include language on fossil fuels in the text. If we can, that would be historic.”

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<br /> DUBAI: The tug-of-war continues between developing countries and a group of rich nations, who are rigid on enhancing climate finance. Without CBDR (Common But Differentiated Responsibilities), a principle formalised in the UNFCCC, the phase down (or out) of fossil fuels is a no-go, said an Indian negotiator.</p> <p>It’s not just the stand of India, but others as well. The negotiations that started after the new draft on global stocktake (GST) was released on Monday evening went on till 4 am on Tuesday.</p> <p>Negotiators from Like-Minded Developing Countries (LMDC), the Arab Group, G77, China and the African groups have all stood united and sought for modification of para39 of the GST text, which calls for achieving net zero by around 2050 totally sidelining the principle of CBDR.googletag.cmd.push(function() {googletag.display(‘div-gpt-ad-8052921-2’); });</p> <p>India has reportedly raised three concerns, which includes the exclusion of CBDR. “The developed countries might become net-negative first. We have to also understand that this is an issue of cumulative carbon space and developing nations have aspirations to fulfil. Everybody deserves a dignified life. In the absence of finance, we cannot just go for the phase-out of fossil fuels,” the official said and added that India opposed rapid phasing down of coal.   </p> <p>Nobody is against increasing renewables, but the affordability and commercial viability of these green technologies must be taken into account. “The fight is going on around climate finance. We need trillions not billions. The developed countries, especially the United States, is not commiting on anything,” said a negotiator.</p> <p>Meanwhile, the Arab Group has also pointed out that the IPCC report asks countries to become net zero to limit global warming to 1.5 degree Celsius, but doesn’t talk about zero fossil fuels. This line of argument from the oil and gas producing countries is nothing new. Many see this as a push for promoting Carbon Capture and Storage (CCS) technologies, which as of now manage to capture only 0.1% of global emissions.</p> <p>Addressing reporters, Ambassador Majid Al Suwaidi said: “As you know, lots of parties felt it (GST text) did not fully address their concerns. We expected that. In fact, we wanted the text to spark conversations…and that is what happened. What we have seen since, is that the parties have deeply held and deeply split views…especially on the language around fossil fuels. It is important to be clear on something. The text we released was a starting point for discussions. Again, this is entirely normal for a consensus-based process. When we released it, we knew opinions were polarised…”</p> <p>He said the presidency is calling for the highest possible ambition. “We are trying to agree on a comprehensive plan to close the gaps between where the world is, and where it needs to be to keep 1.5 degrees within reach. That is our North Star. That has been our North Star all along. Part of this is to include language on fossil fuels in the text. If we can, that would be historic.”</p> <p>ALSO READ | Frustrated by lack of political will, says 12-year-old Indian activist who disrupted COP28 meet Follow The New Indian Express channel on WhatsApp<br />