Mposha says COP29 a flop after failing to deliver $1.3 trillion climate finance

Minister of Green Economy and Environment Mike Mposha says the just-ended Conference of Parties (COP) 29 of the 2024 United Nations Climate Change Conference failed to live to the expectations of the developing countries.

During the media briefing on the outcomes of the 29th session of COP29 held from November 11 to 23rd, 2024 in Baku, Azerbaijan, Mr Mposha said COP29 was dubbed the “finance COP” because one of the key agenda items was establishing the new collective quantified goal (NCQG).

This goal refers to the resources that developed countries need to mobilise to support developing countries in their mitigation, adaptation and loss and damage programmes.

“I am afraid to report here that COP29 failed to live up to its theme of “finance cop” when it only managed to deliver a paltry US$300 billion against the actual needs of US$1.3 trillion desperately needed by developing countries to finance their climate actions,” Mr Mposha said.

He said weeks prior to COP29, the United Nations Environment Programme 2024 adaptation gap report entitled “Come hell and high water: as fires and floods hit the poor hardest, it is time for the world to step up adaptation actions” estimated the adaptation financing gap at US$387 billion.

Mr Mposha said this is the shortfall amount of money that developing countries need each year to implement their nationally determined contributions and national adaptation plans between 2020 and 2030.

He said tackling the intensifying impacts of climate change requires trillions, not billions, of dollars, a cost far beyond the reach of poorer nations.

Mr Mposha added that the third report of the independent high-level expert group on climate finance, which was launched at COP29 on November 14, 2024 estimated the financial requirements for developing country parties to be US$1.3 trillion per year through 2035 to cover mitigation, adaptation and loss and damage.

“It was therefore our expectation that COP29 would deliver US$1.3 trillion in climate finance if it were to be deemed successful. This was particularly important because COP29 was tasked to come up with a new financing goal, the so-called new collective quantified goal (NCQG),” he said.

Mr Mposha said this new financing goal was intended to replace the annual US$100 billion target established in 2009, which was barely met in 2022, two years behind schedule.

He said the walk outs and protestations by developing country parties, including the African Group of Negotiators (AGN); the least developed countries (LDCS); the small island developing states; and the group of 77 and China, during the closing days and hours of COP29 were understandable and justified.

The minister said while on the global goal on adaptation, COP29 made some progress that will lead to the adoption of indicators to measure progress on the implementation of adaptation actions at COP30 in Brazil in 2025, parties failed to reach an agreement on mitigation on how the outcomes on the global stocktake undertaken at COP28 in Dubai in 2023, including a key pledge to transition away from fossil fuels, should be taken forward, instead postponing the decision to COP30 in Brazil next year.

On the sidelines of the COP29 negotiations, Zambia also had several bilateral engagements from which several key achievements were recorded.

Mr Mposha said Zambia signed two Bilateral Cooperation Agreements and a Memorandum of Understanding on Article 6 with Sweden, Norway and Singapore.

“The signing of the Bilateral Cooperation Agreements as well as the MoU is an important step towards establishing concrete climate projects that reduce greenhouse gas emissions. most importantly, these bilateral agreements will help Zambia to diversify her project portfolio from focusing only on nature-based projects to include renewable energy and clean cooking projects with ready market for the carbon credits to be provided by Sweden, Norway and Singapore.

“All these three partners have the highest integrity and credibility in carbon trading,” he said.

Additionally, the minister said the goal of these bilateral agreements is to enhance access to renewable energy which is a vital step in eradicating poverty, reducing inequality and stopping climate change.

“Through the new Norwegian State guarantee scheme, Norway will help to mobilise both private and public sector capital for investments in renewable energy in developing countries by reducing risk and thereby lowering capital costs for investors,” Mr Mposha said.

He said this provides a great opportunity for the private sector in Zambia to access affordable financing for renewable energy projects while creating thousands of green jobs.

“The carbon credits to be generated from such projects have guaranteed buyers in Norway, Sweden and Singapore,” he said.

By Benedict Tembo