Baku, Azerbaijan - China has reiterated its refusal to become a contributor to climate finance at the 29th Conference of the Parties (COP29), dealing a significant blow to negotiations on a new collective quantified goal (NCQG) for climate finance.
In a closed-door meeting at COP29, China stated that the conference should not aim to renegotiate existing agreements and firmly rejected the notion of becoming a climate finance contributor. China argued that instead of discussing who should contribute, the focus should be on how much existing contributors can provide.
As the world’s largest carbon emitter, China’s classification as a developing country under the United Nations Framework Convention on Climate Change (UNFCCC) has allowed it to avoid the financial obligations of developed nations. This exemption has been a longstanding point of contention in international climate negotiations.
In its annual report on climate action, released on November 11, China explicitly stated its intention to avoid "debt discussions" in climate negotiations. The report emphasized that financing is the responsibility of developed countries, not a burden for China.
China's President Xi Jinping further reinforced this stance in a speech at the United Nations Conference on Trade and Development (UNCTAD) in June, arguing that "the economies of developed countries and China should not be treated equally."
The Chinese government's position has created a major obstacle to reaching a consensus on the NCQG, which is a key goal of COP29. Developed countries have been pushing for an upward revision of the goal and believe that including China as a contributor is essential.
Developing countries, on the other hand, have called for a significant increase in climate finance, demanding at least $1 trillion in public finance and an additional $5 trillion in private finance, primarily in the form of grants rather than loans. Developed countries have expressed reservations about meeting these demands, citing the failure to meet the previous goal of mobilizing $100 billion annually by 2020.
China's stance has further complicated the already complex negotiations on climate finance, raising concerns about the ability of the international community to address the climate crisis effectively.
[Copyright (c) Global Economic Times. All Rights Reserved.]
