Developing countries have called for over $1.3 trillion annually, a significant increase from the previous $100 billion target. This proposed funding aims to facilitate the shift to clean energy and address climate-related challenges in less affluent nations, announced during discussions on energy transition issues at the 29th COP conference on Thursday.
The COP29 Presidency, in collaboration with the International nergy Agency (IEA), has convened high-level energy transition dialogues in the coming days to build international consensus on pathways to drive energy sector emissions to net zero and limit global warming, focusing on implementing commitments made in previous COP meetings.
"Overall, COP29 continues to serve as a critical platform for advancing the global energy transition, with ongoing negotiations aimed at securing financial commitments, enhancing national emission reduction targets, and addressing the complexities introduced by recent political developments," said Abul Kalam Azad, Manager of Just Transition at ActionAid Bangladesh.
Azad added, "We can see that Just Energy Transition negotiations are on track in addressing the pressing need for a fair global energy shift. However, discussions on finance and technology transfer remain unclear. The Global South requires support in both funding and capacity to accelerate this transition, with a central focus on establishing a new climate finance goal to aid developing nations in their efforts."
Despite the absence of the world's two major polluting countries, the USA and China, negotiations have touched on the necessity of phasing out fossil fuels. Some nations are advocating for a clear timeline to transition away from coal and other high-emission energy sources, aiming to align global practices with the goals of the Paris Agreement and limit global warming to 1.5°C.
During the session, some countries presented "National Emission Reduction Pledges." The United Kingdom announced an ambitious plan to reduce carbon emissions by at least 81 per cent by 2035, emphasising the role of renewable energy in achieving significant emission reductions without necessitating major lifestyle changes for the public.
The meeting also discussed the impact of recent U.S. political changes, including the election of Donald Trump, which has introduced uncertainty regarding the United States' stance on climate policies. Trump's past intentions to withdraw from international climate agreements and promote fossil fuel production have raised concerns about potential setbacks in global climate action. However, U.S. climate envoy John Podesta reassured that efforts to combat climate change will continue, underscoring the resilience of climate initiatives despite political shifts.
Bangladesh pledged to produce 40 per cent of its electricity from renewables by 2041. To meet this target, the country is shifting investments away from coal, oil, and gas.
Currently, the energy sector accounts for about 55 per cent of Bangladesh's greenhouse gas emissions, followed by agriculture, forestry and land use, waste, and industrial processes. Bangladesh estimates it will need between USD 80 and 100 billion from 2030 to 2050 to achieve its renewable energy goals.
"COP29 represents a key opportunity to advance a fair energy transition and address the primary needs of residents in developing countries," said Rabab Fatima, UN Under-Secretary-General and High Representative for Least Developed Countries, Landlocked Developing Countries, and Small Island Developing States. She added that she hopes COP29 will address critical issues impacting the least developed countries.
"Climate financing is the top priority. One of the conference's main objectives is to provide $100 billion annually in climate aid to countries in need. In Baku, we aim to set a new climate finance goal. We also support reforms in climate financing architecture, as achieving this is vital for both the current situation and future developments," Fatima emphasised.
The UN Under-Secretary-General added that another important issue expected to progress during COP29 is the launch of the International Loss and Damage Fund. "Following consensus reached at COP28, the full operationalisation of the International Loss and Damage Fund is a priority. We anticipate further advancements in Baku to ensure timely assistance to countries most affected by climate impacts, strengthening global solidarity and climate justice. We are working closely with the Azerbaijani government to support COP29 initiatives and achieve successful outcomes, pursuing a fair, inclusive, and ambitious climate agenda," concluded Rabab Fatima.
"We are fully committed to advancing all of your recommendations within the framework of intergovernmental processes and initiatives," stated UN Secretary-General António Guterres at the launch of the UN Panel on Critical Energy Transition Minerals' report.
The report outlines nine principles and five recommendations to empower communities, foster accountability, and ensure that clean energy promotes equitable and resilient growth in mineral-producing countries in the Global South.
The Secretary-General also announced the establishment of a high-level expert group to follow up on the panel's recommendations concerning benefit sharing, value addition, and economic diversification, with a view to unlocking the potential of local mineral resources to foster greater equity and justice in producing countries. Guterres also committed UN agencies to support the panel's accountability and traceability proposals, ensuring that human rights are protected throughout mineral value chains.
