The AGN said it is critical that Parties agree to specific commitments to reduce the high cost of capital, increase mobilisation ratios, and extend the reach of non-debt financial instruments
As the global community anticipates the release of the final draft proposal to reach a decision-making point regarding the primary objective, the New Collective Quantified Goal (NCQG), of the 29th Edition of the United Nations Climate Change Summit (COP29) in Baku, the African Group of Negotiators (AGN) has reiterated its expectations concerning the outcomes of these final drafts.
On Thursday, a palpable sense of anxiety permeated the air in the negotiating halls of COP29. The vibrant capital of Azerbaijan, Baku, became uncomfortable for many with such feelings who suspect that this year’s COP may likely overrun their schedule amidst perceived weak commitment and sabotage from wealthy nations.
The tension escalated following the unveiling of a new draft proposal by the United Nations Framework Convention on Climate Change (UNFCCC).
Many negotiators from the Global South expressed disappointment and displeasure, stemming from the feeling that the document did not adequately address their critical expectations and demands, casting a shadow over the ongoing discussions and hopes for a meaningful agreement.
This was met with several reactions and critiques from different negotiating groups, with the UN Secretary-General, Antonio Guterres, urging world leaders and negotiators to find a compromise in relation to an ambitious NCQG.
Disappointed heads of different negotiation blocs have described the shortfall in the proposed text as a backslide and one of the weakest texts in the second week of COP.
On Thursday, the African Group of Negotiators said it is eagerly awaiting for an updated draft proposal on moving the NCQG to a decision-making point as COP29 draws to a close on Friday.
Core demands
Below are some of the key demands and expectations put forward by the African negotiating bloc:
The NCQG must deliver a responsive finance goal for developing countries that responds to our the evolving needs and priorities;
It must be geared towards supporting the implementation of National Determined Commitments, National Adaptation Plans.
Unlike the USD 100B per year commitment, this goal should avoid an input-based finance target which does not clarify the set of climate outcomes to be supported.
The provision of public finance is central to any finance mobilisation efforts. Therefore, the NCQG must include a core public finance provision target by developed countries and an additional mobilisation target.
The core allocation of the NCQG shall consist of two components, a publicly provided and a publicly mobilised element which will yield a total quantum goal of USD 1.3 trillion per annum between 2026 and 2030.
The Provision component should be set at USD 600 billion per annum in grant and grant equivalent terms to support the mobilisation goal.
We need to establish burden-sharing arrangements for developed country Parties based on historical emissions and GDP per capita in the delivery of the goal.
To enable the necessary levels of mobilisation, which continue to be a fundamental challenge in Africa, the AGN said it is critical that Parties agree to specific commitments to reduce the high cost of capital, increase mobilisation ratios, and extend the reach of non-debt financial instruments.
