New climate financing goal expected
China will collaborate with other Global South countries at an upcoming conference to push for a new, ambitious climate financing goal from developed nations that can adequately support climate actions in developing countries. Formerly known as the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change, COP29 is slated to be held in Baku, Azerbaijan, from Nov 11 to 22. Xia Yingxian, director of the Ministry of Ecology and Environment's Department of Climate Change, made the remarks at a news conference organized by the State Council Information Office in Beijing on Friday. Emphasizing the critical need to adhere to the objectives and principles outlined in the Convention and the Paris Agreement, Xia expressed China's aspirations for COP29 to send a resoundingly positive message that the global climate multilateral process is irreversible and that international cooperation is absolutely essential. He highlighted that the UN assembly must enhance the efficacy of global endeavors in combating the climate crisis, offer sustained momentum for worldwide green, low-carbon transitions and innovations, and buttress climate resilience. Xia especially underscored the pivotal importance of a specific climate financing target from developed countries for developing nations to achieve a successful COP29. A key task for the UN climate gathering is to establish a New Collective Quantified Goal on climate financing, which represents a post-2025 climate financing commitment from developed economies to developing nations. In 2009, developed countries pledged to deliver $100 billion per year in international climate funding by 2020. The 2015 Paris Agreement on climate change extended the target, requiring contributing nations to maintain the annual contribution through 2025. But the promise has not yet been fully materialized. Xia said parties should adhere to the authorization of Article 9 of the Paris Agreement. This means that developed countries must fulfill their funding obligations and continue to lead in mobilizing funds, rather than renegotiate or rewrite relevant arrangements, he said. Article 9 stipulates that "developed country parties shall provide financial resources to assist developing country parties with respect to both mitigation and adaptation in continuation of their existing obligations under the Convention". The official stressed a specific target number from developed nations as "golden key" and "master switch" to ensure fruitful outcomes from COP29. He stated that the conference must ensure that the level of support from developed countries aligns with the level of action taken by developing countries. Continuously aligning with fellow developing nations, China will press developed countries to meet their financial commitments and devise innovative and substantial financial assistance to adequately support climate initiatives in developing countries, he said. "China is willing to work together with all parties to make efforts for the success of COP29," Xia said.