New Climate Finance Goal Agreed Upon in Azerbaijan

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This is not the first time that the Parties to the United Nations Framework Convention on Climate Change have decided to set a finance goal; in 2009, the $100 billion annual goal by 2020 was adopted. This was supposed to take into account “the needs and priorities of developing countries.” With a renewed set of temperature goals, necessary climate action, and transparency mechanisms in Paris, such a new collective goal must adequately support all of these.. The NCQG sets the target amount of financing, or quantum, that needs to be raised to implement measures by which developing countries can respond to climate change and protect their people from its adverse impacts.

The new collective goal on climate finance was, unsurprisingly, met with a feeling of collective disappointment. There was no binding agreement that compelled developed nations to contribute to the goal through public finance as they were only charged to “take the lead” in achieving the goal. For the Philippines, like many other developing nations, the devastating impacts of climate change are felt far more profoundly. Extreme weather events such as tropical storms worsen over time, while effects of slow onset events like sea-level rise gradually become more pronounced. Costs for responding to the consequent loss and damage from these impacts would be a heavier burden on economies that already simultaneously have to contend with poverty and other social inequities.

If developing countries, vulnerable groups, and local communities are compelled to accept a lopsided proposal to save multilateralism’s face despite their sound and unequivocal objections, then how can we aspire for more ambitious goals, for enabling more urgent actions, or even strive for a better future for all?

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