Unlocking Climate Justice: Who’s Getting the Billions in New Climate Finance and Will COP29 Deliver

Opening in Azerbaijan on the 11th

The opening of the Conference of the Parties to the United Nations Framework Convention on Climate Change, known as the ‘$6 trillion financial COP (Council of Parties)’, is just three days away.

According to domestic and foreign environmental groups on the 7th, at the 29th United Nations Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change, which will be held in Baku, the capital of Azerbaijan, from the 11th to the 22nd, there will be conflict between developed countries and developing and underdeveloped countries over the setting of ‘new climate finance creation goals’. It was expected that this would emerge as the biggest issue.

This resource is mainly used for climate response in underdeveloped and developing countries, and is borne by developed countries, which have historically been largely responsible for climate change. As a result, there is a large difference of opinion between developed countries and developing and underdeveloped countries over who will pay and how much. Developing countries are demanding that developed countries provide $1 trillion (approximately KRW 1,392 trillion) from the public sector and $5 trillion (approximately KRW 6,963 trillion) from private sources, but it is true that it is difficult for developed countries to accept such a huge donation. . Accordingly, who will bear the financial burden and how much will be the focus of the negotiations at this Conference of the Parties.

The ‘Institutional Investor Group on Climate Change (IIGCC)’, which is made up of institutional investors from around the world, said that this Baku Conference of the Parties will receive the title ‘The Finance COP’ and added, “The goal of creating new climate finance resources is for developing countries.” “It is essential to mobilizing finance to accelerate climate action.”

Harjit Singh, global director of the Fossil Fuel Non-Proliferation Treaty Initiative, explained, “Developing countries are putting pressure on not only existing developed countries but also China, the Middle East, India, etc., and the G20 to provide financial resources.” It is highly likely that Korea, which has been left out of responsibility for climate finance, will also be burdened with raising 1 trillion + 5 trillion dollars.

Foreign experts in the climate field have voiced concerns over the election of Republican candidate Donald Trump in the US presidential election, but they say the situation is different from when Trump withdrew from the climate agreement after the launch of his first term in 2017, and it would be difficult to completely reject the international trend. Looking ahead.