COP29: BASIC countries ask rich nations to honour commitments for climate finance rather than ‘diluting obligations’

COP29: BASIC countries ask rich nations to honour commitments for climate finance rather than ‘diluting obligations’

Sub: Env

Sec: INT CONVENTIONS

Context:

• The BASIC bloc (Brazil, South Africa, India, and China), along with other developing nations, has called on developed countries to fulfill their climate finance commitments instead of shifting responsibilities.

Key Demands by Developing Nations:

• Full Implementation of the Paris Agreement:
  • BASIC countries stressed the need to uphold the legally binding Paris Agreement (2015), which aims to reduce global greenhouse gas emissions.
  • The target is to limit global temperature rise to well below 2°C and strive for 1.5°C above pre-industrial levels (baseline: 1850-1900).
• Call for Binding Climate Finance Agreements:
  • India, Egypt, and the Independent Alliance of Latin America and the Caribbean (AILAC) urged developed nations to convert financial pledges into binding contribution agreements.
  • The G-77/CHINA coalition demanded a balanced New Collective Quantified Goal (NCQG) on climate finance tailored to the needs of developing countries.
  • A technology implementation program was also requested, backed by the financial mechanism’s operating entities.

Positions and Reactions:

• BASIC Bloc’s Stance:
  • The BASIC countries rejected any attempts by developed nations to offload their financial responsibilities onto developing countries.
  • They reiterated the importance of a fair and effective implementation of the Paris Agreement.
• Alliance of Small Island States (AOSIS):
  • AOSIS highlighted the inadequacy of current financial pledges, calling for urgent and scaled-up contributions to support meaningful climate action.
• Arab Group and Republic of Korea:
  • Both emphasized that guidelines for countries must align strictly with the Paris Agreement, safeguarding the autonomy of nationally determined contributions (NDCs).
• India’s Opposition:
  • India opposed any top-down regulations that undermine national sovereignty in climate commitments, arguing against imposed features on NDCs.

Developed Countries’ Proposals:

• Developed nations pushed for all countries, including emerging economies, to quantify their climate goals and align with the 1.5°C target.
• This stance was supported by the Least Developed Countries (LDCs) but faced opposition from India.

About BASIC countries:

• BASIC was formed in November 2009 just before the Copenhagen Climate Summit (COP15)
• The group consists of Brazil, South Africa, India, and China
• These are major emerging economies that decided to coordinate their positions, particularly on climate change issues

Goals and Purpose:

1. Climate Change Negotiations:

• To present a united front in international climate negotiations
• To protect developing nations’ interests in climate talks
• To ensure development rights while addressing climate challenges

2. Common Interests:

• Advocate for the principle of “common but differentiated responsibilities” (CBDR)
• Push for developed nations to take greater responsibility for historical emissions
• Secure technological and financial support from developed nations

Key Characteristics:

• All are large developing economies
• Significant regional influence
• Large populations
• Growing carbon emissions due to rapid industrialization
• Similar developmental challenges

Significance:

• Together represent about 40% of the world’s population
• Major players in global economic growth
• Significant influence in G77 (group of developing nations)
• Growing importance in international affairs