At the COP29 climate conference in Baku, progress was achieved on two key issues, though implementing these achievements will require determination and agreement from all participating parties, Boris Titov, Russia's special presidential representative for relations with international organizations for sustainable development, told journalists following COP29 in Baku, Report informs.
"The two main outcomes of the conference answer the questions of 'how much' and 'how.' First, according to the new collective quantified financial goal (NCQG) for climate programs until 2035, developed countries should allocate $300 billion annually to developing countries, instead of $100 billion as before. Second, methodological foundations for forming international carbon markets under UN auspices have finally been established," he said.
Titov emphasized that despite relative compromise, main contradictions remain unresolved: "This figure [$300 billion annually] includes all financing, including private commercial projects and loans at market rates. The question is whether this can achieve a just transition, clearly establishing the West's historical responsibility for past greenhouse gas emissions? However, I think direct demands for developed countries to provide developing countries with a trillion dollars in climate grants annually are unlikely to succeed."
According to Titov, the carbon markets mechanism will be much more successful: "It will be easier for investors to understand how funds invested in climate projects can return after selling carbon units. Global climate agenda goals can be achieved through other means as well. For example, doesn't the construction of nuclear power plants, which Russia conducts abroad using Russian preferential loans, contribute to fulfilling the Paris Agreement? I remind you that nuclear energy is already officially recognized as 'clean.' If natural gas were also included in this category, we would advance even further in the climate agenda," he emphasized.
At the same time, if SCO and BRICS countries actively promote their vision of a just transition, there is a chance to achieve real effect from climate policy, Boris Titov concluded.