By Faridat Salifu
As the UN climate conference (COP29) in Baku approaches, former Maldivian President Mohamed Nasheed has underscored the critical importance of reaching a new finance agreement to advance global climate action.
Nasheed, serving as the Secretary-General of the Climate Vulnerable Forum (CVF), highlighted the upcoming negotiations as a key test of Azerbaijan’s presidency and commitment to elevating climate commitments.
In an exclusive interview with PTI, Nasheed stressed that resolving the debate on the New Collective Quantified Goal (NCQG) at COP29 is essential for overcoming the current political impasse on climate action.
He emphasized that climate finance is a matter of responsibility rather than aid, advocating for investments in trillions, not billions, to effectively combat climate change.
“The only way for us to truly fight climate change is to invest our way out of it,” Nasheed stated.
He called on development banks to significantly increase the deployment of financial tools to lower the cost of capital in vulnerable countries, thereby enhancing climate ambition and implementation.
The NCQG represents the new annual amount that developed nations must mobilize starting in 2025 to support climate action in developing countries.
This follows the pledge made at the 2009 UN climate conference in Copenhagen, where rich nations committed to providing USD 100 billion annually from 2020.
Despite recent claims by the Organisation for Economic Co-operation and Development (OECD) that this goal was met in 2022, international non-profit Oxfam contends that the actual figure did not exceed USD 35 billion.
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The persistent shortfall in climate finance has eroded trust between developed and developing nations, complicating annual climate negotiations.
With the deadline to agree on the NCQG looming at COP29, Nasheed noted the challenges in reaching a consensus, particularly due to differing interpretations of key terms such as ‘goal’ and ‘quantified.’
Holding richer nations accountable for their contributions to climate change remains a priority. Nasheed criticized the disparity between the resources allocated for geopolitical objectives and those for climate protection.
“These nations seem to have unlimited resources to support wars and geopolitical objectives, yet they claim severe budget limitations when it comes to protecting the climate,” he remarked.
Nasheed expressed optimism about the Baku talks and the CVF’s role in striving for a positive outcome.
He also endorsed innovative financial proposals, such as the climate damages tax on oil majors and the fossil fuel levy proposed by Azerbaijan, though he acknowledged the need for more specificity in these ideas.
Meanwhile, Brazil, the current president of the G20, is pushing for a consensus on a ‘wealth tax’ targeting the super-rich, a proposal that has gained international support over the years.
Oxfam reports that the richest one percent were responsible for 15 percent of emissions between 1990 and 2015, surpassing the emissions of the entire EU population.
Additionally, the International Maritime Organization is considering an emissions tax on the shipping industry, which contributes approximately 3 percent of global carbon emissions.
As COP29 approaches, the focus remains on securing a robust financial framework to support climate action and ensure a sustainable future for vulnerable nations.
