Thread by @mrinali_7

Yesterday, the #BonnClimateConference saw heated discussions. Rich countries like the US, UK and European Union prevented developing nations from including climate finance in the agenda.

A quick #thread on how rich nations evade responsibility for providing climate finance 1/12

In 2010, developed nations promised to mobilise $100bn by 2020 to help poorer nations meet climate targets. This is in line with the UN Convention which mandates developed nations to lead the provision of finance to fight climate change. This, however, remains unfulfilled 2/12

"We are still waiting for the $100 billion," developing countries said on Monday.

This comes at a time when talks are ongoing to decide on a new climate finance goal — the New Collective Quantified Goal on Climate Finance or NCQG — by 2025. 3/12

https://twitter.com/LossandDamage/status/1668334747100266496?s=20

A close look at submissions by different countries on NCQG reveals a fierce battle developing nations are fighting to ensure that the promised money to combat and cope with climate change reaches them. 4/12 unfccc.int/topics/climate…

Rich nations, however, argue that they alone should not be asked to fund the climate fight. That the private sector and developing countries should also contribute. In fact, at #COP27, rich countries demanded that China and India must also contribute! 5/12 hindustantimes.com/india-news/ric…

Can they afford it? Not at this stage.
“Developing countries, like India, are left to juggle the Herculean task of combating poverty and bracing for escalating climate impacts," says @harjeet11 of @CANIntl 6/12

Rich nations often cite the contentious Article 2.1 (c) of the Paris Agreement. Under this, rich countries can refuse finance for a project saying that it is not green enough. For developing nations, 2.1(c) is vague and dilutes principles of equity. 7/12 carboncopy.info/are-rich-natio…

With rich nations' frequent attempts to dilute their financial responsibility as well as their failure to mobilise $100 bn, developing countries are fighting to create a space for finance, which is crucial for them to meet climate targets. 8/12

"Despite developed countries failing financial obligations, developing countries are scaling up mitigation actions," Bolivia said in its long rebuttal to finance not being included on Monday. 9/12

https://twitter.com/LossandDamage/status/1668334741559574528?s=20

Cuba went on to say that even the current $100 billion is based on neither science nor the needs of countries and that the topic of finance is highly important and long overdue. 10/12

https://twitter.com/PedroPedrosoC/status/1668337128131141637?s=20

Is there an ideal number for the next goal? Back in 2019, a report prepared by the Standing Committee on Finance pegged the required climate finance amount to be between $5.8-11 trillion. Developing countries including India often cite this report. 11/12 unfccc.int/sites/default/…

“All the crucial negotiations come to a lower bar with lack of trust in the negotiations on finance and that still needs to form the basis of discussions which should have been done decades ago,” says @a_khosla of @ClimateTrendsIN 12/12

For more on the ongoing climate battle, read my latest piece for @thewire_in | Research @LandConflicts, anchored by @furquansid thewire.in/environment/ri…