“UK’s Foreign Minister Calls for Ambitious Climate Finance Goal at COP29, But Stays Mum on Details”
Britain’s new foreign minister, David Lammy, has called for an “ambitious” new goal for climate finance to assist developing countries at the upcoming COP29 UN climate summit. Lammy emphasized the need for increased funding to support climate action and keep the global warming limit at 1.5 degrees Celsius, as agreed by governments.
During his first major speech in government, Lammy highlighted the urgency of ramping up climate action to meet the 1.5-degree target. However, he refrained from disclosing the specific amount the UK government believes the new global finance goal should be, citing ongoing discussions with UK finance minister Rachel Reeves.
The current collective quantified goal (NCQG) for climate finance, set at $100 billion per year, has been criticized as inadequate and was only met two years late in 2022. Developing countries have expressed frustration over the reluctance of wealthy nations to discuss the size of the NCQG, with accusations of evasion and lack of commitment to meeting the needs of vulnerable countries.
Kenyan climate finance negotiator Julius Mbatia highlighted the challenges faced by developing countries in securing adequate funding for climate action. He criticized developed nations for shirking their responsibilities and urged for a more substantial commitment to support vulnerable countries.
Melanie Robinson, global climate director at the World Resources Institute, emphasized the changing landscape of climate impacts and the need for all countries to transition to a net-zero, climate-resilient economic development pathway. She stressed the importance of international finance for developing countries to facilitate this transition.
Lammy reiterated the UK government’s commitment to providing £11.6 billion ($14.7 billion) in climate finance between 2021 and 2026, despite inheriting a financial deficit from the previous administration. He also expressed intentions to restore the UK’s overseas aid target to 0.7% of gross national income and proposed measures to unlock climate finance for developing countries in the Asian region.
In addition to climate finance initiatives, Lammy announced the establishment of a Clean Power Alliance aimed at promoting clean energy transitions in countries. The alliance will focus on diversifying the production and supply of essential minerals for the energy transition, with a focus on promoting environmental standards and economic benefits for developing countries.
Lammy emphasized the UK’s commitment to climate action and pledged to end new licenses for oil and gas production, as well as support the expansion of renewable energy sources. He highlighted the importance of aligning climate rhetoric with tangible actions to address the pressing needs of vulnerable countries.
Overall, Lammy’s remarks underscore the critical importance of international cooperation and financial support to accelerate climate action and mitigate the impacts of global warming. The upcoming COP29 summit in Baku will be a crucial opportunity for countries to set ambitious goals for climate finance and demonstrate their commitment to addressing the climate crisis.