PRC rejects being drawn into COP29 financial commitments

context: COP29 (2024 UN Climate Conference) has been dubbed the 'climate finance conference', with the ability of all parties to reach a consensus on climate finance set to be a key measure of the conference’s success.

Ongoing COP29 (2024 UN Climate Conference) negotiations remain difficult and at a technical level with limited progress halfway through the conference, contends Liu Zhenmin 刘振民 PRC special climate envoy. Liu says the remaining week is critical for achieving substantive agreements, noting that the PRC

  • as the largest developing country, emphasises the need for developed nations to fulfill their financial commitments under the Paris Agreement, including the US$100 bn annual pledge and increasing support for developing nations
  • rejects calls to contribute to the New Collective Quantified Goal, asserting that it is a responsibility of developed countries, as specified in Article 9 of the Paris Agreement
  • remains committed to aiding other developing nations through South–South cooperation

Liu stresses the importance of setting aside geopolitical disputes to focus on the success of COP29. Political conflicts, such as those between some EU countries and the host country (Azerbaijan), and concerns over the potential return of Trump in the US, have cast a shadow over the talks, Liu says, adding that the PRC urges nations, particularly in the EU, to prioritise global climate cooperation over regional disputes and political divisions.

Liu proposes simplifying the negotiation process by reducing formalities and focusing on substantive content. This approach aims to make the outcomes more concise, meaningful and actionable, he says.