PenInfo Desk: German Economy Minister Robert Habeck called on wealthy emerging markets such as China, Saudi Arabia and Qatar to contribute to climate aid for poorer countries at the UN Climate Change Conference in Azerbaijan on Monday, November 18, 2024.
But the Green politician also warned wealthy European countries like Germany against diluting their own national climate targets, asserting that if Germany does not meet its targets, Europe will not be able to meet them either.
Habeck emphasized that if Germany and Europe fail to meet their targets, it would be impossible to persuade countries like Brazil, India, China or Indonesia to do so.
But wealthy emerging markets must also recognize that they have been the “great beneficiaries” of recent decades in the oil, coal and gas sectors, having earned “astronomical sums.”
Habeck argued that these “windfall profits” should be more strongly utilized to better protect those suffering from global warming, asserting that this was a “very consistent logic.”
Fight over climate funding
At the UN climate talks in Baku, which are scheduled to conclude on November 22, developing countries are collectively demanding that industrialized nations mobilize at least $1.3 billion annually for climate financing – 13 times more than the current amount.
EU countries acknowledge in principle that more money must flow, but have also called for major emerging countries like China and the oil-rich Gulf states to contribute.
According to a 30-year-old UN classification, these nations are still considered “developing countries” and thus are designated as recipient countries instead of contributors.
Habeck argued that the era of coal, oil and gas is over, saying, “the fair is over.” He insisted that the transition to renewables is unstoppable, pointing out that 85% of new investments in energy are now flowing into renewables.
He noted that it is expected the fossil industry and its lobbies will resist the change due to their large business models. “Nevertheless, the numbers and now the markets speak a completely different language,” he said.
‘Toxic’ debate around climate targets
He also criticized the current debate over climate targets as “toxic” and said he could not justify how short-term political calculations are influencing the discussion. He called for a return to a clear commitment to the targets.
Germany aims to achieve climate neutrality by 2045, but recent challenges have emerged regarding its national climate targets.
Former finance minister Christian Lindner, the leader of the pro-business Free Democrats (FDP) who was recently fired from his post by Chancellor Olaf Scholz, has suggested replacing national targets with European Union-wide goals as part of his proposal for boosting Germany’s sagging economy.
Lindner’s firing triggered the collapse of Germany’s three-party coalition government after months of bitter disputes over next year’s budget. Early elections are expected to be held in February.
New money for transition in Global South
Habeck on Monday also announced a new pledge of €210 million ($222 million) to make industry in the world’s poorer countries more climate friendly during the UN Climate Conference in Baku.
He described the funds as “new money,” although he added it was largely drawn from the German government’s 2024 budget.
Habeck said that other donors to the fund included Britain and Canada, and that a total of up to $1.3 billion had been collected to assist developing and emerging countries.
The funds are intended as a “call to action” with the aim of securing additional pledges from governments, charitable organizations and private investors.
An online platform for exchange and advice has also been launched, on which companies and countries from the Global South will be able to post questions on how to green their production methods.
Greenpeace said that Habeck’s “Climate Club,” a German initiative with the focus on industry, offered a great opportunity with respect to energy and forest conservation partnerships.
Source: “dpa”, Editing by Rishan Nasrullah
Peninfo/desk/18.11.24/10.52pm