COP31's money milestone comes with a trust deficit

Agencies Antalya: The 31st round of annual UN climate talks ( COP31 ) got off to a start Monday in the Mediterranean city of Antalya in Turkiye with a long-overdue inclusion of a dedicated space on the formal agenda for climate finance . However, the proposal for a dedicated space for discussing finance for adapting to climate impacts and funding requirements for the Green Climate Fund was not accepted. The official start of the fortnight-long talks was preceded by a day of intense negotiations on the meeting's agenda on Sunday, running into early morning on Monday. While this allowed for a smooth start to the talks, the differences and the shrinking trust were palpable. Also Read: India’s emissions to rise 4.4% despite global dip: Study At COP30 in Belem, countries agreed to establish a two-year work programme on climate finance. There was a specific mention of the clause of the Paris Agreement that deals with the obligations of developed countries to provide climate finance, broadly grants and concessional loans, to developing countries . In June, at midyear climate negotiations in Bonn, COP30 president Andre Correa do Lago submitted a proposal to the UN Framework Convention on Climate Change Secretariat, asking that the work programme be included in the formal agenda, a move opposed by developed countries. Live Events Also Read: Traffic challan disposal dips to 17.8% in Jan-Oct, revenue falls by a third Even as climate finance was included in the formal agenda, several countries registered their concern over the manner of the inclusion and how that weakens trust among countries. Addressing the plenary, the EU said the work programme on climate finance was established in Belem "with a broad focus on the new collective quantified goal" and "with the understanding that there would be no agenda item". Speaking on behalf of the Like Minded Developing Countries, India responded expressing "surprise" at the reservations and "regretted" that trebling of finance for adaptation proposed by the African Group of Negotiators was not included in the agenda. Finance is a key friction point in the talks, especially as COP31 focuses on implementation. "There can be no implementation without means of implementation," said a delegate from Ghana. Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel ) Read More News on COP31 climate finance Green Climate Fund climate negotiations adaptation finance Antalya climate talks Paris Agreement developing countries EU climate policy implementation of climate agreements (You can now subscribe to our Economic Times WhatsApp channel ) Read More News on COP31 climate finance Green Climate Fund climate negotiations adaptation finance Antalya climate talks Paris Agreement developing countries EU climate policy implementation of climate agreements Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Business of Odd Things: The farm that needs no land, freshwater, or fertiliser KYC and KYB: Inside Pidilite, the company that turned Fevicol into a word for a strong bond – Part 1 of 3 Seoul halts trading, Nifty has its best week since 2021: Money leaving the AI trade – will it land in India? Junk bonds are cracking at the bottom. Will the noise get loud enough to make ‘junk bond’ a household term again? PNG connections rise half a million, but how many use piped gas for cooking? Some elections matter more than you know: No crop changed in the fields, yet sugar, coffee and soya got cheaper in a day 1 2 3 View all Stories