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Voices from Asia Part 2: Will the new climate finance target hit the mark for developing countries?
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Voices from Asia is a four-part podcast series by the National University of Singapore (NUS). Launched in November 2023, the episodes aim to relate discussions at the annual United Nations (UN) climate conference, COP28, to audiences in Asia.
In this episode, host Audrey Tan from the NUS Centre for Nature-based Climate Solutions chats with Ms Illari Aragon, the Climate Justice Policy Lead at Christian Aid, the relief and development agency of 41 Christian churches in the UK and Ireland. Ms Aragon is also an expert in climate finance - one of the topics that negotiators will be discussing at COP28.
Countries are expected to continue negotiations on the new collective quantified goal on climate finance at COP28. This new goal will replace the climate finance commitment set in 2009, which aimed to mobilize $100 billion per year for developing countries by 2020. The $100 billion commitment – which has not been met anyway – will expire in 2025. Discussions on this new climate finance target started in 2022, and will continue at COP28. The hope is that an agreement for this new quantum will be reached by COP29 next year.
Tune in to this episode to find out what are the roadblocks to the establishment of this new goal, and the importance of negotiations on climate finance to countries in Asia - among the most vulnerable to climate change impacts.
Key points:
- What constitutes climate finance? (1:34)
- How did the $100 billion target for climate finance come about? (5:12)
- What are some points of contention about the flow of funds from developed to developing countries? (7:35)
- How will the process of negotiation for the new goal differ from earlier ones? (12:22)
- What perspectives do countries in Asia bring to negotiations on the new climate finance target? (15:10)
- What could the new climate finance target look like? (18:31)
For more information on the new collective quantified goal for climate finance, refer to the latest briefing paper from Illari here.
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