A view shows a sign of the COP29 United Nations Climate Change Conference with a backdrop of the cityscape in Baku, Azerbaijan, Oct 31, 2024. [Photo/Agencies] Climate multilateralism was put to the test in Baku, Azerbaijan, as the COP29 took place against an increasingly complex geopolitical and economic backdrop. However, the new challenges only reinforced the importance of China-European Union cooperation on climate change. All eyes were on the New Collective Quantified Goal, which defines how much financial support developing countries can expect from rich countries. Negotiations lasted until the last minute, and in the end, a new target of $300 billion was agreed upon, with rather loose requirements on the quality of financing. The outcome may have been unsatisfactory for many, but it shouldn’t be taken lightly either. COP29 made an important statement about the resilience of this multilateral process. China and the EU played a key role in securing agreement on the NCQG by being flexible, communicating constructively with each other, and acting as a bridge between the developing and developed nations. At COP29, China announced that it has voluntarily provided 177 billion yuan ($24.25 billion) in project funding since 2016 to support developing countries in tackling climate change. By being transparent about its voluntary efforts, China demonstrated an openness that brought countries closer to common ground on the new finance goal. China has been key in reassuring the world that climate action will continue. Its domestic climate action, supercharged by the cleantech industry, is unstoppable. Its continued commitment to South-South climate cooperation also provides confidence that increased funding and resources from China can be expected to support other developing countries. The signals from COP29 were clear: China is a key player in defending climate multilateralism and reassuring the world that climate action will continue. But efforts […]
Click here to view original web page at www.chinadaily.com.cn