BASIC Bloc Criticizes Lack of Leadership in Climate Initiatives, Calls for Increased Funding from Wealthier Nations
In a compelling statement from the BASIC group, comprised of Brazil, South Africa, India, and China, a pointed critique was leveraged against affluent countries for their perceived shortfall in climate change leadership. The coalition asserts that these richer nations must ante up trillions of dollars to support developing countries in their efforts to reduce greenhouse gas emissions.
The pronouncement came on the heels of a gathering in Wuhan, China, where ministers from the BASIC nations voiced their concerns. They observed a troubling trend among industrialized nations, seemingly retreating from previously made climate commitments. A significant concern shared in a collaborative statement highlighted the urgency for these developed countries to adopt more ambitious net-zero targets, aiming for them “significantly ahead of 2050, and preferably by 2030,” and to strive for “net-negative” emissions soon thereafter.
The upcoming COP29 climate discussions in Azerbaijan were identified as a pivotal platform for introducing a novel climate finance goal. Dubbed as the New Collective Quantified Goal, BASIC countries see this as a crucial step for enabling developing nations to set and achieve ambitious climate targets before next year’s deadline. Under the Paris Agreement, nations are tasked with presenting updated “Nationally Determined Contributions” to the United Nations by February of the upcoming year, with an expectation to elevate their climate aspirations where feasible.
The expectation set by the BASIC bloc is for climate funding to the developing world to balloon “from billions to trillions” of dollars annually. This substantial financial boost is deemed critical for balancing efforts between climate change mitigation and adaptation strategies effectively.
A sharp debate has arisen around how the new financing goals should be structured, particularly over who should contribute. There has been some push from wealthier countries to consider more economically advanced developing nations, such as China and Saudi Arabia, as potential contributors. However, the BASIC statement called out such proposals as attempts to “dilute” the financial commitments of developed countries and redirect attention from the “core issues” at stake.
Further, the BASIC bloc took aim at certain “unfair” trade policies enacted by developed regions, such as the European Union’s Carbon Border Adjustment Mechanism (CBAM). They argue that these protectionist measures could pose a serious threat to the global pursuit of a green transition, undermining efforts to achieve global climate goals in a fair and equitable manner.
In summary, the BASIC bloc’s recent statements underline a growing frustration with the pace and commitment of developed nations towards global climate finance and emissions reduction targets. With calls for increased financial contributions and a collective push for stricter emissions targets, the discourse from these four countries highlights a pressing need for more assertive leadership and cooperation in the fight against climate change.
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