Rich nations' bilateral loan proposals face rejection from both the Philippines and Malaysia, with both countries emphasizing the importance of climate financing instead.
In the ongoing negotiations at the United Nations Climate Change Conference (COP29) in Asia Pacific, Malaysia and the Philippines are pushing for a fair and substantial climate finance deal for developing economies.
According to Lidy Nacpil, coordinator of the Asian Peoples' Movement on Debt and Development (APMDD), both countries have maintained their stance against bilateral agreements and have communicated this directly with their official delegations. This position is also shared by other Asian governments, including Bangladesh and Nepal.
Ian Rivera, national coordinator of the Philippine Movement for Climate Justice, has highlighted the separation of the Philippines and Malaysia from the G77 and China, a large alliance of developing countries. Rivera also mentioned the existence of an energy transition mechanism (ETM), a fund designed to buy coal power plants for early shutdown and replace them with renewable energy alternatives.
The new collective quantified goal (NCQG) is intended to replace the US$100 billion annual funding target by 2020. However, the latest text of the NCQG does not include decisions on which countries pay, the amount they should pay, and how much should be dispersed as grants instead of loans.
Negotiations for the NCQG are ongoing and resumed until late Thursday evening. Nacpil suggested that if a weak goal is to be avoided, negotiations for the NCQG should continue in COP30.
Civil society groups have expressed their preference for no climate finance deal over one that could lock poor nations into debt for years. Rivera stated that the NCQG funds will be used for transforming the energy system and addressing loss and damage, but the specific countries involved in negotiations for the new goal and the pledges from the Philippines and Malaysia regarding financing through multilateral sources are not yet detailed.
The climate finance from the NCQG is separate from the COP28 goal of tripling renewable-energy capacity by 2030. Nearly 200 countries are currently negotiating a climate finance deal, aiming to find consensus on more than a trillion dollars annually by 2030.
Some least developed countries and small island states are breaking away from the G77 and China due to doubts about securing the trillions needed to address global warming. The Philippines and Malaysia are seeking funding from the new climate fund through public financing by multilaterals, according to civil society organizations.
The climate finance deal, if distributed bilaterally, will go directly to individual countries, not to the bloc as a whole, according to Rivera. The text of the negotiations also has scant references to transitioning away from fossil fuels and minimal mentions of loss and damage.
As the negotiations continue, the focus remains on finding a fair and substantial climate finance deal that will support the transition to renewable energy and help developing countries address the impacts of climate change.
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