Europe cannot reduce emissions alone, says head of Czech COP29 delegation
Organisers of this year's UN climate change conference, known as COP29, which began last week in Baku, Azerbaijan, have not shown great optimism as the event reaches its end on Friday. The atmosphere has not been helped by the re-election of Donald Trump as US president, leaving global climate agreements at a critical juncture, with their future once again hanging in the balance.
During former US President Donald Trump’s first term, the United States withdrew from the Paris Climate Agreement. Trump’s stance on climate change remains unchanged, as he continues to question both its reality and the measures designed to address it.
Petr Holub, director of the Climate Protection Section at the Ministry of the Environment, who is leading the Czech delegation in Baku, spoke with Czech Radio to comment on what Trump’s reelection means for the UN’s climate goals:
“It has to be said that in 2016, after Trump was first elected, there were a number of businesses, banks, and financial institutions in the US that wanted to pursue a decarbonization strategy independently of what the federal government was doing.
“In addition, President Joe Biden has launched the famous IRA, the Inflation Reduction Act, which is more of a decarbonization investment plan. There are tax incentives and commercial loan guarantees. That will largely remain in place. I think the future President Trump may make cuts to it, but he won't have the power to stop it completely.”
A major focus of this year's COP29 is financing green transformation in developing countries. Representatives of the European Union countries, including Czechia, have been pushing private investors to be more involved in helping boost the green transformation.
That said, attendees at COP29 are still debating how to increase funding, who should carry the majority of the costs, and how to "leverage" private funds.
In Czech programs, applicants can receive a 30-40% subsidy for energy-efficient home renovations. The remaining funding comes from private sources, with banks playing a role. This model could be scaled to a national level, using public funds as leverage to achieve the necessary funding levels.
Apart from private financing, it’s clear that more government and EU funding is needed as well. Mr. Holub explained that the European Union gives about 30 to 36 billion euros a year. Globally, investments amount to USD 100 billion a year (around CZK 2.5 trillion). However, that figure needs to be ten to fifteen times higher to reach climate targets. Mr. Holub explains:
“Of course, Europe cannot do it alone. Other countries and private investors need to be involved. But transparency is also important, so that the money goes into green transition and adaptation of countries to climate change. Some countries are tackling green transition and at the same time they are already feeling the effects of climate change.”
In the West, many argue that the moral responsibility for financing developing countries lies with the West, as it has the largest history of greenhouse gas emissions. Mr. Holub agreed but emphasized that there is only one climate, implying that everyone must share some degree of responsibility in achieving climate targets.
“I personally agree with that argument. On the one hand, we need to look at the realism of the negotiations. I'm not exactly a big optimist and fan of international negotiations. On the other hand, we do not have a better process or a better forum to reach a global consensus. The Earth has only one climate.”
