Political Barriers and Solution Proposals in Climate Financing

The Impact of the Political Environment on Climate Finance

The CEO of the international think tank Climate Analytics, Bill Hare, made statements to AA correspondent during the ongoing 30th Conference of the Parties (COP30) of the United Nations Framework Convention on Climate Change in Belém, Brazil. Hare emphasized that the current emissions reduction targets are inadequate in the fight against climate change, stating that scientific assessments prove this.

Current Emission Gap and Targets

Pointing out that the world is facing a significant emission gap and that this gap has not closed in the last 4-5 years, Hare reported that the new 2035 targets set by the countries party to the Paris Agreement have worsened the situation.

“At this COP, there are many important issues that governments can agree on,” he said, expressing that the set energy measures must be implemented. He emphasized the need for lower costs of renewable energy and increased energy efficiency.

Political Will and the Impact of Fossil Fuels

Hare stated that the low ambition in the nationally determined contributions determining the future of global climate goals is due to political barriers, saying, “Renewable energy is now cheap, but there is a lack of political will.” He noted that the pressure of fossil fuel companies on governments is slowing down actions.

Hare mentioned that if we cannot stop climate change, people will face devastating consequences and extreme heat. The rising temperatures could make it impossible for people working in the tropical belt to work during the daytime.

Investments in Renewable Energy

Hare expressed that the energy transition requires trillions of dollars in resources, but that this spending does not mean a new burden. “Investments need to be redirected from fossil fuels to renewable energy sources,” he stated. However, he added that this transition is not progressing fast enough.

Financial System and Policy

Hare argued that access to investments in renewable energy needs to be improved, emphasizing that politicians could steer the financial system by making decisions on this issue. “Problems cannot be solved alone. Therefore, the decisions made at COP are of critical importance,” he said.

Challenges of the Global Political Environment

Hare highlighted the lack of political will that would enable progress on climate finance at COP30, stating, “We are in a critical political environment on a global scale. Geopolitical crises and other factors negatively impact the resolve to fight climate change,” he expressed.