COP30: Oil-Rich Countries and Industrialised Nations Acting in Self-Interest

Plan to implement the phase-out from fossil energy. The final declaration did not establish either minimum conditions or a timeline for phasing out fossil fuels, even though over 80 countries, including Switzerland, vigorously supported such a roadmap during the conference. The resistance from oil-rich countries was too strong, so this central issue is now being advanced outside of the formal conference. 'It is important that Switzerland was among the supporters of the roadmap to phase out fossil energy, because without renouncing fossil energy, the joint goal of not exceeding 1.5 degrees of global warming in the medium term cannot be achieved. Now words must be followed by deeds. Switzerland must implement more ambitious measures to reduce domestic greenhouse gas emissions, promote renewable energies, and contribute to climate finance according to our responsibility and economic strength,' says Sonja Tschirren, Climate Expert at SWISSAID.

Three Times More Adaptation Financing

The issue of climate finance has complicated negotiations in the area of climate adaptation. It has long been clear that the 300 billion US dollars annually agreed upon at last year's COP29 until 2035 are insufficient. This money is intended to support the Global South in climate protection and adaptation to climate warming. In fact, the financing need for adaptation alone is estimated at 215 to 387 billion US dollars annually until 2030, after which it is estimated to be higher due to the increasing and intensifying climate disasters that particularly affect these countries. However, the final text now calls for providing at least three times more adaptation financing by 2035, which is five more years for the same sum as previously required.

The Brazilian presidency attempted to position Belem as the COP of innovative financial and market solutions to make up for the lack of unrestricted public funds. Thus, a rainforest fund was launched, compensating countries for preserving forests, while conversely, they will be fined for each hectare of forest destroyed. The model is also intended to mobilise private investors and several billion. However, a demand for an end to deforestation is missing from the negotiation text and is to be addressed in a separate process.

The conference in Belem ultimately advances the further operationalisation of the Paris Agreement's market mechanism for emission certificate trading, allowing countries like Switzerland to compensate their greenhouse gas emissions by paying countries in the South for reduction projects on site, instead of further reducing them in Switzerland.

Cleaning One's Own House

Various events around COP30 also showed that the practice of compensating emissions instead of reducing them in the right place continues to gain momentum within the private sector, with agriculture increasingly included in compensation projects. Multinational companies, including those based in Switzerland, compensate for their emissions and those of their partners along the value chains through carbon storage in biomass and soils. A study recently published by SWISSAID on such projects in the field of regenerative agriculture in countries in the South, however, shows that these fall short in terms of climate protection. 'A ton of CO2 released into the atmosphere is not the same as a ton of carbon as humus in the soil somewhere else. These projects lack rigorous verification that would credibly support these emission compensations. Furthermore, contrary to claims, neither biodiversity, soil health, nor social justice are often considered,' says Tschirren. 'If we want to achieve real results in climate protection, everyone must urgently start cleaning their own house.'

At the time of publication of this press release, a complaint from Colombia is still pending. This reflects the balance of COP30 well: the unity in the fight against climate change no longer exists.

Contact persons:
Sonja Tschirren, Climate Dossier Manager, SWISSAID.
Phone: 079 363 54 36, s.tschirren@swissaid.ch
Thaïs In der Smitten, Media Officer SWISSAID,
Phone: 077 408 27 65, media@swissaid.ch
th.indersmitten@swissaid.ch www.swissaid.ch

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