By Douglas Alencar (Federal University of Pará)
In the official report of the Conference of the Parties (COP) on its 28th session, held in the United Arab Emirates from November 30 to December 13, 2023, mechanisms for financing the transition to a low-carbon economy were discussed. The document Linkages between the Technology Mechanism and the Financial Mechanism summarizes the main decisions on this topic.
In general, the document outlines decisions related to technology and financial mechanisms, progress reports, and reviews of specific committees, such as the Paris Committee on Capacity-Building. Discussions addressed the impact of climate response measures, gender equality and climate change, and the role of youth in climate engagement. The document also outlines plans for future sessions, including COP29 in Azerbaijan in 2024 and COP30 in Brazil in 2025.
COP28 decisions indicate that many central issues may be defined in greater detail in the future, especially at COP30. This direction seems to concentrate expectations on decisions that will be made in Brazil, increasing pressure on COP30 to implement more specific measures.
Regarding the Technology Mechanism and the Financial Mechanism, COP reinforced collaboration between the Technology Mechanism (TEC and CTCN) and the Financial Mechanism (Green Climate Fund and GEF) to promote technology development and transfer in developing countries. Funding and support mechanisms for technology incubators and accelerators were discussed, focusing on measurable, results-oriented actions. However, it remains unclear how these resources will be transferred and how these mechanisms will function in detail.
On the Functions of the Forum on the Impact of Response Measures, an updated work plan was approved for the forum and its Committee of Experts, including the implementation of measures to mitigate the effects of climate policies in developing countries and on the workforce, aiming to promote a just transition. However, implementing these mitigation measures requires substantial resources and financing. In this sense, COP28 presents good intentions but few practical effects, especially regarding concrete support for the Global South.
In summary, the decisions in the Linkages between the Technology Mechanism and the Financial Mechanism report reflect an attempt to strengthen international collaboration and provide support to developing countries for the effective implementation of climate policies, as well as to promote the inclusion of youth and women in the global climate agenda. Still, the proposals remain vague and appear insufficient to guarantee the necessary financing for the transition to a low-carbon economy.
