Western countries maintaining attempts to involve large developing economies in climate financing at COP29 - Russian presidential representative

BAKU. Nov 20 (Interfax) - Developed countries are actively promoting the idea of involving major developing economies in providing financial assistance to nations vulnerable to the effects of climate change at COP29, Boris Titov, Russia's special presidential representative for relations with international organizations to achieve sustainable development goals, told Interfax.

"The attempts are indeed active, considering that developing countries are requesting $1 trillion while the EU says that meeting the $300-400 billion annual target will only be possible if developing countries are included on the donor list," Titov said on the conference's sidelines.

Discussions about adding countries to the list of donors primarily concern China and Saudi Arabia, he said.

"Russia supports the principle of 'common but differentiated responsibilities.' That means fixed obligations for developed countries but voluntary contributions from developing countries. Russia is ready for voluntary participation, taking into account its interests," Titov said. Developed countries bear greater historical responsibility for emissions, he said.

As reported, COP29 has been dubbed a financial summit, with one of the key tasks for negotiators being to set a new collective goal for financing (NCQG) the needs of underdeveloped and developing countries in combating the effects of the climate crisis.

"If we recall the old $100 billion target [set in 2009 at COP15], it seems it was achieved for the first time in 2023. However, developing countries complain that most [of the financing] came as expensive market-based loans. So even if a new quantitative financial goal is set, there is no guarantee it will be met. Why set unattainable goals? The Paris Agreement has already encountered such issues multiple times," Titov said.

Under the Paris Agreement, Russia is not obligated to provide financial assistance to developing countries, as it is itself considered a developing economy.