Thailand backs new climate change fund
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Thailand backs new climate change fund

Country sets out negotiating position for COP29 meeting next month in Azerbaijan

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Thailand supports efforts to reach a conclusion on the creation of a global climate change fund at a UN conference in Azerbaijan next month, says Phirun Saiyasitpanich, head of the Climate Change and Environment Department.

The National Committee on Climate Change Policy on Monday approved the country’s negotiating framework for the 29th Conference of the Parties (COP29) of the 2024 UN Climate Change Conference, which will be held in Baku from Nov 11–22.

COP29 is considered a crucial event for discussing new financial contributions from developed countries to help least-developed and developing nations adopt mitigation and adaptation measures to limit losses from the impacts of climate change, said Mr Phirun.

The new target will replace the current goal of US$100 billion per year in climate finance, which is set until 2025. However, the contributions still fall short of the target for the Green Climate Fund and other related funds, he added.

At COP27 two years ago, the fund was still $16.7 billion short of the target, according to Mr Phirun.

“We call on developed countries to finalise their commitment to financial assistance for climate change at next month’s meeting,” he said.

“COP 29 will be a key moment to raise a new chapter of financial aid from wealthy countries. The contribution should be higher than the previous promise due to the increasing impacts of changing weather patterns.”

Thailand will use the event to update the global community on its efforts to reduce greenhouse gas emissions, aiming for carbon neutrality by 2050 and net-zero greenhouse gas emissions by 2065.

Although Thailand is on track to achieve these goals, financial and technological support from international funds will be necessary to accelerate progress, said Mr Phirun.

Thailand also wants to see better access for developing countries to the Loss and Damage Fund, which allocates money to vulnerable countries struggling to adapt.

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