The 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) is ending in Baku, with over 70,000 people registered to participate. The main topic of discussion was climate finance. One of the questions is how much developed countries should pay developing countries and in what form.

“Pay up!”

In 2009, in Paris, rich countries promised to increase financing to $100 billion per year by 2020. The goal was reached two years late. Although some are skeptical about the achievement, since the problem is how and what resources can be considered climate financing, there is no single approach, no standard even among banks and international organizations. Therefore, there remains room for debate. 

The question now is what to do next and what new collective quantitative goal to adopt. There are many proposals. Some believe that the previous amount should be doubled, others demand no less than $1 trillion and not in the form of loans, but grant aid, and still others insist on allocating up to $5 trillion.

 “We call on developed countries to increase the amount of aid to developing countries to $2 trillion and facilitate access to this funding,” said Kyrgyz President Sadyr Japarov at the summit of world leaders.

Although it is unlikely that they will immediately jump from $100 billion to $1 trillion.

“It would be good if the $100 billion bar were not lowered, but rather firmly established and only moved towards a gradual increase,” said Asel Madybaeva, Deputy Director of the Climate Finance Center (CFC).

How much does Kyrgyzstan need?

Our republic, like other countries in the world, has developed a nationally determined contribution (NDC), which outlines the directions for low-carbon transformation until 2030, taking into account national priorities and the Sustainable Development Goals. 

“To effectively implement the NDC, Kyrgyzstan needs to mobilize an unprecedented volume of climate finance,” said Deputy Minister of Natural Resources, Ecology and Technical Supervision Asel Raimkulova at the Central Asian Conference on Climate Change, which was held in Almaty in May 2024.

Of these, 37 percent are own resources, funds from the private sector, international donors and the national budget, and 63 percent are the need for international financial support.

The NDC was updated in 2021. The Ministry of Natural Resources  did not clearly answer 24.kg what they did during this time, what funding they attracted, what indicators they achieved and why some intentions are not being met .

The department emphasized that NDCs are voluntary commitments that countries undertake to reduce greenhouse gas emissions and achieve climate goals. States are obliged to submit and update them every five years. Implementation depends on the political will, domestic conditions and resources of each country.

In a conversation with 24.kg with the Deputy Chairman of the Cabinet of Ministers, Edil Baisalov noted that he had ordered a review of the NDC. According to him, the previous authorities had taken on excessive obligations.

“Kyrgyzstanis are already global champions in reducing greenhouse emissions compared to 1990. Our people will not give up the right to their own development. We will develop our mines, build metallurgical plants,” the official said.

Where to get money?

It is not yet known what will change in the NDC and whether this will affect the amount of funding needed to implement it. Although the need for adaptation to the effects of climate change remains significant. 

Meanwhile, the Kyrgyz Republic is developing a draft country cooperation program with the Green Climate Fund for 2024-2027.

In May 2024, Asel Madybaeva reported that three project concepts of Kyrgyzstan are under consideration by the Green Climate Fund.

“However, the circumstances have changed a little now. The GCF is in the process of changing its rules and procedures, it is moving to a new form of partnership – states must prepare country cooperation programs for one four-year cycle. Currently, the Kyrgyz Republic is preparing this document and a portfolio of the highest priority projects that are planned to be implemented during this cycle,” she explained to 24.kg.

In general, the procedure for reviewing and approving climate projects is long and complicated. According to Asel Madybaeva, it takes at least one and a half to three years to advance one project. In this regard, Kyrgyzstan needs to increase its technical potential for developing good proposals.

“Of course, this is not enough, given the huge competition between developing countries for these resources,” she said.

Asel Madybaeva added that out of $100 billion in total climate financing, the resources of the GCF make up literally 2 percent, so there is no point in placing high hopes and it is necessary to look for other sources of financing. Including redirecting the state’s internal resources to environmental issues.

However, the Kyrgyz Republic does not have any particular hopes for climate financing. “Every year we see the figures that are announced at the COP – hundreds of billions of dollars, but it all just remains on paper. Maybe it reaches some of the developing countries, but not us,” Edil Baisalov noted. “We are not so naive anymore. Of course, no one is going to give us any money.”

In his speeches on the sidelines of COP29, he repeatedly emphasized that Kyrgyzstan will direct its own efforts and part of its budget to environmental needs.

Mountains require special attention

At the conference, the Kyrgyz Republic set up a national pavilion for the first time and actively promoted the agenda for sustainable development of mountain regions. 

It is noted that mountains are one of the largest ecosystems, which are an important source of water, energy and biological diversity and valuable resources.

Mountain ecosystems are highly vulnerable to climate change, extreme weather events, deforestation, land degradation, pollution and natural disasters.

One of the most visible impacts of climate change on mountains is the rapid melting of glaciers, which not only threatens local biodiversity but also jeopardizes the water security of millions of people who depend on glacier-fed rivers for drinking water, agriculture and hydropower.

“Mountainous countries are the most vulnerable to climate change, although they make the smallest contribution to global greenhouse gas emissions,” noted the head of state Sadyr Japarov on the sidelines of COP29.

He called on representatives of mountainous countries to join the Declaration on Climate Change, Mountains and Glaciers, which is a political document to draw the attention of the world community to the problems of mountains and glaciers.

Several countries are known to have joined the document during the conference. This will help strengthen collective commitments to building the resilience of mountain communities and ensuring a sustainable future for mountain regions and  the millions of people who depend on them.

This material was prepared as part of the 2024 Climate Change Media Partnership fellowship program, organized by Internews’ Earth Journalism Network and the Stanley Center for Peace and Security.