CHENNAI: Last week, the United Nations General Assembly (UNGA) and New York Climate Week unfolded against a tense global backdrop of rising conflicts and worsening climate impacts. Despite progress in areas like renewable energy and climate innovation, world leaders at both events emphasised that action on climate change remains insufficient to meet the growing urgency of the crisis. The key takeaway from the discussions was clear: only through strengthened global cooperation and multilateralism can the crisis be addressed effectively.
A major theme at the UNGA and New York Climate Week was the urgent need to reform global institutions, particularly the UN, to better address modern challenges. The Pact for the Future, adopted during the Summit of the Future, encapsulates this sentiment. Supported by over 190 countries, the Pact calls for a more inclusive and representative multilateral system. Global leaders, especially from developing nations, echoed the need for reforms, particularly in the UN Security Council, which they argue is outdated and no longer reflects current geopolitical realities.
The Pact for the Future also addresses new global challenges, such as the rise of artificial intelligence, and advocates for strengthening international financial systems to manage crises like climate change more effectively. The agreement reflects a broad commitment to multilateralism and global cooperation, a dynamic that is expected to influence negotiations at COP29 and other major international climate events in the coming years.
Despite the progress represented by the Pact for the Future, discussions at the UNGA highlighted the difficulties in achieving consensus on global reforms. While the Pact calls for more action, the process of making structural changes at the UN, particularly around climate governance, remains fraught with political complexities.
Slow progress
The Pact for the Future reaffirms key commitments on climate action, including the goal of limiting global temperature increase to 1.5°C, as outlined in the Paris Agreement. However, the agreement stopped short of introducing new groundbreaking measures. Many nations, including Brazil, the United Kingdom, and the United States, reiterated their commitment to updating their nationally determined contributions (NDCs) ahead of COP29 to meet this goal. Yet, the pace of action continues to lag behind the urgency of the crisis.
Role of major economies
The role of major economies in driving climate action was central to discussions at the UNGA. UK Prime Minister Keir Starmer made headlines by reaffirming his country’s commitment to global climate leadership, pledging to submit an updated NDC by COP29. It signals the UK’s intention to return to the forefront of international climate diplomacy after a period of uncertainty. Starmer also announced several initiatives aimed at mobilising international climate finance, which remains one of the most pressing issues on the climate agenda.
Brazil recommitted to submitting its NDC ahead of the February 2025 deadline, a critical step given its importance in global climate efforts, particularly as home to the Amazon rainforest, one of the world’s largest carbon sinks. Azerbaijan, as the host of COP29, underscored its commitment to aligning its climate goals with the 1.5°C target and emphasised the importance of the New Collective Quantified Goal (NCQG) on climate finance, which is set to be a key focus of the upcoming summit. Meanwhile, US President Joe Biden highlighted the interconnectedness of climate change, domestic action and global security in his address.
Financing climate transition
Financing the global climate transition was a recurring and contentious theme during both the UNGA and New York Climate Week. The need to overhaul the international financial system was widely acknowledged, with calls to simplify access to climate finance and increase investments in climate resilience. The Bridgetown Initiative, spearheaded by Barbados, played a central role in pushing for these reforms, particularly in areas like debt relief and financing for developing nations disproportionately affected by climate change.
Although the NCQG on climate finance was a top priority during the discussions, no clear consensus emerged on how to structure this new financial framework. The World Bank and International Monetary Fund (IMF) meetings, scheduled for later this year, are expected to play a critical role in advancing these discussions. Multilateral development banks, in particular, were urged to scale up their contributions to climate finance.
Fossil Fuels: A contentious debate
The issue of fossil fuels and the transition to renewable energy dominated much of the debate. While there is a growing consensus on the need to phase out fossil fuels, some oil-producing nations, including Russia and Saudi Arabia, have resisted calls for strong language on the issue. These countries, while publicly committing to 1.5°C-aligned NDCs, continue to expand fossil fuel production. Andreas Sieber, Associate Director of Policy and Campaigns at 350.org, noted, “Petrostates tried to derail the Pact for the Future, but the outcome of COP28, transitioning away from fossil fuels and tripling renewables, still stands as the new norm we so desperately need.”
What is Pact for the Future?
The Pact for the Future, adopted during the 79th session of the UN General Assembly is aimed to address today’s challenges and shape tomorrow’s global governance. Key areas of focus:
1.Peace & Security
Security Council Reform
Nuclear Disarmament
Outer Space Security
New Technologies
2.Sustainable Development & Climate Action
Financial System Reform
Climate Goals
New Economic Measures
3.Digital Cooperation
Global Digital Compact
Safe Online Space