Russia Advocates Single-Level Approach to Climate Finance at COP 29

Russian delegates at the COP 29 climate summit have reaffirmed their commitment to upholding the principles of the UN Framework Convention on Climate Change (UNFCCC) and the Paris Agreement. The Russian Federation stressed the importance of adhering to the principle of "common but differentiated responsibilities," arguing that developed nations must continue to honor their commitments to climate finance, while allowing developing countries to contribute on a voluntary basis.

The Russian delegation, led by Pavel Snisorenko, emphasized a one-tier framework for the New Collective Quantified Goal on Climate Finance (NCQG). This approach assigns fixed obligations exclusively to developed countries, ensuring that the primary financial burden falls on wealthier nations. Meanwhile, other UNFCCC signatories can support climate initiatives based on their capabilities. Russia's stance highlights concerns over the rising debt burdens faced by developing countries, including the world's least developed nations and small island states, which are disproportionately impacted by climate change.

During his address, Snisorenko underscored the crucial role of the private sector in mobilizing climate finance. He pointed to mechanisms such as state guarantees, public-private partnerships, and funding from international development banks as key drivers in leveraging private capital. The Russian delegation highlighted the need for innovative financial instruments, including green bonds, sustainable finance taxonomies, and the development of carbon credit markets, to attract private investment and support the transition to a low-carbon economy.

The Russian Federation also stressed the importance of ensuring a fair transition to a low-carbon economy, without causing harm or discrimination against specific countries. Russia called for the removal of barriers to technology transfer, advocating for unrestricted access to best-available technologies, which it sees as essential for achieving sustainable development goals.