COP29 insufficient finance goal threatens global climate action

Climate Reality Project PhilippinesAfter two weeks of grueling negotiations, the conclusion of the 29th Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change in Baku, Azerbaijan, left developing countries feeling disappointed. While perfection was not expected, hopes for a more ambitious and equitable outcome were high.

Another critical point is that under this new goal, developed countries are not the sole contributors to fulfilling the $300 billion annual goal. The inclusion of private finance as a source of the new finance goal, while seemingly expanding the funding pool, introduces accountability issues as private actors are not bound by international climate agreements. Plus, the new goal mentioned developing countries as contributors in the guise of South-South cooperation.

Climate activists staged actions up to the last minute of COP29 to demand that countries reject the climate finance decision.

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