Activists Say COP29 Finance Deal “a Drop in the Ocean” Compared to What’s Needed

After wealthy countries refused to agree to a $1 trillion proposal from developing countries facing the brunt of climate change’s impacts, the COP29 U.N. climate summit concluded with a $300 billion climate finance deal that is “a drop in the ocean compared to what is needed.” For more, we hear from two climate activists who attended the conference and were among those calling for wealthier countries to contribute more to a global green energy transition.

And we know that’s not enough, because the climate crisis is global, and so it also means providing massive amounts of climate finance to enable action in other parts of the world where we know it has to happen. We know all the poorest countries in the world have to transition their economies, and we also know they don’t have the resources for it.

For more on the latest developments, we’re joined by Asad Rehman, executive director of War on Want, lead spokesperson for the Climate Justice Coalition. It seemed like he was everywhere at these U.N. climate talks, but, I guess, not in the negotiating rooms.ASAD REHMAN: What they’ve done, therefore, they owe a debt to the Global South, first for overconsumption of that carbon budget, which is now denied to developing countries, so they are not able to use it to develop, but also the consequence of overconsuming. And, of course, we see that on a daily basis with floods, drought, famine, storms, devastating so many people’s lives and livelihoods. That is quantified as the climate debt.

But there’s also a very big debate going to take place in Brazil, which will be around a just transition. That’s a vision of what comes next to the world. Will it be fair? Will we be able to guarantee people’s lives and livelihoods through things like public services, making food and energy available to everybody? Will we reform our global financial architecture? All of that will be on the table in Brazil.

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