Bangladesh and other climate-vulnerable countries at COP29 are urging for a doubling of financial aid to enhance resilience, support low-carbon transitions and address losses and damages.
The developing nations have sought an annual climate finance of $1.3 trillion at the summit to achieve their climate action goals and deal with the growing effects of climate change.
But the topic of how much rich countries should pay developed ones to transition away from dirty fuels, how to deal with rising sea levels and temperatures, and how to compensate for damage already caused by climate-driven extreme weather did not get much attention in the first week.
The amount of money that needs to be handled between nations is still around $1 trillion annually.
No sessions were held today due to the weekend break. The conference is set to resume on Monday and continue until November 22.
As the first week of COP29 ended, discussions on climate finance have made some headway, but a comprehensive agreement is still elusive.
The latest round of UN climate talks, known as COP29, began in Baku, Azerbaijan on November 11. This comes after a year that saw numerous extreme heat records broken and massive climate-driven chaos, like hurricanes, floods, and wildfires in almost every part of the world. This year's conference, dubbed the "climate finance COP," aims to significantly raise financial commitments to help vulnerable nations mitigate and adapt to the effects of climate change.
Mirza Shawkat Ali, a member of the Bangladesh delegation, said, “Many countries are making different financial demands including some calling for doubling the current funding. Discussions so far at the primary level have not yielded any concrete outcomes and final decisions will be made at the ministerial level.”
He added that while draft texts on financing came, no discussions have been finalised. Despite various levels of talks, no agreements have been reached yet.
Fragile states call for greater support
Countries at the conference are struggling to agree on a new annual funding target for climate finance. Vulnerable countries, including small island states, have demanded increased funds to prepare for extreme weather events which threaten their existence as rising sea levels engulf their territories.
Countries with tropical rainforests have also stressed the need for more financial aid to preserve these critical ecosystems which are vital for reducing carbon emissions.
A collective letter to the COP presidency emphasised the need for a commitment to double financial assistance to address climate impacts.
Civil society push for equity
At a parallel civil society dialogue titled "Financing for Climate Justice," participants called for a $1.5 trillion target for climate finance for 2025–30.They also opposed any clauses attempting to shift responsibilities from developed nations to least developed countries (LDCs) and developing nations. The dialogue included representatives such as Lidy Nacpil (APMDD, Philippines), Ezequiel Steuerman (ESCR-Net, Argentina), Patricia Wattiena (ESCR-Net, USA), and Aminul Hoque (COAST Foundation, Bangladesh).
Talking to UNB, Aminul Haque from Bangladesh’s Coast Foundation said “Climate finance is essential for the survival of vulnerable people, not for development allocations. However, current drafts reveal ambiguities that could trap poor nations into long-term financial burdens.”
He strongly demanded clarity in the definition of climate finance and transparency in setting the overall financial targets. “Countries like Bangladesh, among the most affected, lack the capacity to tackle climate change with additional funding requirements of approximately $3.5 billion annually,” he added.
He argued that developed nations, as the primary contributors to climate crises, must provide the necessary financing under Article 9.1 of the Paris Agreement. “This funding is crucial for safeguarding our at-risk communities,” he said.
He also criticised the draft for its lack of clear directions regarding climate finance provisions for developing nations. He urged unity among developing countries in the upcoming negotiations.
UN chief urges global cooperation
UN Secretary-General António Guterres has led global leaders to act decisively on climate finance.
“The world is running out of time to control global temperatures. Without urgent action, humanity will pay a steep price,” Guterres said, noting that 2024 is set to become the hottest year on record.
The absence of key leaders from major economies, including US President Joe Biden, China’s Xi Jinping, France’s Emmanuel Macron, and India’s Narendra Modi, has drawn criticism.
Despite being a petroleum-dependent nation, Azerbaijan is hosting this year’s climate summit, a decision that has drawn sharp criticism from climate experts in various countries. The nation’s economy is heavily reliant on fossil fuel extraction, raising questions about the appropriateness of such a venue for a global climate conference.