As the global climate crisis intensifies, the nations that have contributed the least to climate change are finding themselves most vulnerable to its devastating effects. From low-lying island nations to war-torn states, these countries face rising seas, extreme weather events, and economic shocks, yet their capacity to address these challenges remains limited.
At COP29, they are pushing for a significant increase in climate finance to help them transition to clean energy and adapt to the growing impacts of climate change.
One of the key demands from these nations is a ten-fold increase in the existing pledge of $100 billion per year in climate financing.
They argue that this is necessary to cover the future costs of shifting to sustainable energy systems and implementing effective adaptation measures to cope with the worsening climate impacts.
Babayev, a former oil executive, pointed out to negotiators that while the final sum may be in the trillions, “a figure in the hundreds of billions was more ‘realistic’” for the immediate future.
Despite the urgency, progress on this issue has been slow, with years of haggling over how much should be paid and who should bear the financial responsibility.
As COP29 approaches, negotiators are bracing for what Germany’s climate envoy, Jennifer Morgan, described as “perhaps the most challenging negotiations since Paris.”
The ongoing disagreements have made it difficult to reach any meaningful consensus ahead of the crucial summit.
Developing countries, which have often been the hardest hit by climate disasters, warn that without adequate financial support, they will be unable to submit ambitious updates to their climate goals, a requirement for all nations by early next year.
The current pool of developed countries contributing to climate finance is seen as insufficient, and there are calls to expand this group to include other wealthy nations and top emitters, such as China and the Gulf states. However, Beijing has firmly rejected this idea, leaving a major sticking point in negotiations.
Simon Stiell, a key climate advocate, urged wealthier nations to abandon the notion that climate finance is a form of charity.
“Dispense with any idea that climate finance is charity,” he emphasized, pointing out the disproportionate impact climate change has on developing countries that have contributed the least to global emissions.
At the summit in Azerbaijan, a petrostate wedged between Russia and Iran, over 50,000 participants have gathered, including the leaders of many nations from Africa, Asia, and Latin America.
These regions are already reeling from climate disasters and are urgently seeking solutions to protect their vulnerable populations.
As negotiations intensify, the pressure is mounting on wealthier nations to step up their contributions and honor their climate finance commitments.