Cop29: Delegates focus on securing substantial climate finance for developing nations

Efforts to secure meaningful financial support for developing nations are taking center stage at the United Nations Climate Change Conference (COP29) in Baku, Azerbaijan.

Delegates are negotiating a comprehensive climate finance package to aid developing countries in transitioning to clean energy, adapting to climate change, and mitigating the impacts of extreme weather events.

Kenya’s special envoy for climate, Ali Mohamed, expressed optimism about the ongoing talks.

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“We hope that our partners from the developed world will come up and join us in addressing this challenge honestly and with commitment,” Mohamed stated.

He emphasized the urgency of reaching an agreement, noting that “haggling” delays meaningful action while vulnerable populations continue to face devastating consequences of the climate crisis.

Developing nations have proposed a target of $1.3 trillion in climate finance, a figure supported by independent U.N. experts.

The package under discussion includes grants, loans, and private investments to meet these ambitious goals.

Ireland’s Minister for the Environment, Eamon Ryan, called for a united effort, saying, “It would be unforgivable for developed countries to walk away from negotiations without making a firm commitment toward developing ones.

We do have to provide the finance, particularly for the developing countries, and to give confidence that they will not be excluded.”

While some hurdles remain, there is strong alignment among negotiators on the necessity of achieving a balanced and inclusive solution.

“We have to make an agreement here,” Ryan reiterated, highlighting the high stakes of the conference.

The negotiations at COP29 underline the global commitment to addressing climate change through equitable collaboration and financial investment.