People in countries most vulnerable to climate change face the consequences of extreme weather conditions. Despite playing a minimal role in driving climate change and possessing limited resources to address the crisis, nations across Africa, Latin America, the Caribbean, Asia, and the Pacific bear the brunt of its impacts.
The toll is profound, from cyclones ravaging Bangladesh to floods engulfing Libya and wildfires raging across South America. With global temperatures soaring—2023 notably marked as the hottest year on record—we face an ominous future where climate extremes are poised to unleash even greater havoc.
The hope, COP29
COP29 is gearing up to place climate aid for emerging nations at the forefront of its agenda. Following the substantial energy commitments made by almost 200 countries at COP28 in Dubai, aiming to cap global warming at 1.5°C, the focus now shifts to translating these pledges into tangible actions.
At COP28, ongoing deliberations centred on establishing a few collective targets for climate finance, carefully considering the requirements and preferences of developing nations.
The COP29 Presidency Plan
On May 15th, 2024, the COP29 Presidency and the International Energy Agency (IEA), in collaboration with the UN Framework Convention on Climate Change (UNFCCC), convened the first High-Level Energy Transition Dialogue.
This dialogue marked the beginning of a series of discussions leading up to the COP29 climate change conference in Baku, Azerbaijan. This initiative builds upon the achievements of the five Dialogues jointly hosted during last year’s COP28 Presidency.
COP29 President-Designate Mukhtar Babayev said at the event, “Scaling up climate finance to help countries with their national climate plans that align with 1.5-degree pathways as informed by the latest science, and in light of national circumstances, is a key part of the COP29 Presidency’s plan. We are very pleased to continue such dialogues ahead of COP29 in Baku, given that even greater cooperation is needed to ensure the implementation of the goals that were set.”
Also read: IEA chief stresses the need to speed up talks on climate aid for poor nations ahead of COP29
The dialogue participants included UNFCCC Executive Secretary Simon Stiell, African Union Commissioner for Infrastructure and Energy Amani Abou-Zeid, Germany’s State Secretary and Special Envoy for International Climate Action Jennifer Morgan, and Ireland’s Minister for Transport, Climate, Environment & Communications Eamon Ryan.
Also present were Malawi’s Minister of Energy, Ibrahim Matola; Sierra Leone’s Minister of Environment and Climate Change, Jiwoh Abdulai; Togo’s Minister for Energy and Mines, Mila Aziablé; Uganda’s Minister of Energy and Mineral Development Ruth Nankabirwa Ssentamu; and Türkiye’s Deputy Minister of Environment, Urbanisation, and Climate Change Fatma Varank. Along with COP24 President Michał Kurtyka and COP26 President Alok Sharma.
Attendees emphasized the urgency of boosting financing for energy transitions, particularly in emerging and developing economies, where access to project capital and elevated borrowing expenses pose significant hurdles.
The Priority
Discussions focused on two main points: speeding up the use of critical solutions like energy storage and incorporating higher shared goals into national policies and the next set of Nationally Determined Contributions (NDCs) mandated by Parties in the Paris Agreement. These efforts would be supported by appropriate implementation methods.
The coalition Allied for Climate Transformation by 2025 (ACT2025), comprising experts and thought leaders advocating for climate-vulnerable developing nations in climate negotiations, has issued a Call to Action outlining concrete steps for countries, especially developed ones, to assist climate-vulnerable nations.
These actions, crucial for restoring trust and solidarity in 2024 and during COP29, require wholehearted commitment from nations to be effective.
The New Plan
During COP29, nations will discuss setting a new climate finance objective, replacing the current pledge of $100 billion annually until 2025.
The outcome of COP29 relies on establishing a new target that aligns with developing nations’ requirements and rectifies the previous goal’s deficiencies.
Affluent nations will uphold their duty by ensuring adequate support for climate-vulnerable countries to transition towards a low-emissions, climate-resilient future.
