BAKU, Azerbaijan — As developing countries grapple with increasing floods, droughts and other climate-related impacts, their limited financial resources are under considerable strain. This situation often leaves many governments with little choice but to borrow money to address the devastating effects of climate change.
Developing countries have historically produced very few of the carbon emissions that cause climate change but they are often among the most impacted and least economically able to adapt. So, in 2023, U.N. delegates to COP28 agreed to establish a loss and damage fund to help the most vulnerable countries deal with the effects of climate change.
For most heads of state gathered at COP29, the U.N. Climate Summit in Baku, Azerbaijan, now is the time for wealthy countries to fulfill their commitments to assist developing nations in adapting to climate change impacts.
“We are particularly concerned about climate finance,” President Denis Sassou Nguesso of the Republic of Congo stated.
President Nguesso, whose country contains a significant portion of the world’s second-largest rainforest, in the Congo Basin, stressed the urgent need for wealthy nations to provide climate adaptation funding and address loss and damage without forcing developing countries to take on more debt.
It took almost 13 years for developed countries to fulfill a pledge to raise $100 billion to support developing countries as they adapt to climate change.
“Although the $100 billion target was agreed upon in 2009, it was not reached until 2022,” President Nguesso said.
Currently, world leaders are exploring new avenues to secure funding to assist developing countries. During the ongoing COP discussions, countries are expected to agree to a new target, the New Collective Quantitative Goal (NCQG)
“The NCQG must be based on scientific data and the needs of developing countries, which amount to trillions,” President Nguesso said.
Tiémoko Meyliet Koné, the vice president of Côte d’Ivoire, and the President of Ghana, Nana Akufo-Addo, both highlighted the need for climate change financing that does not lead to additional debt. Ghana, located on the west coast of Africa, has been significantly affected by climate change, notably its coastline. President Akufo-Addo called on developed countries to fulfill their commitments and provide access to concessional financing without adding to further debt.
East Africa experienced historic floods in 2024, causing severe damage in Eritrea, Djibouti and Ethiopia. Ethiopian President Taye Atske Selassie urged developed nations to increase their ambition and expedite the disbursement of existing funds.
“We are very concerned about the delay in disbursing these funds,” Taye said. For many, climate finance represents a matter of justice, as it requires those historically responsible for pollution to cover the costs.
“Climate finance is a justice issue, and we must ensure that the loss and damage fund does not become a shell of itself,” warned Philip Isdor Mpango, the vice president of Tanzania.
Banner image: Delegates are gathered for COP29 in Baku, Azerbaijan. Photo courtesy of UNFCC.
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