Still No Indication of Climate Financing at COP29

The COP29 climate summit is currently being held in Baku, the capital of Azerbaijan. From the beginning, climate activists criticized the choice of such a country to host the conference.

Around 80,000 representatives from 180 countries have gathered in the city since November 11 to tackle the climate crisis. The discussions, set to continue until November 22, are nearing their conclusion. Over these days, strong rhetoric, protests, debates, and a mix of successes and frustrations have shaped the event.

The impacts of climate change have placed the entire world in jeopardy. World leaders at the Baku meeting should have recognized and felt ashamed of their own complacency. Yet, the cries of affected nations seem to fall on deaf ears.

Many prominent world leaders have abstained from attending the conference. Analysts have argued that nations that fail to commit to phasing out fossil fuels should not host climate dialogues.

Major polluters such as the U.S., Canada, Japan, Australia, China, France, and the EU have largely ignored the summit’s urgency, leaving important financing issues unresolved. While nations have made demands and claims, no clear path to climate financing has emerged. Activists continue protesting, but their voices have yet to elicit significant responses.

The first week focused on temperature goals, climate financing, adaptation and loss and damage funds, and World Bank reforms. Developing nations, particularly the most affected, are negotiating with wealthier countries to secure commitments under the Paris Agreement.

However, no promising developments on financing guarantees have been observed. It is anticipated that the negotiations may extend for a day or two beyond November 22.

Discussions at COP29 this past week focused on global temperature targets, climate finance, adaptation funds, loss and damage funding, and reforms at the World Bank. Environmental advocates are in talks with developed nations about pollution control, but there is still no clarity on the financial support needed to implement the Paris Agreement. It is anticipated that these deliberations could extend beyond the November 22 deadline.

Bangladeshi representatives express low expectations for compensation from climate impacts. A youth delegation from Bangladesh protested in Baku, stating that developed nations are not willing to provide even $1 billion, despite the need for $2.5 billion annually to address climate impacts. Instead of compensation, developed countries prefer offering loans to support green industry investments.

Bangladesh and other vulnerable nations face multifaceted losses due to climate change. Some private organizations and donors from developed countries have pledged $4.5 billion for green initiatives, but these funds usually have loan conditions. Discussions have spanned adaptation, mitigation, loss and damage, and technology utilization, but the mechanism for fund disbursement remains unclear. There is scepticism about achieving consensus on compensation.

Developing nations emphasize that securing private investments remains a significant challenge due to the high-risk nature of such financing. UN funds are vital for people in these countries, many of whom are displaced by conflicts and natural disasters. Bangladeshi representatives have voiced concerns that COP29 might end without any substantial outcomes.

On the sixth day of the conference, climate finance took center stage. A coalition of countries heavily impacted by conflicts and climate change emphasized the need for doubling financial aid. These nations are calling for more international support to tackle increasing vulnerabilities and to implement climate adaptation and mitigation measures.

Representatives from Bangladesh have also said that the negotiations are proceeding at a slow pace, as always. Countries are requesting over $2 billion each year in aid to help their people deal with natural disasters and security issues.

Countries at the conference are working to agree on a new annual target for climate funds. Meanwhile, nations in vulnerable situations are demanding more funds to better prepare for extreme weather events. Several island nations are among those most at risk.

Their argument is that, due to the rising sea levels caused by climate change, their existence is under threat. Countries with evergreen forests have requested more funding to protect these areas and help reduce carbon emissions.

The flood that struck the Feni region of Bangladesh in August 2024 was shown at the climate conference. At COP29 in Baku, Azerbaijan, powerful images highlighted the hardships faced by individuals during rescue operations and the bravery of young people involved in recovery efforts following devastating floods.

A global discussion took place yesterday at the “Water for Climate” pavilion during the climate conference in Baku. The discussion, titled “Youth for Water Justice,” was organized by Mission Green Bangladesh (MGB), Youth Platform for Sustainable Development (YPSD), the Center for Atmospheric Pollution Studies (CAPS), Nature Conservation Management (NACM), and Change Initiative.

Speakers at the dialogue stated that during the August floods, Bangladesh’s new interim government struggled to support those affected. Although the global powers were responsible for the flood, the international community did not stand by Bangladesh. In this critical time, the country’s youth played a leading role in saving lives and in post-flood rehabilitation efforts.

The devastating flood has made it clear that involving youth in tackling climate-induced disasters and ensuring water justice is essential. Experts recommend that young people worldwide be engaged as “paid volunteers” through the United Nations to tackle climate change risks.

The CEO of Change Initiative, M. Zakir Hossain Khan, stated, “Water justice is a crucial part of climate justice. National and transboundary water resource management is vital for nature-based global governance.

Young people are crucial as leaders in nature-based development. Dr. Ahmed Kamaruzzaman Majumdar, Chairman of CAPS, expressed concern about the psychological impact, loss of ancestral homes, and the pain of losing religious landmarks, regardless of international compensation efforts.

Therefore, when calculating damages, the psychological aspects must also be considered. It’s important to involve young people in all environmental matters, like climate change and water justice, rather than just focusing on compensation demands.

During a civil society discussion at the climate conference on Monday, a new target of $1.5 trillion for climate financing was proposed for the 2025-30 period. It was emphasized that any criteria blaming least developed countries (LDCs) and developing nations instead of developed countries should be opposed.

Meanwhile, the dialogue titled “From Million to Trillion: Financing Needed for Climate Justice” was held at the COP29 conference center, where representatives of civil society from various countries participated and shared their views on the issue.