Baku, Azerbaijan: Time is running out to agree a fair and effective climate finance deal at COP29, as the global climate conference in Azerbaijan enters its final days. Islamic Relief is urging rich nations to agree a deal that commits at least $1.3 trillion* a year in public finance, but negotiations towards this are moving at glacial pace.
There is still time to achieve a meaningful deal before COP29 ends on Friday – but only if there is political will and leadership both here and at the G20 summit now taking place in Brazil. G20 leaders must send a clear message to energise talks at COP29 but they have so far been worryingly silent on climate finance.
Jamie Williams, Islamic Relief Worldwide’s senior policy adviser is in Baku attending COP29. He says:
“There are icebergs melting quicker than the talks are proceeding. The climate crisis is the biggest threat facing humanity and climate finance needs to be world leaders’ top priority, both here at COP29 and at the G20. Negotiations here will inevitably go right down to the wire, but right now there doesn’t seem to be much urgency to get the deal done at the scale needed. It’s still possible, but we really need governments to step up and show strong leadership over the next few days. The stakes are too high to fail.
“So far at COP29 there’s been too much talk of turning to the private sector for finance, but it’s critical that governments step up public finance first and foremost. The climate emergency is far too big an issue to be left to the whims of the private sector, which inevitably puts profits before people and totally ignores key aspects such as adaptation. Public finance is more accountable, transparent and more likely to reach the most vulnerable countries and people. It’s also vital that new funds are in the forms of grants, not more loans that trap poor countries in debt for generations to come.
“Governments think $1.3 trillion a year sounds a lot, but the cost of inaction is far higher. Much greater sums will be needed in future if they don’t reach a deal this week. The amount being asked for is less than what G20 countries spend on subsidising and supporting fossil fuels every year**.”
On climate adaptation:
“We’re also seeing slow progress so far in the negotiations on the Global Goal for Adaptation***. The most effective adaptation is informed and led by local communities and puts the voices of women, youth, refugees, Indigenous People and other marginalised groups at its heart, and negotiations here need to reflect that. There was good progress on this at COP28 but so far at COP29 even the draft text on adaptation is still to be agreed and remains full of contradictory positions.
“One positive development is a sense that decision makers are becoming more willing to listen to the voices of faith actors and recognise the vital role that faith has to play in addressing climate change.”
On cutting emissions:
“Everywhere you look at COP29 there are lobbyists for fossil fuel companies trying to block progress. This year is the hottest ever recorded and the first full year ever to surpass 1.5 degrees above pre-industrial levels. We need to get the Paris Agreement back on track, and that can only be done by cutting emissions and phasing out the use of fossil fuels.”
Notes
* Islamic Relief is calling for an overall climate debt repayment package of $5 trillion per year, with the richest nations and biggest polluters paying their debt to the countries who emit the least emissions but suffer the worst climate impacts. At COP29, governments must make a start towards this with a commitment of at least $1.3 trillion in public finance, to cover the rising costs of climate impacts, loss and damage, adaptation, and a just transition.
** Based on data from the IISD
*** The Global Goal on Adaptation was established in the Paris Agreement to enhance adaptive capacity, strengthen resilience and reduce vulnerability
