BAKU (AZERBAIJAN), Nov 22: Despite the much-anticipated United Nations Climate Change Conference (COP-29) drawing closer to the conclusion, there is still no agreement among big nations on the size, nature, definition, or sources of climate finance.
Negotiators are attempting to finalize a fixed amount for climate finance, while climate activists continue to pressure for an agreement by organizing exhibitions and rallies at the conference venue.
A grassroots-level assembly, the People's Plenary, was organized on Thursday by global civil society. En route to the conference’s main venue, representatives from various organizations held exhibitions, delivered speeches and performed dances to demand a concrete decision. Activists emphasized that developed nations must bear the financial burden of climate finance.
Climate finance management is the central theme of the Baku conference. The latest 10-page draft document of the repeatedly revised New Collective Quantified Goal (NCQG) outlines the need for trillions of US dollars to assist developing countries between 2025 and 2035. However, no agreement has yet been reached on this issue.
Civil society calls for inclusive climate action ahead of COP29
The draft also includes the demand from 45 least-developed countries for $220 billion annually for climate action. Developing countries, which have been advocating for subsidies to address the climate crisis, have seen their demands reflected in the draft. However, the document lacks clarity on the total financial requirements or specific allocations for mitigation, adaptation, and loss and damage.
Nepali officials at the conference are optimistic that an agreement could be reached by its conclusion if specific amounts are finalized. Dr. Deepak Kharal, Secretary of the Ministry of Forests and Environment and head of Nepal’s delegation, stated, “Since this edition is called the Climate Finance Conference, we can expect some decisions to be made. The document also includes issues raised by underdeveloped countries like Nepal.”
Harjeet Singh, Global Engagement Director of the Fossil Fuel Non-Proliferation Treaty Initiative, noted that the global need for funds for climate adaptation, mitigation, and addressing loss and damage is increasing, but financial resources remain insufficient. “Strong public finance is essential to reduce reliance on fossil fuels. Empty words are meaningless,” Singh emphasized, advocating for robust support for a just energy transition.
Since the beginning of the conference, numerous organizations have been staging protests with various demands. Representatives from the Coalition for Climate Justice accused wealthy nations of exploiting natural resources and polluting the atmosphere for profit while leaving poor and developing countries to bear the consequences.
Activists argue that the Global South should be viewed as a majority voice rather than a weaker entity. They also demand that the Global North provide $50 billion annually in climate finance.
Claire Miranda, a representative of the Asian People's Movement on Debt and Development (APMDD) and coordinator of exhibitions at the conference complex, stated, “Rich countries must take responsibility for the problems caused by their past actions. When the people of the world unite, they are difficult to defeat.”
At the People’s Plenary and exhibitions, activists chanted slogans targeting developed nations, such as “If not towards finance, stay silent, rise, and keep fighting.” They stressed that mutual cooperation and solidarity are essential for achieving a just and sustainable world.
The Baku conference, which began on November 11, concludes today, November 22. Nearly 70,000 participants, including leaders, diplomats, scientists, and activists from over 200 countries, attended the event.
