Developing Countries Seek Global South Alliance to Strengthen Climate Action

Participants in this year's climate negotiations, COP29, held in Baku, Azerbaijan, expressed disappointment with the agreement reached. Developing countries argued that the $300 billion per year in climate finance pledged by developed nations is insufficient. They had proposed $1.3 trillion in annual assistance.

The Baku deal includes a broader goal of raising $1.3 trillion per year in climate finance for developing countries by 2035. However, this target includes both public and private sources, meaning the bulk of the funding would come from private finance rather than government-to-government assistance.

Calls for Global South Collaboration and Leadership

Mohamed Nasheed, secretary-general of the Climate Vulnerable Forum, emphasized the importance of collaboration between countries like China, Brazil, and South Africa with climate-vulnerable nations. He believes this can lead to more meaningful outcomes in advocating for international finance architecture reform.

Fabby Tumiwa, executive director of the Institute for Essential Services Reform think tank in Jakarta, stressed the need for climate cooperation led by Global South countries. He suggested that China could pioneer the "greening" of Belt and Road countries by helping them accelerate energy transition.

Investing in Renewable Energy and Adaptation

Tumiwa also emphasized the need for developing countries to maximize the funding they receive by investing in renewable energy generation, energy efficiency, and climate adaptation. He suggested setting aside a budget for climate finance and considering cutting subsidies for fossil fuels.

Developed Nations Must Understand the Benefits of Climate Finance

Masayoshi Iyoda, a Japanese campaigner at 350.org, argued that providing climate finance will also benefit developed nations in the long run. He cited the increasing frequency of climate disasters in Japan, highlighting that even developed countries cannot escape the impact of climate change.

Developed Nations Reluctant to Take on Heavy Commitments

Climate activists and campaigners at COP29 noted that developed countries are now reluctant to take on significant commitments due to budgetary constraints, a weaker global economy, and the Russia-Ukraine conflict.

The Independent High-Level Expert Group on Climate Finance has stated that the $300 billion per year pledge by 2035 falls short by at least $390 billion a year needed to achieve the goals of the Paris climate pact.