$300 Billion climate financing at COP29 - Time to walk the talk

The 29th Conference of Parties (COP29) of the United Nations Framework Convention on Climate Change (UNFCCC) has ended in Baku, Azerbaijan, where an agreement was reached between developed and developing countries to triple public finance for climate action.

Known officially as the New Collective Quantified on Climate Finance (NCQG), countries from the Global North agreed to increase their financial commitment to climate financing from the previous $100 billion annually to $300 billion annually by 2035.

The amount includes public and private sources, meaning not all of it will have to be paid for directly by governments. It is higher than the $100 billion pledged in 2009 but falls short of the $1.3 trillion developing countries had asked for.

The new finance goal would help developing countries protect their people and economies against climate disasters and share in the vast benefits of the clean energy boom.

The financing agreement at COP29 builds on significant strides in global climate action at COP27, which agreed to set up a historic Loss and Damage Fund, and COP28, which delivered a global agreement to transition from all fossil fuels in energy systems swiftly and fairly, triple renewable energy and boost climate resilience.

Apart from the breakthrough agreement on climate financing, COP29 also delivered some key outcomes, especially in the area of adaptation. For instance, a decision was made to establish a support programme for the implementation of National Adaptation Plans (NAPs) for the less developed countries (LDCs), including Ghana. 

Again, COP29 took a decisive step to elevate the voices of indigenous peoples and local communities in climate action by adopting the Baku Work Plan and renewing the mandate of the Facilitative Working Group (FWG) of the Local Communities and Indigenous Peoples Platform (LCIPP).

The Daily Graphic sees the agreement reached by parties at COP29 as a major move towards mobilising funds for climate action. If these commitments are kept, the next 10 years will see developing countries ramp up interventions to address the climate crisis.

Painfully, we are aware that the developed countries have not redeemed the $100 billion annual pledge that was made 13 years ago. The failure of countries from the Global North to keep the climate financing promise raises a million-dollar question as to whether the current pledge will see the light of day.

The Daily Graphic shares the view of the UN Secretary-General, António Guterres, that the financing agreement at COP29 “was essential to keep the 1.5-degree Celsius limit alive.

The Daily Graphic calls on the developed world to walk the talk by honouring their financial commitments in this agreement in the interest of humanity and the planet. 

The final COP29 text acknowledges the need for $1.3 trillion and calls for the mobilisation of that amount annually through various sources.

Given that the climate crisis continues to escalate, leaving deadly footprints in developing countries and Africa, in particular, it is important for innovative strategies to be adopted to mobilise the needed funds to implement adaptation and mitigation interventions against the menace.

The Daily Graphic is of the view that even as developed countries have the moral responsibility to pay for emitting the bulk of the greenhouse gasses (GHGs) that warm the globe, it is equally important for developing countries to play their part in addressing the climate impact locally.

As has been suggested by some experts, there is a need for Ghana and other African countries to prioritise climate change by providing a dedicated budget for climate action.

It is worrying that as of now, only three African countries – Nigeria, South Africa and Kenya--- have specific laws on climate change. We are aware that almost all the 54 countries on the continent have policies and Nationally Determined Contributions (NDCs) to guide climate action.

However, we believe that enacting specific laws would facilitate the mobilisation of funds and structural arrangements to spur climate action.

Climate change is a global crisis that spares no country – big or small; wealthy or poor; polluter or no polluter. We must, therefore, rise and act collectively to stem the tide in the interest of posterity. It is costlier not to act now.