Developing countries, also referred to as the Global South, are demanding about $5 trillion from developed countries, known as the Global North, to mitigate the effects of climate change.
This amount is intended as loss and damage financing to combat climate change and support the development of Global South economies, which have been devastated by the activities of the developed world.
Lidy Nacpil, Coordinator of the Asian People’s Movement on Debt and Development, made this demand at the ongoing 29th Conference of Parties (COP29) in Baku, Azerbaijan, asserting that developed countries must not fail the Global South.
According to her, developed countries promised in Copenhagen in 2009 to provide $100 billion in loss and damage financing. However, she decried that this amount has not been fully disbursed.
Madam Nacpil stated that this financing should come from public funds in developed countries, not an over-reliance on the private sector.
She noted that developing countries are currently funding efforts to mitigate climate change effects from their limited resources, even though they are primarily victims of the crisis.
Yalchin Rafiyef, COP29 Lead Negotiator, added that the United States and China would be hosted at the summit, urging them and their shareholders to make strong financial commitments to the fight against climate change.
He emphasized that achieving success in this battle does not depend on one country alone.
Simon Stiell, UN Climate Change Executive Secretary, stressed that every country has a responsibility to combat climate change, calling it an “economic killer.”
He remarked, “The climate crisis is the cost of living crisis across all economies,” urging the powerful Global North to support financing efforts against climate change.
About COP29
The 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29) is being held in Baku, Azerbaijan, from November 11 to 22, 2024.
This conference provides a crucial opportunity to accelerate efforts to address the climate crisis.
With global temperatures reaching record highs and extreme weather affecting populations worldwide, COP29 aims to bring together leaders from governments, businesses, and civil society to advance practical solutions to this defining issue.
A key focus of COP29 will be finance, as trillions of dollars are required for countries to significantly reduce greenhouse gas emissions and protect lives and livelihoods from the worsening impacts of climate change.
The conference also provides a critical moment for countries to present their updated national climate action plans under the Paris Agreement, due by early 2025.
If implemented effectively, these plans could limit global warming to 1.5°C above pre-industrial levels and serve as investment strategies to advance the Sustainable Development Goals.
