Global South vs Global North: COP29 kicks off in Baku, climate activists slam developed nations’ approach to climate finance

The 29th Conference of Parties (COP29) kicked off on November 11 at Baku in Azerbaijan and aims to deliver promises made on climate financing by the developed countries in COP15 and COP21. Climate activists have already raised their concerns and criticised the approach of developed countries in climate financing.  

Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC) said that a new global climate finance goal at the COP29 climate conference will not be enough to rein in toxic emissions and countries must work harder to reform the global financial system 

In his inaugural address, Stiell emphasised that it is imperative to fulfil agreements that have been promised in the previous sessions of COP.  

Simon said, “If at least two thirds of the world’s nations cannot afford to cut emissions quickly, then every nation pays a brutal price.  Let’s dispense with any idea that climate finance is charity. An ambitious new climate finance goal is entirely in the self-interest of every nation, including the largest and wealthiest.” 

“If nations can’t build resilience into supply chains, the entire global economy will be brought to its knees. No country is immune,” he added. 

UNFCCC aims to mobilise action from all stakeholders, and align with the efforts of the UN Secretary-General and the incoming Brazilian COP Presidency. 

“But it’s not enough to just agree on a goal. We must work harder to reform the global financial system. Giving countries the fiscal space they so desperately need,” Simon said. 

However, environment activists criticised the developed nations for their inactions and failed to deliver the climate finance promises on day 1 of the event. 

Renowned environmentalist Meena Raman criticised Trump administration said, “Situation is looking bleak at this moment. Trump coming in US is to walk out from the Paris agreement, and it will be no surprise if they walk out from UNFCC. The biggest polluters of the world are currently abdicating from their responsibilities in reducing their fair share of emissions.” 

Raman said that United States is a major emitter there will be serious ramifications if it doesn't abide by its commitments. 

This year’s summit is being termed the ‘Finance COP’ and it will focus heavily on securing a new climate finance target for countries most vulnerable to climate impacts.  

However, Raman said that climate financing is most important for the Global South as transition from fossils to green energy is not possible without money on the table and the developed world has to deliver on their promises to the developing world.  

Claire Miranda, a representative of the Asian Peoples’ Movement on Debt and Development, said, “Climate finance is talk for decade and we are here with empty talks. This is finance cop. Global South will be painted as delayed progress but it is about justice and accountability. Climate finance is responsibility of those responsible for the crisis.” 

Environmentalists are alleging that governments of Global North are ignorant about paying up towards the climate finance whereas it is their duty towards Global South. 

Climate financing is an old discussion among the countries working towards reducing the use of fossil fuels and promoting clean energy infrastructure, which requires investment. Clean energy and infrastructure investment will reach two trillion dollars in 2024. Almost twice that of fossil fuels. 

COP29 will continue till November 22, bringing together negotiators from nearly 200 countries to advance the Paris Agreement’s goals of limiting global temperature rise, strengthening climate resilience, and mobilising support for developing nations.