COP29 Climate Finance: Will it achieve any goals?

BY STEVE EPHRAEM

THE 29^th Convention of the Parties (COP 29) to the United Nations Framework Convention on Climate Change (UNCCC) that was held in Baku, Azerbaijan from November 11-22, 2024 brought together nearly 200 countries in this European-Asian country.

As the curtains came down, a new finance goal to help countries protect their people and economies against climate disasters was set. Known as the New Collective Quantified Goal on Climate Finance (NCQG), the agreement aims at providing USD 300 billion annually to developing countries by 2035.

Developing nation blasted the USD300 billion claiming that it was an insufficient, heartless amount, far below the expected USD1.3 trillion they were calling for.

Despite that, Simon Stiell, Executive Secretary of UN Climate Change, emphasised the importance of this new finance goal, stating that it is “an insurance policy for humanity” amid worsening climate impacts. He also highlighted the need for countries to work together to achieve this goal, stressing that “promises must be kept, to protect billions of lives.”

It all lies on what commitment the developed countries shall do and how transparent they shall become in the releasing the Climate Finance in order for one to conclude that the COP29 agreement will achieve any goals.