As the 29th United Nations Climate Change Conference (COP29) convenes in Baku, Azerbaijan, global attention has turned to wealthy nations.
These nations, responsible for over 90 percent of global greenhouse gas emissions, are under increasing pressure to fulfill their financial commitments to help vulnerable countries combat the intensifying climate crisis.
Teresa Anderson, ActionAid International’s Global Lead on Climate Justice, said that there is an urgent need for substantial financial commitments from developed countries to help frontline nations address the escalating costs of climate impacts, from disaster recovery to green transitions.
“Frontline countries who have done almost nothing to cause the problem are being pushed deeper into debt by the climate crisis,” Anderson said in a press statement released by ActionAid international hours to the opening of the conference. For years, developed nations have pledged to provide financial assistance to developing countries to mitigate and adapt to climate change, as well as address loss and damage.
However, these promises have largely gone unfulfilled, leaving frontline nations in the Global South—particularly in Africa, South America, and Asia—to bear the brunt of climate impacts. Anderson emphasized that countries bearing the brunt of climate impacts desperately need a new COP29-backed climate finance goal in the trillions of dollars, in the form of grants—not loans or corporate investments, which many wealthier nations are advocating.
“If we want to unleash climate action that can save our future, the countries that caused the crisis must pay to fix it. Paying for ambitious climate action now will be far cheaper than facing the cost of catastrophe later,” Anderson added.
Kelly Stone, a Senior Policy Analyst at ActionAid USA, highlighted the critical need for grant-based finance as a fair-share approach. “Market mechanisms are not climate finance. They allow polluters to avoid cutting their own emissions by offsetting instead of real reductions, which is unacceptable and fails to meet developed countries’ obligations,” she said.
The call for urgent action was echoed by Farah Kabir, Country Director at ActionAid Bangladesh, who stressed the disproportionate impact on Global South nations like Bangladesh.
“2024 has been Bangladesh’s worst year yet,” Kabir stated. She recounted the devastating effects of Cyclone Remal, which displaced millions in June, followed by widespread flooding that left over five million more struggling to recover.
Kabir urged leaders to act swiftly, emphasizing that communities in the Global South cannot afford delays. “Time lost means more lives lost, greater destruction of livelihoods, and more severe food insecurity. Climate finance is essential now to help our communities build resilience and adopt greener pathways.”
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Wealthy Nations Urged to Fulfil Climate Finance Commitments as COP29 Opens
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