COP29: Activists From Developing Countries are Demanding Economic Systems Change

Report by the Systems Change Alliance Team

At COP29 in Azerbaijan, Harjeet Singh, global engagement director for the Fossil Fuel Non-Proliferation Treaty, emphasized to the New Hour at Democracy Now that climate finance remains a critical issue, with developing countries needing an estimated $5 trillion annually to address climate challenges. Singh stressed that without substantial financial commitments from wealthy nations, progress on climate action will be limited.

The negotiations for a new climate finance goal to replace the previous $100 billion target have been slow and unproductive. After 14 meetings, rich countries have yet to commit to a specific number.

While COP28 in Dubai made historic progress by including language on transitioning away from fossil fuels, implementation remains challenging. Developed countries, such as the United States and Norway, are expanding fossil fuel production at home while pushing for discussions about carbon reductions abroad.

Inadequate Financial Support for Developing Countries

Another serious problem, according to Singh, is that much of the current climate finance comes in the form of loans rather than grants, exacerbating debt issues for developing countries. Singh argued that at least $600 billion annually should be provided as grants, especially for adaptation and loss and damage.

The COP29 climate summit is facing criticism over its proposed financial commitments, which many view as inadequate. The presidency has set a target of $1.3 trillion in climate finance by 2035, but only requires wealthier nations to contribute $250 billion annually to poorer countries, who are disproportionately affected by climate change despite contributing the least to the problem. This proposal has been labeled an “absolute embarrassment” by Oil Change International, likening it to giving control of a fire truck to an arsonist.

Greenhouse Emissions and Greenwashing

Singh emphasized the United States’ responsibility to provide climate finance, noting that the U.S. is historically responsible for about 25% of global greenhouse gas emissions, while the EU is responsible for another 25%.

Regarding local environmental issues, Singh drew parallels between Delhi’s severe air pollution crisis and the broader need to transition away from fossil fuel-based development models globally. The problem in developing countries is that they are using the same failed economic growth model as in the rich nations.  Hence, widespread systems change is needed.

As discussions continue past the summit’s official end date, the future of international climate finance remains uncertain, with strong calls for more substantial commitments from developed nations to support vulnerable countries in their climate adaptation efforts.

The Worst Climate Summit So Far?

Some experts consider COP29 the worst climate summit in recent memory for several reasons. One is delayed action. The proposed financial target is set for 2035, which is seen as a delay tactic, especially considering that previous commitments for 2020 were not met. Another is reduction in real terms. When accounting for inflation, the proposed $250 billion actually represents a 30% reduction from the previous $100 billion commitment made 15 years ago.

Mohamed Adow, director of Power Shift Africa, described this COP as potentially the worst in recent memory, emphasizing that developing countries have long sought substantial financial support to combat climate change impacts. He criticized the presidency for failing to facilitate meaningful negotiations and for allowing wealthier nations to evade their financial responsibilities.

Claudio Angelo from Brazil’s Climate Observatory echoed these sentiments, stating that the current draft is unacceptable and may lead to a deadlock if not revised. He noted that while Brazil’s President Lula is advocating for fossil fuel expansion domestically, Brazilian diplomats are engaging constructively in negotiations.

Mohamed Adow, director of Power Shift Africa, summarized the situation by stating that the current proposal is “a slap in the face of developing countries” and does not meet the urgent needs of climate action.