The COP29 climate summit in Baku failed to provide adequate climate finance to uphold the 1.5°C warming limit from the Paris Agreement. High-income countries promised to direct at least $300 billion yearly to low- and middle-income countries by 2035, but this fell short of the necessary amounts. Experts argue that funding should be in the form of grants, not loans, to effectively help these countries decarbonize and transition away from fossil fuels. The need for immediate, large-scale funding is crucial, especially amidst challenges such as the requirement for unanimity among negotiators that stalled more decisive action.
High-income countries (HICs) agreed only to "take the lead" in directing at least US$300 billion to low- and middle-income countries (LMICs) each year by 2035.
Although these headline numbers seem to be broadly similar to those that were proposed by climate-finance experts, in reality this fudged scattershot approach falls far short of what's needed.
Ideally, climate finance should be given in the form of public grants, or equivalents, which can be spent on ending the use of fossil fuels early.
Without access to climate finance at scale, LMICs cannot afford to decarbonize. And time is running out; it may be too late.
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