As world leaders and climate activists converge for COP29 in Baku, Azerbaijan, the spotlight falls on wealthy countries and their commitment to securing a liveable planet for all. The annual United Nations Climate Change Conference has taken on even greater urgency this year, as developing nations grapple with the devastating consequences of climate change without sufficient support. At the forefront of these calls for action is ActionAid International, a global non-governmental organization dedicated to combating poverty and injustice. The organization has been vocal in insisting that wealthy nations commit to annual grants to aid vulnerable countries in their climate resilience efforts.
ActionAid’s Global Lead on Climate Justice, Teresa Anderson, emphasized the necessity of ambitious climate financing, urging that COP29 must deliver a new climate finance goal worth trillions of dollars in grants each year. According to Anderson, this financial commitment is essential for countries disproportionately affected by climate disasters and climate change to cover the costs of disaster recovery, future preparedness, and the transition to green technologies. These frontline nations, which have contributed little to global emissions, now face escalating debts as they bear the brunt of climate-induced catastrophes.
“Climate-hit countries desperately need COP29 to agree on a climate finance goal that includes trillions in annual grants,” Anderson stated, stressing that the responsibility lies with the wealthiest and most polluting nations. “Instead of stepping up, however, wealthy nations are shifting responsibility, proposing exploitative loans and corporate investments rather than grants, putting the financial burden on the shoulders of already vulnerable countries,” she continued.
COP29 is seen as a definitive test of wealthy countries’ willingness to honor their climate finance obligations. Activists argue that without sufficient funding from the countries most responsible for historical emissions, the world will struggle to mobilize the level of climate action needed to mitigate the impacts of a warming planet. “Whatever the cost, paying for ambitious climate action now will be far cheaper than the cost of catastrophe later,” Anderson warned.
Senior Policy Analyst at ActionAid USA, Kelly Stone, underscored the role of climate finance in establishing an equitable approach to climate action. Stone emphasized that achieving the Paris Agreement’s goals requires all countries to contribute fairly, which includes providing grant-based financing from developed countries, particularly the United States. “Pushing market mechanisms in place of climate finance is unacceptable,” Stone asserted. She argued that mechanisms like carbon offsetting allow countries and corporations to sidestep their responsibilities, undermining genuine emission reduction efforts and sidestepping their climate finance obligations. True climate finance, Stone insists, means direct, grant-based support rather than financial maneuvers that delay meaningful action.
In the Global South, the impacts of climate change have grown increasingly severe and unavoidable. Farah Kabir, Country Director at ActionAid Bangladesh, highlighted Bangladesh’s struggles with escalating climate disasters in 2024. The country was struck by Cyclone Remal in June, affecting over 4.7 million people. Before recovery efforts could be completed, extensive flooding in August affected more than 5 million people. Kabir noted that communities in the Global South do not have the luxury of time, as delayed action only leads to more lost lives, increased property destruction, and intensified food insecurity. “We need climate finance now,” Kabir stressed, noting that these funds are critical for building community resilience and advancing sustainable solutions.
The discussion surrounding climate finance at COP29 speaks to a broader, longstanding issue: the disparity between those who suffer the most from climate change and those responsible for its drivers. The Global South is calling for a fair share approach, where wealthier nations contribute meaningful resources to address a crisis largely of their making. The climate crisis has widened the gap between rich and poor nations, and COP29 could be a pivotal moment to bridge it.
As COP29 continues, the world watches to see if wealthy nations will rise to the occasion, agreeing to grant-based climate financing that prioritizes global survival over profit. This summit is a litmus test, and the outcome will significantly shape the trajectory of international climate action.
