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The climate advocacy group, 350.org, has said rich nations failed to deliver on climate finance at the 2024 United Nations Climate Change Conference (COP29), which held on 11 – 24 November, in Baku, Azerbaijan.

Developed countries committed ‘at least $300 billion per year’ from a variety of sources – including public and private sectors – for climate finance by the conclusion of the conference.

According to the United Nations Framework Convention on Climate Change (UNFCCC), “climate finance” refers to local, national or transnational financing – drawn from public, private and alternative sources of financing – that seeks to support mitigation and adaptation actions that will address climate change.

350.org said the financing at COP29 risks deepening the debt burden for vulnerable nations who are already paying the price of the climate crisis, adding that high-income countries, which are responsible for the bulk of historical emissions, owe trillions to nations shouldering the costs.
 
“Billed as the ‘Finance COP’, the UN climate talks fell short of expectations and needs,” said 350.org. “The most vulnerable countries, already bearing the brunt of increasingly severe climate impacts were forced to accept a token financial pledge to prevent the collapse of negotiations – a stark reminder of the persistent imbalance in global climate justice.”

The advocacy group said the lack of adequate level of financial backing from rich nations continues to obstruct meaningful progress on adaptation and mitigation, particularly in regions hardest hit by climate impacts.