COP29: Too Little, Too Vague on Climate Finance

COP29 concluded with a controversial agreement on climate finance for developing countries. Mohammed Abdulrahman, programme coordinator for Cordaid in Yemen, attended the conference in Azerbaijan and reflects on its outcomes in this blog.

Following protracted negotiations, countries agreed to a plan in which developed states committed to providing $300 billion annually by 2035 to assist poorer countries in combating climate change.  

This amount, however, falls short of the $1.3 trillion annually that many developing countries believe is necessary to address climate challenges adequately. 

Lack of Tangible Steps to Phase out Fossil Fuels

The extended negotiations and the final agreement highlight the fragility of international climate cooperation. The lack of tangible steps to phase out fossil fuels further highlights the challenges in aligning global policies with the urgent need for climate action.  

Cordaid, an organisation dedicated to supporting vulnerable and conflict-affected communities, recognises the critical importance of adequate and accessible climate finance. The outcomes of COP29, particularly the financial commitments, directly affect the communities we serve. Though the agreed-upon funding is a step forward, it may not sufficiently address the needs of fragile settings where climate impacts are most severe. 

Localised Financing Mechanisms

In our position paper for COP29, we advocated for localised financing mechanisms that are easily accessible and tailored to the unique challenges of fragile and conflict-affected settings. We emphasised the necessity for inclusive and integrated approaches that do not exacerbate existing vulnerabilities.  

During a side event, I was honoured to represent Cordaid and the Civil Society Platform for Peacebuilding and Statebuilding (CSPPS) and discuss the growing recognition of the intersection between climate action and peacebuilding in fragile states. However, I also discussed the significant gaps in effectively addressing these challenges.

These are my key takeaways from the event: 

• The Urgency for Risk-Informed Climate Finance 
  A major theme at COP29 was the need to rethink how climate finance is structured and distributed. Current mechanisms often fail to address the compounded risks of fragility and climate change for conflict-affected states. The push for risk-informed climate finance—allocating resources proactively to prevent crises rather than responding to them—is critical for ensuring that the most vulnerable are not left behind. 
• Scaling Up Support for Fragile States 
  Fragile states are disproportionately affected by climate change but receive only a fraction of global climate finance. They face many hurdles, including weak governance structures, a lack of political stability, and limited institutional capacity to implement large-scale projects. The discussions underscored the importance of global solidarity and tailored approaches to ensure these states can access and effectively use climate finance. 
• The Role of Local Solutions and Community Engagement 
  One critical message was the value of local knowledge and community-driven solutions in addressing climate challenges. In many fragile states, for example, grassroots initiatives have shown remarkable resilience and innovation despite limited resources. Amplifying these efforts through international partnerships and funding could serve as a model for other fragile contexts. 
• Bridging the Climate and Peacebuilding Agendas 
  This year, the importance of integrating peacebuilding into climate action strategies has been recognised. However, much work remains to align these agendas fully. We require policies and funding mechanisms prioritising environmental outcomes, social cohesion, equity, conflict prevention, and long-term stability.