Developing Nations Urge Climate Finance at COP29

At COP29 in Baku, Malaysia's Minister for Natural Resources urged developed nations to fulfill their climate finance commitments, emphasizing that the Global South is underfunded for climate action despite the trillions spent on conflicts. He highlighted Malaysia's reliance on Global Climate Fund support and the importance of increased financing for their ambitious Nationally Determined Contribution (NDC) targets. The World Rural Forum reported that only 0.3% of climate finance reaches family farms, which produce 80% of the world's food and are severely impacted by climate change. Meanwhile, discussions on the New Collective Quantified Goal (NCQG) are ongoing, with Latin American countries stressing the need for more substantial financial support from wealthier nations. Economists assert that raising approximately $1 trillion annually for climate initiatives by 2030 is feasible without overburdening government budgets, warning that failure to act could lead to severe economic repercussions globally. The summit remains stalled as rich countries withhold specific funding commitments, complicating efforts to address the urgent climate crisis.