COP29: Calls for Climate Finance from Developed Nations

As COP29 approaches its conclusion, pressure is mounting on developed nations to commit significant financial resources for climate action, particularly for developing countries facing severe impacts from climate change. South African parliament officials emphasized the necessity of accountability from wealthier nations for their historical emissions and urged them to provide financial support to help limit global temperature rises. With developing nations needing approximately $1.3 trillion annually for climate resilience, negotiations have stalled over the lack of a concrete financial target, with developed countries hesitant to disclose specific amounts. Activists at the conference have called for reparations, claiming that climate finance is a debt owed by the Global North to the Global South. Amnesty International highlighted that wealthy nations have pledged only a fraction of the expected funds, further aggravating the situation in vulnerable regions. The urgency for a decisive and actionable climate finance agreement remains critical as the conference nears its end.