As COP29 commences in Baku, Azerbaijan, next week, attention turns to the potential outcomes of this pivotal gathering.
Jesuits for Climate Justice has issued a strong call to action, urging delegates to prioritise three key areas: the effectiveness of the Loss and Damage Fund, climate debt cancellation, and acceleration of a just energy transition.
The conference is expected to attract up to 50,000 delegates, including numerous world leaders. Here’s how these crucial demands align with the broader COP29 agenda.
Breaking down the crucial priorities
- Loss and Damage
Following the successful launch of the Loss and Damage Fund at COP28, some dubbed this year’s conference in Baku as the “Finance COP.” The event will focus on operationalising the fund, with the aim to disburse financial assistance to climate-vulnerable nations by 2025.
A central debate surrounds the new global climate finance goal (NCQG) and whether it will include specific targets for loss and damage funding. While uncertainty persists, there’s strong momentum for increased adaptation funding, with a proposed target of 50% of climate finance allocated to this area—a measure likely to be incorporated into the NCQG framework.
As of September 2024, $702 million has been allocated to the Loss and Damage Fund, though many experts argue this falls far short of addressing the scale of the climate crisis. COP29 presents a critical opportunity to boost this funding and elevate global climate action.
- Cancelling climate debt
The finance-dominated agenda opens up crucial debates around debt cancellation for developing nations, a relatively new platform at COP. Many countries at the forefront of climate change which struggle to finance adaptation are facing substantial debt burdens.
Amnesty International reports that Ethiopia currently allocates three times more funds to debt repayment than climate adaptation efforts. Similarly, nations like Congo and Mozambique consistently prioritise debt servicing over climate action. Lower-income countries are spending over 12 times more on debt payments than on climate adaptation.
This financial strain creates a vicious cycle: countries incur more debt to manage climate impacts, which further impedes their ability to invest in durable solutions. With current climate finance mechanisms proving inadequate, COP29 has an opportunity to advance debt cancellation measures that could protect millions from escalating climate change effects.
- Ensuring a just transition
COP29 has positioned just transition as a priority, emphasising deep emissions cuts while ensuring no one is left behind. The newly launched Baku Initiative aims to align human development needs with climate finance and unite key stakeholders.
On November 14, during the Finance, Investment and Trade Day, a high-level dialogue will address investment in just transition, including critical discussions on jobs and skills development.
A recent UN Resourcing the Energy Transition emphasises human rights in mineral value chains, highlighting both challenges and opportunities. The report focuses on equitable benefit-sharing, value addition, economic diversification, and global traceability and accountability factors crucial for developing countries rich in these minerals.
The findings provide COP delegates a warning that empowering the rights of artisanal and small-scale miners could have positive implications for the just transition.
Call to grassroots action
As COP29 unfolds in Baku, the interconnected challenges of climate finance, debt relief, and just transition demand unprecedented cooperation and commitment. The success of this conference will hinge on whether nations can translate pledges into concrete action, particularly operationalising the Loss and Damage Fund and addressing the crushing debt burden of climate-vulnerable countries.
Did you know that every country in the world has a chief delegate speaking on behalf of its citizens? You can make your voice heard by writing to your delegate ahead of COP29, urging them to prioritise these critical issues. Use our template tool to craft a powerful message here.
Colm Fahy
JESC Ecology Advocacy Officer
