0
0
(25 November): The COP29 outcome risks setting back climate action at just the moment when accelerating it is most critical. After two weeks of tense and polarised negotiations, countries agreed on a climate finance deal that does not come close to meeting the needs of developing countries. This COP failed to send a strong signal on the need to rapidly reduce emissions and phase out fossil fuels marking a setback from COP28 in Dubai.
James Reeler, Senior Manager for Climate Action at WWF South Africa, said: “This weak climate finance deal is a blow to Africa and the global fight against climate change. With its minimal emissions contribution, Africa bears the brunt of escalating climate impacts, from extreme droughts to food insecurity. Without adequate finance, communities across the continent remain vulnerable to the growing climate crisis. This is a wake-up call. African nations and global leaders must push for meaningful commitments to deliver the transformative changes the world needs.”
Just this week, the G20 leaders reaffirmed the need to rapidly and substantially scale up climate finance from billions to trillions. The commitment of US$300 billion a year by 2035 falls far short of this ambition, will come too far in the future, and is not in line with what is needed to support vital climate action in developing countries. COP29’s roadmap toward scaling up $1.3 trillion in finance for developing countries by 2030 remains vague, offering little confidence that this goal will be met. Africa, which requires $2.8 trillion by 2030 for adaptation and mitigation efforts, risks being left behind without clear commitments and innovative financing mechanisms.
Durrel Halleson, WWF Africa Policy and Partnerships Manager, said: “While nature was highlighted in side events, COP29 failed to elevate it in formal negotiations. Africa depends on its ecosystems for survival, yet weak signals on nature-based solutions mean that vital climate-biodiversity synergies remain sidelined. For Africa, climate and nature must go hand in hand.”
WWF urges developed countries to exceed current financial commitments and operationalize innovative solutions like green bonds and debt-for-adaptation swaps. The lead-up to COP30 in Belém, Brazil, will be crucial to ensuring the $1.3 trillion roadmap delivers real benefits for Africa and other developing regions.
