COP29 delivers triple climate finance but is it enough for vulnerable children?

Mclarence Mandaza says COP29 decision-makers weren't bold enough, disappointing everyone depending on them for their future  

Despite my years following climate diplomacy, and the UN climate change conferences’ history for disappointing decisions, I still came to COP29 in Azerbaijan with hope. While I have seen COP discussions mired in conflicting national interests, these annual gatherings are still key moments with the potential for redeeming the world from the unfolding climate crisis. 

One of the major outcomes for delivery at this year’s COP29 was going to be on climate finance. While there is no clear definition of climate finance, UNFCCC describes climate finance as funding from local, national, or international sources. This funding can come from public, private, or other types of sources. The goal is to support actions that help reduce and adapt to climate change.  

In 2015, the Paris Agreement committed countries at COP21 to providing $100 billion per year by 2020 towards both adaptation and mitigation actions (via the Green Climate Fund, the Special Climate Fund, the Least Developed Countries Fund and other modalities.) My colleagues at World Vision and I have certainly not been the only ones deeply concerned by the failure to deliver this promised amount.  

Broken promises, global shocks 

What compounds this failure is the fact that countries the world over have been facing devastation by extreme weather events. In 2019, Southern African countries like Malawi, Zimbabwe, and Mozambique faced a terrible cyclone. This disaster affected over 1.6 million children. It also destroyed important buildings for education and health services.   

The 2023/24 rainfall season in Southern Africa was one of the worst droughts in 40 years. The El Niño phenomenon caused this. More than 20 million people are now facing a food crisis. Similar situations are happening in Asia and South America. These examples show the urgent need for more climate finance.  

A decline in demand of $1.3 trillion  

As delegates gathered for COP29, many touted the event as the COP for finance. The Africa Group promoted a bold figure of $1.3 trillion per year. This amount aims to replace the unmet $100 billion pledge.  

The discussions about needing new money for climate action began before COP28. This event took place in Dubai last year. It was referred to as the New Collective Quantified Goal on Climate Finance (NCQG).  

As COP29 took place, participants also discussed other important topics. These included the guidance on carbon markets, known as Article 6, and the Loss and Damage Fund. Despite this, the main focus was on creating a new goal for climate finance.  

The OECD recently released a report that states the $100 billion pledge met its goal in 2022—well after the 2020 deadline. Strong evidence showed the need for a new goal because of the cost of implementing the national goals for reducing carbon emissions. Many people held high hopes that COP29 could achieve the $1.3 trillion climate finance goal.  

COP29 closing time eventually passed without an agreement on the negotiations which had escalated to the ministerial level. At one point, negotiators shared an unacceptable draft text.  

They initially committed to $250 billion each year. One of World Vision’s delegates from Germany, Ekkehard Forberg, said, “I did not expect such a poor NCQG text. With just $250 billion from all sources, this is not enough to handle inflation compared to the goal set 15 years ago.”  

Tripling of Climate Finance but not enough  

After 33 hours of negotiations, countries agreed on a new climate finance goal. The New Collective Quantified Goal is $300 billion per year. This amount is three times the original goal of $100 billion set in 2009. This agreement aims to deliver at least $300 billion each year by 2035. Experts expect developed countries to take the lead. Developing countries were encouraged to contribute voluntarily.  

The COP decision also urged countries to help increase funding to at least $1.3 trillion for developing countries. This funding should come from all public and private sources.  

Simon Stiell is the Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC). He said that the new finance goal is like an insurance policy for humanity. It comes as climate impacts worsen in every country.”  

Some people welcomed the new climate finance commitment as a significant advancement. However, others felt disappointed by the goal. They think the developed world has enough money to tackle the climate crisis. However, it needs to make this a priority. Others were urging developing countries to also contribute to climate finance.  

Whoever contributes, the previous failure to deliver the $100 billion raises doubts about whether the $300 billion a year will be provided.  

Building resilience in the mean time 

I and my colleagues at World Vision will keep calling for predictable, sufficient and fairly shared climate finance that has helping vulnerable children as a priority. Our programming, supported by a range of donors, will not just focus on emergency response (potentially supported by Loss and Damage funding) but also on building resilience among affected communities and on providing them with early warning mechanisms so they can prepare for, and bounce back from the impact of climate disasters.  

We will also keep praying that those with the power to do will invest the time, money and effort to protect the future of this planet and its children, and also for COP30—may it finally be the moment of bold hope we have all been waiting for. 

To learn more about World Vision’s work on Environmental Sustainability and Climate Action click here  

By Mclarence Mandaza World Vision Southern Africa Environment Sustainability and Climate Action Technical Lead