Jakarta –Leaders from the Alliance of Small Island States (AOSIS) and the Least Developed Countries (LDC) group urged the international community to commit to a robust new climate finance goal ahead of the UNFCCC COP29 in a media briefing on the sidelines of the UN General Assembly in New York earlier this week.
In the briefing that was broadcast online, speakers highlighted the urgent need for significant financial support to address the climate crisis, especially for vulnerable nations.
The event featured key figures, including Fatumanava-o-Upolu III Dr Pa’olelei Luteru, AOSIS Chair; Minister Cedric Schuster of Samoa, representing AOSIS; Evans Njewa, Chair of the LDC group; Dr. Yusuf Mkungula, Principal Secretary for Malawi’s Ministry of Natural Resources and Climate Change; and Michai Robertson, Lead Climate Finance Negotiator for AOSIS.
AOSIS Chair Fatumanava-o-Upolu III Dr Pa’olelei Luteru highlighted the disparity between global military spending and climate finance. “It’s incredibly disheartening to hear leaders talk while countries pour endless funds into military conflicts. In 2023 alone, global military spending hit a staggering USD2.4 trillion. We urge the international community to commit to a new climate finance goal in the trillions – one that considers the unique challenges of Small Island Developing States (SIDs) and the Least Developed Countries (LDCs). The climate crisis doesn’t end when it strikes. It only grows and crosses borders. We must seize this moment at UNGA to secure a livable world for all,” he stated.
The groups highlighted concerns that current climate finance contributions might be misrepresented, raising doubts about whether there is an actual increase in support or merely a reshuffling of funds. They also discussed matters related to ensuring that both developed and developing countries adhere to their financial commitments.
Yusuf Mkungula from Malawi stressed the economic impact of the climate crisis on vulnerable nations. “We stand at a pivotal moment where we can’t afford to ignore the reality of climate change. It’s not just an environmental issue, but an economic one. As we approach COP29, countries must agree on a far more ambitious climate finance goal, beyond the USD100B. We need funding for mitigation, adaptation, and loss and damage, not loans. This is why we’re fighting for a clear definition of climate finance,” he explained.
The speakers pointed to Article 9 of the Paris Agreement, which mandates that developed nations provide financial resources to developing countries. They emphasised the need for these nations to not only meet but exceed their commitments, particularly in light of the disproportionate impact of climate change on SIDS and LDCs.
Michai Robertson highlighted the challenges in negotiating a new climate finance goal. “The biggest frustration around the new climate finance goal (NCQG) boils down to two things: who contributes and who benefits – both are stalling discussions. Every push to move forward gets labelled as ‘political’ and everyone’s priorities just seem to cancel each other out,” he said.
Minister Cedric Schuster of Samoa called for urgent action at the upcoming United Nations General Assembly (UNGA) and COP29. “At UNGA79, countries must unite to reverse a catastrophic path. Urgent action on the new climate finance goal is essential to address adaptation, mitigation, and loss and damage. COP29 must deliver stronger commitments to keep 1.5°C alive, and we call on the G20, in particular, to lead with 1.5°C-aligned climate plans which are recognizing the need for a full phase-out of fossil fuels,” he urged. (nsh)
