Mercy Corps Urges Bold Action at COP29: $1 Trillion Annual International Climate Finance to Protect Climate-Vulnerable Nations

08 November 2024

Statement by David Nicholson, Mercy Corps Chief Climate Officer 

“As world leaders prepare to arrive in Baku, Azerbaijan, for the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change, more commonly known as COP29, Mercy Corps urges them to set an ambitious new international climate finance target of $1 trillion. This target is critical for enabling countries most impacted by climate change to implement the policies they need to adapt, mitigate, and build resilience.  

“This year, we have witnessed record-breaking temperatures yet again and devastating climate events, including floods in Spain, Nigeria and Nepal and hurricanes in the United States. COP29 must deliver an agreement on the New Collective Quantified Goal (NCQG) that raises ambition on climate finance and meets the current and growing needs of countries in climate-vulnerable countries. The NCQG should prioritize public, grant-based finance for adaptation and loss and damage, free from burdensome loans and private finance models that historically fall short in serving vulnerable communities.  

“Let’s be clear: whatever is agreed at COP29 will lock in climate action (or inaction) for the next decade. Incremental measures are no longer enough. COP29 must yield ambitious, concrete commitments. Wealthy nations, who bear primary responsibility for the climate crisis, must step up funding for countries that have not caused the crisis, including fragile and conflict-affected countries that have been particularly ignored. This is a legal obligation and an investment in global security and climate justice. 

“If we are to keep warming to 1.5 degrees —a goal already severely at risk — we need more than promises; we need substantial and predictable funding that reaches those who need it most. The NCQG must reflect this urgency, bridging the finance gap with annual contributions of $1 trillion. 

“Twenty years ago, we believed the climate crisis could be averted by limiting carbon emissions. Today, it is clear that strong decarbonization must be paired with proven strategies and funding to help communities adapt to changing and less predictable climate conditions, and to address irreversible and inevitable losses and damages. Yet, the adaptation financing gap is growing every year, leaving the hardest-hit communities without the support they need, and the promised loss and damage funding is not yet flowing. 

“COP29 offers an opportunity to bridge this gap by advancing a truly ambitious NCQG that also dedicates a substantial portion of climate finance to adaptation and loss and damage. This funding is particularly critical in fragile and conflict-affected regions, where climate adaptation can support peace and stability by reducing conflict risks tied to scarce resources. 

“While the world grapples with escalating conflicts, rising food insecurity, and shifting political landscapes, it is more urgent than ever for leaders to set aside national politics and commit to bold, unified climate action. The future of millions is at stake.” 

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