A key advisor to small island nations slams the lack of commitment from wealthy nations to provide adequate climate finance at COP29. Frustration mounts over stalled negotiations on a new climate financing target and the exclusion of loss and damage funding, leaving vulnerable nations feeling abandoned and highlighting the inadequacy of current pledges.
The long-awaited loss and damage fund, designed to compensate vulnerable countries for climate-related disasters, is set to become operational at COP29 in Baku. While progress has been made, the fund faces significant challenges, including securing sufficient funding from wealthier nations. The fund’s operationalization is a key step towards climate justice and its success hinges on robust financial commitments from developed countries.
