COP 29: FUNDING THE FUTURE OR FAILING IT?

THE 29th Conference of the Parties (COP29), dubbed the Climate Finance COP, just wrapped up in Baku, Azerbaijan, from November 11 to 22. It was billed as a pivotal moment to address the critical funding gaps in climate action, particularly for developing nations. While countries convened to take stock of their commitments under the Paris Agreement, civil society, indigenous groups and young people sent a clear message to world leaders: ‘Enough with broken promises!’

So, what’s this all about, why does it matter, and what can we do to drive real change? What is the Paris Agreement, and why should you care? Back in 2015 at COP 21, the world made a ground-breaking deal in Paris. The Paris Agreement was born to tackle climate change by keeping global warming well below 2°C, ideally closer to 1.5°C, compared to pre-industrial levels. Its framework emphasises collective action, equity and support for vulnerable countries through climate finance, technology transfer and capacity building. Sounds promising, right?

But here’s the problem: Many of the promises made under this agreement have yet to be fulfilled. A glaring example is the commitment by developed nations to provide US$100 billion annually by 2020 to help developing nations adapt to and mitigate climate change. That target remains unmet, with devastating consequences. Imagine trying to build flood defences, switch to clean energy or recover from droughts without the necessary resources. For nations in Africa and the Global South, this is not just a funding shortfall, it’s a matter of survival.
Keep Paris alive!

During COP29, organisations like YOUNGO, the official youth and children’s constituency under the United Nations Framework Convention on Climate Change (UNFCCC), expressed deep concerns about the slow progress on the New Collective Quantified Goal (NCQG). The NCQG is meant to establish a more ambitious financing framework post-2025. Many parties, including the Africa Group of Negotiators, have called for US$1.3 trillion annually in public finance, grants, not loans or debt, to address adaptation, loss and damage, and to help nations transition to sustainable economies.

YOUNGO’s statement criticised key shortcomings in the negotiations, warning that the current state of the NCQG risks rendering the Paris Agreement ineffective. Vulnerable groups, such as the youth and children, are often side-lined in these discussions. YOUNGO argued that climate finance should not be treated as a profit-driven business model, but as a means to empower those most affected by the crisis.

The crisis of broken promises
Here’s the stark reality: The climate crisis isn’t waiting for us to catch up. From record-breaking heatwaves to devastating floods, people in the Global South are already experiencing the worst impacts of a warming planet. Yet, the wealthiest nations, those historically responsible for the majority of greenhouse gas emissions, are failing to deliver on their financial commitments.

This isn’t just disappointing; it’s dangerous. Without sufficient funding, developing countries cannot invest in climate adaptation or green technologies to reduce emissions. Worse still, vulnerable communities such as those in small island nations or drought-prone regions in Africa will continue to bear the brunt of climate change. Leaders must stop treating climate finance as an optional gesture of goodwill and start treating it as the moral obligation it truly is.

So, what can we do?
The good news? You don’t need to attend a COP summit to make a difference. Change starts with awareness, action, and holding decision-makers accountable. Here are a few steps you can take:

Firstly, educate yourself and others, it is important to understand the issues surrounding climate finance and discuss them with your friends, family and community. Knowledge is power and it’s contagious!

Secondly, support Grassroots Movements, local organisations and youth-led initiatives are doing vital work on the ground to combat climate change. Whether it’s through financial contributions, volunteering or sharing their work online, your support can help amplify their impact.

Thirdly, Push for Accountability, Climate finance flows should be publicly tracked to ensure funds are delivered and spent where they’re most needed. Lastly, we should all take action, whether it’s planting trees, starting a recycling programme, or advocating for renewable energy policies, every action counts. Remember, small local changes can ripple out into global impacts.

The next time someone tells you that climate change is too big to solve, remind them: It’s not about solving it alone, it’s about everyone doing their part. A future worth fighting for COP29 made one thing abundantly clear: Young people are not sitting on the side-lines, they are driving the fight for a fair and sustainable future. Their message to world leaders was simple, stop delaying, stop deflecting and take bold action now.

But this fight is not just theirs. The climate crisis affects all of us, and solving it will take a collective effort from governments, businesses, civil society and individuals. We need to demand justice, support those on the frontlines, and work together to create a future worth living in. The promises of the Paris Agreement are still within reach, but only if we act now. Let’s stop making excuses and start making progress. The future is watching, and its time we showed up.

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