COP29 funding agreement must be fit-for-purpose to tackle devastating impact of climate change

Dubbed the “finance COP,” world leaders are due to negotiate a new global finance goal to cut greenhouse gas emissions, boost resilience, help communities adapt to the impacts of climate change, and cover the costs of loss and damage. The New Collective Quantified Goal (NCQG) will replace the existing $100 billion annual goal that is due to end in 2025.

“The eyes of some of the world’s most climate vulnerable countries will be watching COP29 because the NCQG is vital if they are to protect and enable people to thrive,” Concern’s Climate Resilience Advocacy Advisor Laura Bahlman said. “We are not just talking about the scale of the funding agreed, but also the quality of the agreement reached. For example, funding must include allocations for adaptation, and loss and damage -- not just mitigation. 

“Funding must prioritise grant-based financing rather than following the current trend of financing loans. Many countries hardest hit by climate change are already sinking in foreign debt,” she said.

Climate change is now a major driver of hunger around the world. The scale of the devastation currently being caused by climate change is daunting. The 2024 report of the Lancet Countdown on health and climate change found that the increase in drought and heatwave events since 1981–2010 was, in turn, associated with 151 million more people experiencing moderate or severe food insecurity across 124 countries assessed in 2022.

“Low-income countries like Malawi cannot be left to fund solutions to a problem they did not cause,” said Concern’s coordinator in Malawi, Tommy Chimpanzi, who will be attending COP29. He works with communities which are struggling in the face of climate change. 

Malawi has experienced more than 19 major floods and seven droughts over the last 50 years.  “The frequency and ferocity of these floods and droughts is increasing, culminating with Cyclone Freddy in March 2023, which killed 679 people and forced 659,000 people to flee their flooded homes,” he said. 

Bangladesh is also witnessing an unprecedented increase in the frequency and intensity of climate-induced disasters. “This year alone, the country faced six consecutive natural calamities, including repeated rounds of monsoon and flash floods, landslides, cyclones, heat waves, and cold snaps,” Concern Country Director in Bangladesh, Manish Kumar said. “While Bangladeshis have shown resilience, these relentless and closely spaced events are stretching their endurance to the limit.”

“Our communities want COP29 leaders to prioritise accessible funding for climate adaptation, enforce stronger carbon reduction commitments, and support initiatives that empower local communities to build resilience,” said Lillian Amondi Abuoro, Concern’s senior governance and advocacy officer in Kenya. She works with communities in Tana River who face regular droughts and floods.

The NCQG must be:

• Sufficient to meet the needs of countries affected by climate impacts. 
• Cover adaptation, mitigation and loss and damage.
• Be accountable when it comes to delivery. The new climate finance goal should include an equitable burden-sharing mechanism ensuring that high income countries pay their fair share. 
• Ensure quality and accessible finance. It must have a significant public, grant-based funding component to allow the money to flow to people exposed to climate impacts in fragile and conflict affected contexts, and so that climate finance does not add to the debt burden on low-income countries.

For media queries or to arrange an interview with a Concern spokesperson at COP29, contact Eamon Timmins, Media Relations Manager, Concern Worldwide, at [email protected] or 087 9880524

Notes to the Editor

Concern Worldwide is a member of the Zurich Climate Resilience Alliance which recently published the details of five criteria to test any New Collective Quantified Goal produced at COP29.  Making Climate Finance Work For All, can be read here.