In Baku, Azerbaijan, world leaders, investors, and NGOs are currently gathered for the annual UN climate summit COP29. Hopes have been high, yet expectations for concrete agreements remain uncertain.
How high are the world’s nations willing to set the bar for action against combating climate change? And equally important: who will pay the bill? The past few days in Baku have revealed a stark reality. While global leaders can unite on the same agenda – the need for a greener, more sustainable future – fingers still point in every direction when it comes to funding. After all, a responsible green transition comes with a price tag.
It has been suggested that a minimum of USD 1 trillion – annually – must be allocated, primarily to developing and low-income countries. Such figures seem dauting among wealthier nations, which, as the largest emitters of carbondioxide, are also expected to contribute the most.
“If no agreement is reached on financing, or if individual (wealthy) countries fail to make concrete and ambitious commitments, the bill will be paid by those most affected by climate change: where nature is most fragile and resources to counteract the consequences are most limited,” says Marie Sigvardt, Director of Save the Orangutan. She adds: “We believe this is neither morally just nor economically sustainable. There’s also a cost to inaction.”
“Finance COP”
While climate financing for the most affected regions is not a new topic at UN climate summits, last year’s COP marked a significant step in addressing the inequities of climate change. It introduced the Loss and Damage Fund, designed to support the developing countries most affected by climate impacts.
With the creation of this fund hope was restored, particularly as wealthy nations have so far failed to deliver on the Paris Agreement’s goal of allocating a total of USD 100 billion annually to developing countries’ climate efforts between 2020 and 2025. A target which is also to be re-negotiated at what has been dubbed the “Finance COP,” and which has already proven profoundly inadequate.
“We are watching closely to see just how far the major economies are willing to go in terms of concrete financial commitments,” says Marie Sigvardt. “There’s no doubt that climate change hits hard – and unevenly. The cost of inaction will only increase, measured in lost biodiversity, prolonged dry-seasons, forest fires and failed harvests that devastate local communities as a result of climate imbalance. We see this regularly in our work.”
The Rainforest: A Lifeline for People and Wildlife
As an NGO working closely with local partners and communities in Borneo, we witness firsthand how climate change and deforestation affect both people and wildlife.
Borneo’s rainforests are home to orangutans and thousands of other species of plants and animals. However, their importance extends far beyond biodiversity. These forests, especially their peatlands, have a remarkable ability to store carbon. Conversely, when these forests are cut down or burned, they release vast amounts of carbondioxide, significantly contributing to climate change. Rainforests also play a critical role in regulating the climate, wind currents and temperature, making them essential for local communities whose livelihoods and crops depend on a stable environment.
In many ways, the rainforest is both a scientific marvel and an economic lifeline for millions of people worldwide.
Shared Responsibility at COP29
Sadly, the rainforests are under severe threat. If we fail to act swiftly, we risk not only losing unique ecosystems but also triggering catastrophic CO2 emissions that will exacerbate global warming.
“At Save the Orangutan, we sincerely hope that COP29 will deliver on concrete promises for strengthened global responsibility by backing goals with funding, which can be used to protect the world’s most vulnerable ecosystems such as the rainforest” Marie Sigvardt concludes –
“And while the Loss and Damage Fund offers a green glimmer of hope, we also hope that the responsibility for action is not soley shifted to frontline nations. Close cooperation between the Global North and South is essential if we are to achieve our goals in combating illegal deforestation, mining, and forest fires, for example.”
