COP29 Delivers ‘Miserly’ Climate Finance Deal As CSOs Demand Climate Debt Payment

Abuja, Nigeria– Civil Society Organisations (CSOs) in Nigeria has delivered a scathing assessment of the outcome of COP29, held in Baku, Azerbaijan, describing the climate finance pledges as an “insult” and a failure to address the climate emergency.

At a press briefing in Abuja, CSO representatives highlighted the significant gaps between the commitments made at the conference and the urgent need for climate action.

COP29, billed as a “Finance COP,” fell drastically short of expectations, particularly for vulnerable nations.

While the Loss and Damage mechanism, agreed upon at COP27, was formally endorsed, the financial commitments were paltry.

The conference ultimately offered a meager $300 billion, effective in 2035, far below the estimated annual need of $5-8 trillion to address the climate crisis and the historical debt owed by wealthy nations.

This sum, CSOs noted, would be worth significantly less by 2035 due to inflation.

The briefing emphasised the widening “ambition gap,” noting that current Nationally Determined Contributions (NDCs) would lead to a temperature increase far exceeding the Paris Agreement targets of 1.5°C and 2.0°C.

The latest Emissions Gap report paints a grim picture, projecting a 90% chance of exceeding 3.6°C based on current policies. This, CSOs stressed, underscores the urgency of the situation and the inadequacy of current efforts.

The proposed New Collective Quantified Goals (NCQGs) for climate finance, a mechanism requiring all nations to contribute, were heavily criticized.

CSOs argued that this shifts the burden from historically responsible, high-polluting nations and perpetuates the injustice of voluntary emissions reduction schemes.

The briefing highlighted the potential for the NCQG to further burden already indebted developing countries through loans disguised as innovative financing.

Furthermore, CSOs expressed serious concern about the expansion of carbon markets, which they labeled “false solutions.”

The adoption of Article 6.4 of the Paris Agreement, facilitating the growth of carbon markets, was seen as a victory for fossil fuel lobbyists who outweighed the combined delegations of the ten most vulnerable nations.

This, they warned, would divert funds from genuine climate solutions and deepen climate injustice.

The rise of “carbon colonialism,” whereby African nations are losing control of their land and resources through carbon speculation, was also a major point of concern.

Examples cited included mangrove forest grabs in Nigeria and a concerning land deal in Niger State, highlighting the need for community-led solutions to prevent further exploitation.

The CSOs presented a comprehensive list of demands, including:

Immediate payment of climate debt by wealthy nations.

A halt to false solutions, such as carbon markets and geoengineering.
Phasing out fossil fuels and a ban on new fossil fuel projects.

Recognition and compensation for communities who have actively protected their resources.

Community-led solutions for just energy transitions.

A truly inclusive and participatory COP30.

In closing, the CSOs emphasized that the problem is not a lack of funds, but a lack of political will.

They called for a fundamental shift in priorities, away from military spending and fossil fuel subsidies, towards addressing the climate emergency and paying the climate debt owed to vulnerable nations.

They urged increased citizen mobilization and global action to demand climate justice.