Fragile countries make $20bn climate finance push at COP29

BAKU: A group of conflict-affected countries is pushing at COP29 to double financial aid to more than $20 billion a year to combat the natural disaster and security crises facing their populations, a letter seen by Reuters showed.

The group is one of several pitching at the climate talks in Azerbaijan this week for funds to better prepare for the impacts of extreme weather as countries seek to agree a new annual target on financing.

Island nations, for example, argue climate change threatens their very existence as seas rise, while rainforest nations say they need more money to protect their vast carbon sinks.

Countries mired in conflict and its aftermath say they have struggled to access private investment, as they are seen as too risky. That means UN funds are even more critical to their populations, many of whom have been displaced by war and weather.

In response, the COP29 Azerbaijan Presidency on Friday will launch a new ‘Network of Climate-vulnerable Countries’, including a number of countries that belong to the g7+, an intergovernmental group of fragile countries, which first sent the appeal.

The network aims to advocate as a group with climate finance institutions; build capacity in member states so they can absorb more finance; and create country platforms so investors can more easily find high-impact projects in which to invest, said think tank ODI Global, which helped the countries create the network.