To address the security and natural disaster issues that their people face, a group of nations afflicted by war are urging COP29 to double financial help to over $20 billion annually.
The group is one of several submitting proposals for funding to better prepare for the effects of extreme weather during this week’s climate talks in Azerbaijan, where nations are trying to reach an agreement on a new yearly financing target.
For instance, island nations claim that rising sea levels are threatening their very existence due to climate change, whereas rainforest nations claim they require additional funding to safeguard their enormous carbon sinks.
Conflict-affected nations claim they have had difficulty attracting private investment because it is viewed as excessively dangerous.
Therefore U.N. funding is even more important for their people, many of whom have been displaced by weather and conflict.
Laptops 1000A new “Network of Climate-vulnerable Countries” will be established by the COP29 Azerbaijan Presidency on Friday, including several nations that are part of the g7+, an intergovernmental organization of fragile nations that initially sent the petition.
According to the think tank ODI Global, which assisted the countries in establishing the network, the network’s goals are to: build capacity in member states so they can absorb more finance; advocate collectively with climate finance institutions; and establish country platforms so investors can more easily find high-impact projects in which to invest.
Although all 20 members of the G7+ have been invited, Burundi, Chad, Iraq, Sierra Leone, Somalia, Timor-Leste, and Yemen have already joined the project.
Abdullahi Khalif, Somalia’s lead climate negotiator, stated on the margins of the Baku talks, “I hope it will create a real platform for the countries in need.”
The action comes after the g7+ wrote a letter to the presidencies of the United Nations, World Bank Group, International Monetary Fund, and COP last month requesting additional support
