Developing Nations Receive Boost in Climate Finance at COP29
The 29th UN Climate Change Conference (COP29) held in Baku, Azerbaijan, resulted in a significant breakthrough for developing nations. The conference achieved a consensus on the New Collective Quantified Goal on Climate Finance (NCQG), a landmark agreement designed to provide vital financial support to help countries combat climate change and its devastating impacts.
Trillions for Climate Action
One of the most significant outcomes of NCQG is the tripling of financing for developing countries. This means an increase from the previous target of USD100 billion per year to USD300 billion annually, continuing until 2035. Furthermore, the agreement aims to mobilize a total of USD1.3 trillion per year by 2035 through a combination of public and private funding.
Indonesia, a nation deeply impacted by climate change, sees this agreement as a crucial opportunity to lead in ocean-based climate action. “Indonesia has a huge responsibility and strategic opportunity to become a global leader in ocean-based climate action,” stated Hendra Yusran Siry, Marine Affairs and Fisheries Ministry’s Ecology and Marine Resources’ Minister Expert Staff.
Protecting Blue Carbon Ecosystems
Indonesia plans to contribute to achieving this goal by focusing on strengthening its blue carbon ecosystems, particularly mangroves and seagrass beds. These vital ecosystems act as natural carbon sinks, absorbing and storing significant amounts of carbon dioxide from the atmosphere.
Promising Momentum for Climate-Vulnerable Nations
The Deputy Minister of National Development Planning/Deputy Head of Bappenas Febrian Alphyanto Ruddyard shared, “The climate funding target has been agreed to be increased to USD1.3 trillion for developing countries with a contribution from developed countries of USD300 billion per year by 2035.” This increased funding represents a promising moment for developing nations facing the greatest risks from climate change.
Continued international cooperation and robust climate finance are essential for mitigating the effects of climate change and building a sustainable future.
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