Why is COP29 so important to countries like Malawi?
Will "finance COP" benefit the Least Developed Countries (LDCs)?
COP, which stand for conference of parties, is the series of formal meetings conference of parties, where governments assess global efforts to advance the Paris agreement and the convention, also limit global warming to 1.5 degrees Celsius as informed by the latest science by IPCC. At COPs, world leaders come together to measure progress and negotiate the best ways to address climate change.
The 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) is taking place in Baku, Azerbaijan from November 11 - 22, 2024. This year, between 40,000 to 50,000 people are expected to attend COP29, this is a significant decrease from last year's record 83,000 attendees at COP28 in Dubai.
For countries in the Global South, like Malawi, COP29 holds special significance as we face disproportionate impacts from climate change while struggling with limited resources to adapt to these challenges. The blog explores why COP29 is so important for nations like Malawi, particularly in the context of climate finance.
COP29 a "Finance COP"
The COP29 is called “finance COP” because climate finance is one of the main items on the COP29 agenda - the COP seeks to agree on a new goal for how much money richer countries should be paying to poorer countries to help them adapt to climate change. But the question remains: are we just going to set agreements on climate finance without fulfilling them?
At COP15 in 2009, industrialized countries agreed to provide USD 100 billion in annual climate finance to the Global south by 2020. However, progress on fulfilling this promise has been slow, leaving many vulnerable nations without the financial means to protect themselves from climate impacts. Last year at COP28 in Dubai countries also approved the creation of a loss and damage fund, but no new pledges have been made since the initial USD 702 million announced at launch.
Now, countries are set to decide and adopt what’s known as a New Collective Quantified Goal (NCQG) a much more ambitious target to ramp up climate finance for lower – income countries to support a just transition. Many sources suggest that the global south will need at least USD 1 trillion in annual climate finance – several times the current level. Therefore, at COP29, countries will need to decide how much climate finances should be provided, which countries should contribute, for how long, through which mechanism, and whether it will include loss and damage. For countries like Malawi, climate finance is not just a funding issue; it is a matter of survival that’s why this COP is so important for the Least Developed Countries (LCDs). But will the industrialized countries going to fulfil the NCQG?
COP29 & Least Developed Countries (LDCs)
Least Developed Countries are 45 nations that especially vulnerable to climate change but have done the least to cause the problem. Malawi, as one of the LCDs, is particularly susceptible to climate change due to its heavy reliance on agriculture. About 80% of the population consists of smallholder farmers dependent on rain-fed agriculture, which accounts for a significant portion of economy. Extreme weather events such as floods and droughts have become more frequent and severe in recent years, threatening food security, displacing communities, and exacerbating poverty. The Least Developed countries have limited capacity to adapt, and their ability to recover from climate-related disasters is hindered by a lack of funding, technical expertise, and infrastructure.
Malawi currently serves as the chair of the Least Developed Countries (LDC) Group on Climate Change. The current chair is Mr. Evans Njewa, who is the chief environmental officer, Head of climate change and UNFCCC Focal Point for the Government of Malawi. Mr. Njewa is a lead negotiator representing the LDCs at COP29. The episode of Africa daily where Alan kasujja is speaking with Mr. Njewa while in Baku. As chair of the LDC group on climate change, Malawi plays a critical role in representing 45 countries in negotiations, ensuring that the New Collective Quantified Goal (NCQG) is adopted and prioritize the needs of these vulnerable countries.
What do we want from world leaders at COP29?
Climate finance is crucial for countries in the Global South, which are often on the frontlines of climate change but lack the resources to address it. While industrialized countries have benefited from decades of carbon emissions, the countries most affected by climate change tend to be those with the smallest carbon footprints. At COP29, Malawi, along with other countries in the Global South, we are demanding concrete actions from world leaders.
Simply put, here’s what we want from world leaders as they discuss climate finance at COP29: we are demanding for a substantial increase in financial support to meet the growing adaptation and mitigation needs. Global south countries are suffering roughly USD 400 billion in losses each year. The $100 billion per year promised by developed nations has not been fully realized, and many argue that the figure is too low given the scale of the crisis. We are demand a significant scaling-up of financial commitments to USD 1 trillion annually, with funds being made accessible and directly allocated to the most vulnerable countries.
Additionally, it is important for industrialized countries to honor their pledges, and robust mechanisms must be in place to ensure the funds are allocated efficiently and effectively. Delays and denial of climate finances can significantly undermine progress in addressing climate change in Global South.
We are also likely to call for greater transparency in how climate finance allocated and spent, ensuring that funds reach the communities most in need and are not diverted or wasted. Greater accountability from both donor and recipient countries will be essential to restoring trust and ensuring the long-term success of climate finance initiatives.
Finally, demanding climate finance does not mean accepting continued burning of fossil fuel. It is essential that, while providing climate finance, industrialized countries also commit to reducing their carbon footprints by shifting towards cleaner energy sources. This transition is crucial for limiting global warming. Climate finance should be part of a broader effort to phase out fossil fuel dependence and accelerate the global shift to a green, low-carbon economy.