By Bunmi Yekini
As the second week of COP29 unfolds in Baku, ActionAid’s Global Lead on Climate Justice, Teresa Anderson, has called out wealthy nations for prioritizing profit over meaningful climate action.
“Frontline countries who have been paying the costs of climate change for years came to COP29 hoping for a new climate finance goal that will help keep them and the planet safe,” said Anderson. “But so far, rich countries have put zero real finance on the table. Instead, they’re cynically trying to turn the climate talks into an opportunity to profit.”
Anderson criticized developed countries for pushing private-sector investment targets instead of committing to grant-based climate financing, calling the move “not only outrageous but incredibly dangerous.”
Last week, negotiators wrestled with competing drafts outlining the climate finance goal, but Anderson noted that progress has stalled. “Civil servants spent last week wrangling over a sprawling document with competing visions. But they weren’t able to make any breakthrough without their bosses’ say so,” she said. “This week, the documents defining our planet’s future have now been delivered into the hands of the ministerial gods.”
She warned that previous COP agreements, such as transitioning from fossil fuels and establishing a loss and damage fund, will be rendered meaningless without substantial financial commitments.
“If developed countries are serious about climate action,” Anderson urged, “they need to agree to provide trillions of dollars in grant-based finance each year to the countries on the frontlines.”
With eyes now on the high-level ministerial discussions, expectations are high for richer nations to deliver more than promises, and to finally prioritize global climate equity over profit.