By Bunmi Yekini

As the world watches COP29 unfold, ActionAid has issued a strong call to action, urging wealthy nations to honor their climate finance commitments and address the devastating impacts of climate change on the world’s most vulnerable communities. Echoing UN Secretary-General António Guterres’s urgent remarks, ActionAid stressed the need for immediate action to address the existential threats faced by small island states and low-income nations.*
In his opening address, Guterres emphasized the ticking clock on climate action: “We are in the final countdown to limit global temperature rise to 1.5 degrees Celsius. And time is not on our side.” The UN leader pointed to 2024 as a devastating showcase of the consequences of climate inaction, from record-breaking heat waves to deadly floods and storms. “This is a story of avoidable injustice,” he said, underscoring that while the wealthiest contribute the most to climate change, it’s the poorest who suffer the gravest impacts.

For small island states like Vanuatu, the situation is already dire. Flora Vano, ActionAid Vanuatu’s Country Program Manager, called for a dedicated sub-goal for loss and damage within COP29’s new finance package, emphasizing that “any further delays in unlocking adequate climate finance could spell a point of no return for us.” Vano’s island nation has been hit by unprecedented climate disasters, including twin cyclones that devastated communities and crippled local economies. She emphasized the need for funds accessible to local groups, especially women-led organizations on the frontlines of resilience and recovery.
Highlighting the global economic toll, Guterres warned that climate shocks are now a shared burden: “Supply chain shocks raise costs everywhere. Decimated harvests push up food prices everywhere. Destroyed homes increase insurance premiums everywhere.” He demanded that COP29 leaders agree on strict emissions cuts and ramp up adaptation support, urging developed countries, especially the G20, to lead the charge with technological support for emerging economies.
Echoing this urgency, ActionAid’s Executive Director Michelle Higelin emphasized the moral obligation of wealthier countries. “It is an injustice that countries who have contributed almost nothing to the climate crisis face threats to their very existence,” she said, calling on nations like Australia to commit at least $1 trillion in climate grants. “A failure to provide this funding would be yet another betrayal of the world’s most vulnerable.”
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ActionAid has aligned with the UN’s push for a robust financial framework, with five key elements critical to COP29’s success: significantly increased concessional finance, mobilizing trillions for developing countries, new funding sources through levies on shipping and fossil fuels, transparent commitments, and reforms in multilateral banks to expand access. Guterres noted, “The resources available may seem insufficient. But they can be multiplied with meaningful change.”
Vano’s message was clear: “Our islands are paying the price for years of climate inaction. We cannot wait any longer.” She called for climate justice that includes locally accessible funds, empowering vulnerable communities who are leading on-the-ground solutions. COP29, she said, must not end with empty promises but deliver tangible, equitable support.
Guterres echoed this urgency, closing with a stark reminder: “Climate finance is not charity; it’s an investment. Climate action is not optional; it’s an imperative.” As world leaders deliberate in Baku, ActionAid and the UN stress that the future of millions depends on COP29 delivering more than words, but the funds, commitments, and action needed to safeguard the planet.