Climate and EnvironmentNews

“Rich Nations Exploit COP29 Talks for Profit”, ActionAid Charges

1 Mins read

By Bunmi Yekini

Members of various Indigenous communities pose for a photo while attending the COP29 U.N. (AP Photo/Rafiq Maqbool)

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.

Related posts
HealthHIV & AIDS UPDATENews

21-Year-Old HIV Activist to Take Over Charlize Theron’s Instagram on World AIDS Day

1 Mins read
By Bunmi Yekini In a move to amplify the voices of young people living with HIV, Charlize Theron, Academy Award-winning actress and…
Blue EconomyNews

Cubecover Targets Over 10 Million Nigerians with Affordable Insurance by 2027

1 Mins read
By Bunmi Yekini Cubecover, a promising new player in Nigeria’s insurtech industry, has unveiled a bold plan to bring affordable insurance to…
Climate and EnvironmentNews

Nasarawa Assembly Summons Chinese Mining Firm Over Environmental Infractions in Awe

2 Mins read
By Bunmi Yekini The Nasarawa State House of Assembly has earned accolades from environmental advocacy groups for summoning Multiverse Synee Mining Company…
Subscribe To Our Newsletters 

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.