COP29: Signs of Hope at Global Climate Talks

COP29: Signs of Hope at Global Climate Talks

By Josh Leach on November 26, 2024

Last week marked the end of the two-week-long Conference of the Parties (COP)-an annual gathering of world leaders to negotiate the globe's collective response to climate change. Although the conference gave some grounds for cynicism (it was hosted by an authoritarian petrostate, after all), nonetheless, one significant ray of hope emerged from the talks. A global fund-specifically designed to address the loss and damage communities have already suffered from climate change-is finally getting the attention it deserves.

A Shadow Looming Over Global Talks

Heading into this year's COP, climate advocates were not particularly optimistic about the state of global negotiations. Donald Trump's return to the White House threatens to derail any new U.S. commitments that might be secured at the talks. Although Trump is still months away from taking office, he has already threatened to pull the United States out of the Paris agreement on climate change (just as he did during his first term). And some observers fear he could even go so far as to exit the underlying UN climate treaty entirely.

The United States is far and away the world's biggest emitter of greenhouse gas pollution, in historical terms. No other country has made such a large cumulative contribution over the years to the climate crisis. As a result, the threat of the U.S. government reversing its commitment to decarbonization is very grave. Moreover, it sets a dangerous precedent. In the worst case, stalling U.S. progress on climate change could (in a sense) "give permission" to other rich countries to back out of their own pledges.

Pacific Climate Leadership Offers a Ray of Hope

But the communities most affected by climate change have known for a long time they cannot rely on the world's richest to solve this problem. While politicians from the Global North waffle on their commitments, Pacific nations-who face the earliest and worst effects of climate change-are organizing to secure a just and equitable response. As Marshall Islands negotiator Kathy Neien Jetn̄il-Kijiner reportedly put it: Pacific countries have an "intricate plan to protect ourselves, rather than just waiting for others to tell us how to do that."

UUSC's partners in the Pacific have played a leading role in developing this grassroots-led solution. A key part of their strategy has been to establish a Loss and Damage fund to cover the costs of climate change that have already occurred. (This differs from existing climate finance, which is mostly geared toward adaptation and mitigation of future climate threats.) Since many places in the Global South have already faced destructive effects from climate change, a global Loss and Damage fund is key to securing climate equity.

Our partners and other climate advocates from the Global South won a significant victory two years ago, when the world's nations finally agreed to set up a Loss and Damage fund. And now, at this year's conference in Baku, the fund is closer than ever to coming on line. According to reports, the fund has received financial pledges from around the globe totaling $720 million, and it may be in a position to start distributing funds to the front lines of global climate change as soon as this coming year.

The Road Ahead to Climate Equity

The global community still has a long way to go, of course, to secure real climate justice. The costs of managing, containing, and recovering from the climate crisis are still falling mostly on the world's poorest-even though they did the least historically to contribute to the problem. The world's richest countries, therefore, need to do far more to secure a genuinely equitable response.

In particular, the United States needs to dramatically increase its commitments to cover Loss and Damage. Despite being the world's biggest emitter historically, the U.S. government has so far pledged only $17.5 million to the fund. This pales in comparison to the amount of funding that is actually needed to recover from climate destruction. As the New York Times points out, just one country-China-recently experienced as much as $42 billion in losses from climate effects in a single year.

Of course, the conference remains divisive, with leaders from both the Global North and Global South decrying a tentative $250 billion climate finance deal requiring wealthier nations to make further financial commitments to address climate change impacts in "developing" nations. Some nations feel the commitment is too low-far from the $1.3 trillion they're aiming for-while others feel the number is too substantial and unreasonable.

Our Pacific partners and allies around the world will keep fighting for a more comprehensive solution to climate change. Even as wealthy politicians backtrack on their commitments, directly-affected leaders will continue to put the real needs of their communities at the center of global talks.

You can support this work by signing up for UUSC's email list to learn more about our partners and receive opportunities to take action. We also invite you to make a donation to fund our work. A contribution in any amount helps us backstop our partners as they continue to push for climate justice and equity worldwide.

Image credit: Shutterstock (DOERS)

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