Whistle our way back from COP29

COP29 is the United Nations Climate Change Conference which took place in Baku, Azerbaijan from 11 to 22 November 2024. It is the world's most important meeting on climate change. To put it simply, the COP is where the world comes together to agree on the actions to address the climate crisis, such as limiting the global temperature rise to 1.5 degrees Celsius, helping vulnerable communities adapt to the effects of climate change, and achieving net-zero emissions by 2050. 

The host of the UN climate summit in Azerbaijan defended fossil fuels and the right of countries to exploit them as dozens of world leaders arrived for the COP29 conference. Malta was represented by Miriam Dalli the energy minister. As a country Malta sits among the five countries in the European Union, registering the least progress in fighting climate change, according to a new report by Climate Action Network Europe.

It was given a “very poor” rating and ranked 24th of 29 places, the top spot having been left vacant as no single country was deemed to have performed sufficiently in both showing ambition and making progress in reducing carbon emissions.  The results found that Malta ranks 15th out of 190 countries that show high risks of being harmed by climate change according to the Climate Vulnerability and Resilience Index or COVRI. 

This is a tool that provides replicable metrics to track and compare country performances focusing on climate change.  COVRI allows all countries to identify the features that expose them to the harm brought by climate change, and the measures to increase their climate resilience.  Back to COP29, about 75 leaders were expected but the heads of top polluting nations skipped the climate talks, as in fact only just a handful of leaders from rich G20 nations were in Baku. 

In the host's opening address, President Ilham Aliyev said Azerbaijan had been subject to "slander and blackmail" for its use of fossil fuels and that no country should be judged for its natural resources.  It was in 2015, that the Paris agreement was struck at COP21 yet later in 2021 all agreed that $100bn is not enough.  As an estimate of what it would cost for developing countries (excluding China) to both end their use of fossil fuels and adapt to climate change this is too low.

Finally, at COP29, a compromise was reached to increase it to $300bn but most agree that this will not be enough to do the vital work of unlocking the private money required to reach the larger goal. Many wished facilities were put in place to make borrowing cheaper and reduce some of the risks that make investors wary. In the end, though, the agreement on the table was better than none at all. This amount leaves a financing gap for climate adaptation in developing countries. These strategies often focus on increasing funding availability, improving access to funds, and enhancing the effectiveness of financial mechanisms. 

One may mention different strategies how to address the financing gap. To start with developed countries may be urged to reaffirm and increase their financial commitments to climate adaptation, building on the $100 billion per year goal first established in the Paris Agreement. This could involve new pledges or enhanced contributions to existing funds. COP29 may focus on how to effectively operationalize this fund, ensuring that it is adequately financed and accessible to countries facing severe climate impacts. 

One expected discussion to include the development of innovative financing mechanisms, such as green bonds, climate risk insurance, and blended finance approaches that combine public and private funding to support adaptation projects.  Little progress was made to simplify and streamline the processes for accessing existing climate funds, such as the Green Climate Fund and the Adaptation Fund. This could involve reducing bureaucratic hurdles and providing technical assistance to help countries navigate funding applications.  

Ideally, COP29 would be providing support for capacity building in developing countries to enhance their ability to design and implement effective adaptation projects. This could include training, technical assistance, and knowledge sharing to improve project preparation and implementation.  Again, no tangible effort was evident to reach a greater involvement of the private sector in financing climate adaptation initiatives. This could involve creating incentives for private investment in adaptation projects and fostering public-private partnerships. 

In practice poor countries would be seeking support from local and community-based adaptation initiatives that empower communities to access funding directly.  In theory, one could have expected negotiations at COP29 to promote investments in nature-based solutions that enhance resilience while providing co-benefits for biodiversity and local communities. These projects can often attract funding from both climate and biodiversity financing sources by developing long-term strategies for climate finance that align with national development plans and climate goals. This could involve integrating climate adaptation into broader economic planning and budgeting processes. 

While these strategies represent common approaches discussed in the context of addressing the financing gap for climate adaptation, the specific actions and commitments made at COP29 will reflect difficult negotiations and agreements reached during the conference. In other words, Governments can implement a variety of policies to support food security in the context of climate change. These policies should aim to enhance agricultural resilience, improve access to food, and ensure sustainable resource management.  

By implementing these policies, governments can enhance food security in the context of climate change, ensuring that agricultural systems are resilient, sustainable, and capable of meeting the needs of current and future populations.  Collaboration among governments, civil society, the private sector, and local communities is essential to create effective and inclusive solutions.  

Malta has expressed satisfaction over an agreement reached among UN countries about climate action, however, it called for greater effort on mitigation measures. According to Dalli, Malta is satisfied that after two long weeks of discussions and negotiations, and despite initial fears that no agreement would be reached, a final effort has led to a consensus on global initiatives addressing climate action. No country came back whistling with glee about the dire prospects for muscling climate change.