Least Developed Countries demand new, additional, and easily accessible climate finance

Baku, Azerbaijan: The LDC Group, that represents 45 countries and 1.1 billion people, has called for scaled up, new, additional, and easily accessible climate finance, for poorest countries in the world.

“We urgently demand  finance that meets the unique needs of our vulnerable communities, and is delivered as grants, not loans,” said Evans Njewa, Chair of the LDC Climate Group.

“For too long, debt burdens have crippled our economies and deepened our vulnerabilities. Through partially costed estimates, the LDCs alone are in need of at least US$ 1 trillion by 2030 to implement our Nationally Determined Contributions (NDCs). A failure to conclude COP29 without a bold new finance goal would be a tragic disservice to both the planet and vulnerable populations,” he said.

 This year alone, severe flooding and landslides devastated lives and property across countries including Nepal, Chad, Ethiopia, Bangladesh.

The world must step up with a game-changing climate finance goal that matches the true scale of our needs. Not billions, but trillions. It’s more important than ever that countries remain committed to continuing to work together to address this global crisis and collectively step up efforts, the Group said.

“COP29 must be clear on this, encouraging countries to submit strong new climate action plans – Nationally Determined Contributions (NDCs) – early next year that are aligned with the 1.5°C goal. Additionally, our countries must be provided with adequate support to implement these plans. COP29 must also finalise the remaining rules on carbon markets, ensuring the market mechanisms support emissions reductions and don’t compromise environmental integrity,” said Njewa.

The 29^th conference of parties to the United Nations Framework Convention on Climate Change (UNFCC) – popularly known as COP 29- is tokick off in Baku on Monday.A total of 197 United Nations members as well as the European Union will be attending the conference

 The Least Developed Countries (LDC) Group is made up of 45 countries across Africa, the Asia-pacific and the Caribbean, with a joint population of over one billion people. Incredibly vulnerable to environmental and economic shocks, and disproportionately affected by the climate crisis, LDCs negotiate together as a bloc at UN climate talks to advance their shared interest in a fair and ambitious global response to climate change.