COP29 deal 'insufficient, inadequate and an insult' says charity head

A bitterly negotiated climate deal has been approved at COP29 but poorer nations most at the mercy of worsening disasters dismissed a $300 billion a year pledge from wealthy historic polluters as insultingly low.

Speaking to CGTN, Asad Rehman, the executive director of War on Want, condemned the climate deal, calling it "insufficient, inadequate, and an insult."

"This is a joke, but it's a deadly joke for people on the planet. This is nowhere near enough," lamented Rehman. 

He emphasized the gravity of the situation, warning that the failure to deliver meaningful financial support for climate action would leave vulnerable nations and communities exposed to the escalating impacts of climate change.

Rehman highlighted that the UN had previously warned that the world needed trillions of dollars to effectively address climate change. Yet, as global temperatures continue to rise, the latest negotiations have failed to meet those urgent financial demands. 

'A totally inadequate number'

According to scientists, the earth's average temperature over 12 consecutive months has already been more than 1.5 degrees Celsius higher than pre industrial times, with the trajectory pointing toward a devastating three degrees Celsius rise by the end of the century.

Rehman pointed out that COP29 was billed as the "finance COP" for a reason. Developing countries, which have contributed least to global emissions, are in desperate need of financing to reduce their own emissions, adapt to the impacts of climate change, and address the massive loss and damage they are already experiencing. 

These countries are particularly vulnerable to extreme weather events, rising sea levels, and other climate impacts.

He said it is no surprise that negotiators were dismayed by the final financial package put forward. 

"We had two weeks of negotiations where developed countries refused to put a number on the table," said the philanthropist. "And then, at the very last moment, they came up with this totally inadequate number."

'Not a real commitment'

The funding that was pledged falls far short of the scale required to address the climate crisis, and Rehman said that a key concern is that much of it will not come in the form of grants, but rather loans—further exacerbating the debt burdens of already struggling nations.

"It's not a real commitment. It is not guaranteed that this will be in the form of public grants. In fact, it's very likely that much of it will be debt-inducing loans and other financial instruments," he explained.

This, he argued, represents a "real slap in the face" to developing countries who have already borne the brunt of the climate crisis.

The debt aspect of climate finance is a recurring critique. Many developing nations are already struggling under heavy debt loads, with climate finance often provided in the form of loans that increase their financial obligations. 

"It's like an arsonist who burns down somebody's home, turns their back to the flames, and then tells the victim, 'Pick up the bill,'" said Rehman. "'And if you can't afford to, here, I'll lend you a loan and I will benefit from that.' It’s just incredible to think that this is what is being offered to developing countries."

'This finance is not a charity'

Indeed, the numbers behind the financial pledges paint a bleak picture. Of the $100 billion pledged in climate finance in 2009, just over $30 billion was in the form of new and additional public grants. The remainder of the funding is largely made up of "double-counted" existing financial flows or debt-creating loans, said the charity worker.

"We know that many developing countries are trapped—not just in unsustainable debt repayments, where they are spending more on paying back their debt than they are in protecting their citizens," he said. "They're also locked into having no choice but to exploit their natural resources, including fossil fuels, to pay back that debt."

He stressed the importance of equity in addressing climate change. Developed countries, which bear the largest historical responsibility for emissions, must do more to reduce their own emissions and provide the necessary financial support to those most affected. 

"This finance is not a charity. It's not a gift that developed countries are giving to developing countries," he pointed out. "It's a legal obligation. It is a legal obligation under the climate convention and the Paris Agreement."

Paving the way for climate apartheid?

Behind the scenes, however, there are growing concerns that powerful developed countries, particularly the United States, the UK, and the European Union, are working to dismantle key provisions of the Paris Agreement.

"What we are seeing is a push by these countries to create a new agreement where they take no responsibility," warned Rehman. 

"They will say the responsibility to cut emissions is a challenge for governments to meet domestically. This will lead to what the UN Special Rapporteur on Extreme Poverty has called 'climate apartheid.' The rich will use their wealth to seek safety, and it will be the poor who are left to burn and drown," he added.

As climate impacts become increasingly severe, the gap between the promises made by developed countries and the reality of what they are willing to deliver continues to widen. Rehman said it is essential that developed countries step up and meet their legal and moral obligations. 

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