Small island nations and least developed countries demand increased climate financing

The Alliance of Small Island States (AOSIS) and the Least Developed Countries Group (LDC) made a strong statement about the need to strengthen climate financing for these most vulnerable categories, AOSIS and LDC representatives said at a joint press conference at COP29.

According to Report, AOSIS Chair, Samoa's Minister of Natural Resources Cedric Shuster emphasized that despite the Paris Agreement, many states are abandoning their commitments, jeopardizing the achievement of the global goal to limit warming to 1.5°C. He also added that the minimum annual allocation of funds for AOSIS countries should be at least 39 billion US dollars.

"We're finding ourselves again having to make a case for high ambition on climate finance to support the world's most vulnerable," Shuster said.

Speaking on behalf of LDC countries, Malawi's Secretary for Natural Resources and Climate Change, Dr. Yusuf Nkongula, also emphasized the need to increase funding. He stressed that the minimum grant amount for these states should be 220 billion dollars annually.

He noted that these countries bear a disproportionate burden of the climate crisis, which negatively affects the development of healthcare, education, and other key areas.

They expressed concern about attempts by some developed states to shift funding responsibility to the private sector and expand the donor pool through countries like China and Persian Gulf oil-producing states.

"Therefore, it's imperative that NCQG follows Article 9 of the Paris Agreement which sets out that finance shall be provided by developed countries and that developed countries should continue to take the lead to mobilize finance," Shuster said.

The issue of possible withdrawal of several countries from the Paris Agreement was also raised, which could negatively impact international climate initiatives.

They said it is in all countries' interest to remain committed to the agreement, otherwise it will create additional problems for its implementation.