Climate Action Network calls for involvement of all parties in negotiations on climate finance

During the COP29 climate conference, Climate Action Network International, a global network of over 1,300 environmental NGOs, held a press conference where they called for an annual climate financing volume of $5 trillion.

Tasneem Essop, the executive director of the organization, criticized developed countries for finding money for military operations and increasing polluting enterprises while claiming a lack of funds for climate summits.

Essop emphasized that the organization wants to ensure that developed countries invest in the Loss and Damage Compensation Fund. She also highlighted the need to involve all parties in negotiations on climate financing initiatives during the ongoing COP. Essop stressed that the Global North has a debt to the Global South for the current climate change situation, and these countries must fulfill their obligations.

Mohammed Adow, director of the Power Shift Africa think tank based in Nairobi, Kenya, also pointed out the necessity of climate financing from developed countries. He noted the lack of balance in the climate financing architecture and emphasized that developed countries must invest more to help developing countries minimize the gap during the green transition.