COAST NGO: Instead of grants, climate-stricken countries get increasingly offered loans

At the COP29 climate conference in Baku, South Asian representatives, united under the COAST NGO, called for urgent action on climate change, stating that developed countries are trying to avoid fulfilling their financial obligations, NGO representatives said in a statement at a press conference in Baku, Report informs.

They spoke about increasing disasters caused by warming and demanded developed countries to stop making promises and start implementing specific financial and climate commitments.

"They can no longer play with people's lives. We want to clearly state that residents of South Asia, including India, Nepal, Bangladesh, Sri Lanka, Pakistan, and other countries, are suffering from climate change consequences. We demand immediate action and recognition on the global stage," NGO representatives stated.

The latest COP29 report highlights an alarming reality: record temperatures caused by uncontrolled greenhouse gas emissions continue to threaten the goal of limiting global warming to 1.5°C. The issue of financial commitments is also causing serious concern. Developed countries still haven't fulfilled their promise to mobilize $100 billion annually for climate financing. A new goal - NCQG (New Collective Quantified Goal on Finance) is now being discussed, but its interpretation remains unclear, especially regarding donor countries' participation.

Instead of grants, developing countries are increasingly being offered loans, which increases their debt and doesn't contribute to effective climate solutions. Loss and damage financing also needs clear operational rules. This fund shouldn't be replaced by carbon market mechanisms, which primarily serve private sector interests rather than the real needs of communities affected by climate change.

Against this background, investment inequality is growing: most renewable energy funding goes to developed countries, while developing countries remain without necessary support, jeopardizing global climate goals. Of particular concern is the growing gap between military spending and climate investments. Military budgets have reached $2.44 trillion, indicating that funds are available but there's a clear lack of political will to direct these resources toward fighting climate change, activists stated.

Lala Minasazova