CLIMATE FINANCE: Protesters demand rich countries pay fair share in climate finance amid COP29 negotiations

Around 50 demonstrators gathered at the entrance of the COP29 venue this morning, urging wealthy nations to uphold their financial commitments for climate change adaptation and mitigation in the Global South. As COP29 negotiations continue, activists emphasize the need for fair and just climate finance that addresses historical emissions and avoids deepening debt for developing nations.

Teresa Anderson, representing ActionAid International, highlighted the severe financial and environmental burden on the Global South, which is disproportionately affected by climate-induced disasters. Her powerful message resonated with the urgency of climate finance reform, stating, “It’s the global South that are paying for the floods… for the droughts… rising sea levels… and they’re trying to adapt to future impacts. On top of that, they’re somehow supposed to pay to mitigate and adopt green technologies, but they can’t because they’re drowning in debt.”

The demonstrators argue that rich countries—responsible for the bulk of historical greenhouse gas (GHG) emissions—must do more than offer loans or private investments disguised as climate finance. Anderson criticized the financial burden that more loans place on the Global South, saying, “It’s really important that rich countries stop trying to prop up the global South with yet more loans or private investment… pretending that is climate finance.