COP betrayal

COP29 exposes the Global North's duplicity on climate finance, with the Global South rejecting a paltry $250B offer.

COP29 has starkly exposed the duplicity of the Global North in addressing the climate crisis. A draft agreement proposing $250 billion annually by 2035 as climate finance from developed nations has been roundly rejected by the Global South, including Pakistan, which decried the amount as "unacceptable". The original demand of $1.3 trillion was slashed to less than 20% of what is needed. South Asian civil society groups called out this farce, asserting that a bad deal would only deepen inequities.

This financial impasse is a moral failure. The Global North, historically responsible for the bulk of carbon emissions, has repeatedly failed to provide adequate compensation or support to countries on the frontlines of the climate crisis. These nations, battered by floods, droughts and rising seas, are being asked to shoulder a disproportionate burden while those responsible for the crisis sidestep their obligations. The anticipated withdrawal of the US from climate commitments, spearheaded by Trump, risks shattering the already fragile Paris Agreement. Experts have likened the deadlock at COP29 to "collective suicide", with fears that the US exit will embolden other nations to abandon their commitments. Developing nations often lack the resources to recover from climate disasters or invest in green technologies. Without sufficient funding, they are being forced to prioritise immediate survival over long-term sustainability. Meanwhile, developed nations continue to invest in decarbonisation strategies that often exclude the Global South, furthering a divide between those who can afford to act on climate and those who cannot.

Let us not mistake these funds as charity. If trust between nations erodes, so too does the potential for collaborative action. For the Global North, fulfilling these financial obligations is also a strategic necessity to maintain global cooperation in addressing one of humanity's greatest challenges.