As COP 29 in Baku unfolds, the conversation on climate finance and responsibility gains renewed urgency, casting a critical light on the commitments made under the Paris Agreement. Signed nearly a decade ago, the Paris Agreement was a watershed in global climate policy, bringing both developed and developing nations together in a shared vision: to limit global warming to well below 2°C, ideally to 1.5°C, and foster a climate-resilient future. Yet, as the impacts of climate change accelerate, it’s increasingly clear that this goal cannot be achieved without a collective, fair approach to climate finance—one that acknowledges both the historical responsibility of high-emission countries and the acute vulnerabilities of developing nations.
The Paris Agreement embodies the principle of common but differentiated responsibilities (CBDR), acknowledging that while all nations have a duty to combat climate change, those with a longer history of emissions bear greater responsibility. This principle speaks directly to the situation facing developing nations today. These countries, which have contributed the least to global emissions, are now experiencing the most severe consequences: coastal communities are swallowed by rising seas, agricultural economies are wrecked by droughts, and infrastructure is devastated by intense storms. These impacts disrupt livelihoods, health, and economies, often requiring scarce resources to be diverted from development projects toward recovery and adaptation efforts.
In Baku, delegates are confronted with the stark reality that without substantial climate finance, the Paris Agreement goals will remain out of reach. While developing countries work to transition their economies and build resilience, they lack the financial resources to do so at the pace required by the climate crisis. Here, the role of developed countries becomes pivotal. Under the Paris Agreement, wealthier nations pledged to mobilize $100 billion per year by 2020 to support climate action in developing nations. But this commitment has largely fallen short, and the financial gap widens with each passing year, undermining the ability of vulnerable nations to meet even their most immediate adaptation needs, let alone pursue ambitious mitigation goals.
COP 29 in Baku offers a critical juncture to reframe and strengthen climate finance commitments. To truly honor the Paris Agreement, developed countries must not only fulfill previous pledges but also recognize the need for transformative approaches. Mechanisms like resilience-based bonds, climate debt relief, and dedicated funding for loss and damage could provide a sustainable path forward. These innovative financial models would address both the immediate needs of developing nations to cope with climate impacts and the long-term goal of reducing global emissions equitably.
Developing nations, for their part, continue to demonstrate remarkable commitment to the Paris Agreement goals, often achieving significant climate actions with minimal resources. From ambitious reforestation projects to renewable energy transitions, they are contributing to the global climate agenda, despite bearing disproportionate climate impacts. But their continued efforts hinge on fair access to climate finance, technology, and capacity-building support from developed countries. Baku thus serves as a call for shared responsibility: developed countries must ensure that climate finance flows as promised, while developing nations require fair access to the means for sustainable, low-carbon growth.
As nations negotiate in Baku, they must ask themselves: Is the world ready to uphold the commitments of the Paris Agreement in both spirit and action? Achieving a net-zero future is not just about reducing emissions: it’s about ensuring resilience, equity, and justice for all. By acting on climate finance now, developed nations have the chance to become genuine partners in building a sustainable world, empowering developing countries not just to survive the impacts of climate change, but to thrive within a climate-secure future.