The world’s poorest countries renewed a call for the COP30 summit to set a new goal to triple finance for them to cope with the impacts of global warming, warning that an expected decision on how to measure climate adaptation progress in Belém would be fruitless without more money.
Since the mid-year climate talks in Bonn, the Least-Developed Countries (LDC) group has been asking for a new finance target to be set with a 2030 deadline to help them become more resilient to extreme weather and rising seas. They upped their ask in the run-up to COP30 to $120 billion a year, which is three times the current goal of at least $40 billion by 2025.
Speaking to journalists in Belem on Tuesday, Lina Yassin, a Sudanese adviser to the LDCs, said adaptation metrics alone – one of the key outcomes due at COP30 – are necessary but would not benefit vulnerable countries if they cannot fund adaptation projects.
“Indicators don’t rebuild our washed-away villages. They don’t fix our failed harvest. Indicators only show you what’s going on – so beyond indicators, we’re asking for adaptation finance,” she said. So far “we have not heard enough support for it” at COP30, she added.
On Tuesday evening, the COP30 president reiterated that adaptation is central to the success of COP30, adding that the push for an increase in resources for adaptation is “significant”.
Huge gap between funding and needs
The metrics being discussed at COP30 are seen as key to putting into practice the Global Goal on Adaptation, which was enshrined in the Paris Agreement a decade ago, but has yet to achieve much on the ground.
“We still don’t know how to achieve that goal,” Yassin said. “If you ask me about the [1.5C] temperature target, we know we’re not on track. If you ask me, how are we doing on adaptation, no one here can tell me the answer.”
A UN report issued in the run-up to COP30 said developing countries will need to spend between $310 billion and $365 billion per year on measures to adapt to climate change impacts by 2035, warning of a massive funding shortfall as wealthy governments pare back their support.
The latest estimate of developing countries’ annual climate adaptation needs outstrips current funding by at least 12 times, with rich nations providing just $26 billion in 2023, according to the annual Adaptation Gap Report.
If current trends continue, developed countries are set to miss the target to double adaptation finance by 2025 that they committed to at COP26 four years ago, UNEP’s report said.
Global South’s climate adaptation bill to top $300 billion a year by 2035: UN
On Monday, a fundraising session for the UN’s Adaptation Fund raised less than half of its minimum target of $300 million, while it has a pipeline of $700 million in unfunded projects. This marks the third year in a row the fund’s target will be missed, unless more pledges are made before the end of COP30.
Its head said the fund “faces unprecedented demand for its work, and can receive funds from a variety of sources, so we are also hopeful others will come forward in the coming days.”
Indicators seen as putting burden on vulnerable
Technical experts have been working for the past two years under the climate talks to produce a list of around 100 metrics to track efforts towards broad targets to boost climate resilience in seven areas: farming and food, water and sanitation, health, ecosystems, infrastructure, livelihoods and cultural heritage.
Those were decided at COP28 in Dubai in 2023 in a text that also included what is called the “means of implementation”, which covers finance, technical support and building countries’ ability to adapt. Rich countries have pushed back against including specific targets on funding under the Global Goal on Adaptation.
As a result, some country groups – mainly African and Arab nations – have proposed at COP30 to postpone the adoption of the proposed indicators for two years, arguing they cannot sign up to measure progress they cannot afford to make with their own resources. In addition, they say the indicators risk imposing approaches that should be decided by the countries themselves.
Comment: Global Goal on Adaptation – Weighing the cow won’t make it fatter
Harjeet Singh, a climate activist and founding director of India’s Satat Sampada Climate Foundation, said the Africa Group and other developing nations were right to draw a red line on the current draft text in Belem, which he called “a trap”.
“It shifts the burden onto developing nations to fund their own adaptation while letting historical polluters like the US, EU, Australia, Canada, and others off the hook,” he told Climate Home News.
Aichetou Seck of Senegal, a technical lead for adaptation with the LDCs, said African countries do not want to block the process, as adaptation is a key priority for them. Rather, she said, they are seeking to ensure first that they have concrete ways to make progress, including adequate finance.
How could a new target land in Belém?
One observer of the adaptation talks told Climate Home News the call for a tripling of adaptation finance could be positioned instead in the main Mutirão decision, which is likely to form the backbone of the political package due to be agreed in Belem.
Currently, a draft version includes that as an option, together with a process to track progress towards it. But another – favoured by rich nations – only acknowledges the need to “dramatically scale up adaptation finance” without mentioning a number.
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Some observers and negotiators say a possible compromise could involve specifying a dedicated adaptation funding target within the $300-billion-a-year UN climate finance goal agreed at COP29 last year, rather than creating a separate pledge.
“We want support from the world, because without an adaptation package, without an outcome that doesn’t just give us indicators, it also gives us money, everything we’re discussing here is symbolic,” said Yassin of Sudan. “We will go back home and nothing tomorrow will change.”
The post Poorest countries appeal for more adaptation finance at COP30 appeared first on Climate Home News.
Poorest countries appeal for more adaptation finance at COP30
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The Turkish government has announced the dates and venues for the COP31 leaders’ summit and pre-COP meetings, and appointed a Turkish waste campaigner and Australian cattle farmer as climate “champions”.
In an open letter, published by the UN climate body on Tuesday, the Turkish environment minister and COP31 President-Designate Murat Kurum said the COP31 World Leaders’ Summit, at which dozens of heads of government are expected, will take place in Antalya, on Türkiye’s south coast, on November 11 and 12.
Previous leaders’ summits have taken place on the first two days of the COP negotiations or, at last year’s conference in Belém, before the start. But this year’s gathering will take place on the third and fourth day (Wednesday and Thursday) of the November 9-20 talks. Kurum said the summit “will be a key moment in generating political momentum and visibility for COP31”.
Last November, when Türkiye was chosen as host of the annual UN climate summit, Kurum said that, while the negotiations would be in the resort city of Antalya, the leaders’ summit would take place in the country’s largest city Istanbul. No explanation for the change of decision was given in Kurum’s letter.
Pacific pre-COP
Every COP conference is preceded by a smaller pre-COP gathering, attended by government climate negotiators. Because of a deal struck with Australia, which gave up its bid to physically host the summit in exchange for leading the COP31 discussions, this year’s pre-COP will take place on the Pacific island of Fiji, with a “leaders’ event” a 2.5-hour flight north in Tuvalu.
Kurum’s letter said both events would take place between October 5-8 and “will contribute to reflecting diverse perspectives in an inclusive manner”.
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The letter confirms that Australia’s climate and energy minister, Chris Bowen, will be given the title of “President of Negotiations” and “will have exclusive authority in leading the COP31 Negotiations, in consultation with Türkiye”.
“I have complete faith in his work,” said Kurum, adding that the two will send out a joint letter “in the coming weeks” which outlines their priorities regarding the negotiations.
The COP negotiations will be discussed at the annual Petersberg Climate Dialogue in Berlin on April 21 and 22. German State Secretary Jochen Flasbarth recently announced plans to travel to Australia and meet with Bowen to discuss the talks.
COP31 champions
In his letter, Kurum announced that Samed Ağırbaş, president of Türkiye’s Zero Waste Foundation, which was set up by the country’s First Lady, has been appointed as the COP31 Climate High-Level Champion, tasked with working with business, cities and regions and civil society to promote climate action.
Sally Higgins, a young Australian cattle farmer and sustainability consultant who has also carried out research on land-use change, has been appointed as Youth Climate Champion. Kurum said she “is a passionate advocate for climate change and elevating the voices of young people”.
Turkish officials Fatma Varank, Halil Hasar and Mehmet Ali Kahraman have been appointed as COP31 CEO, Chief Climate Diplomacy Officer and Director of the COP31 Presidency Office respectively. Deputy environment ministers Ömer Bulut and Burak Demiralp will lead on construction and infrastructure, and operational and logistical processes.
Kurum said Türkiye’s Presidency would continue to use the Troika approach – a term coined two years ago under Azerbaijan’s COP29 Presidency, which worked with the previous Emirati COP28 and subsequent Brazilian COP30 hosts.
Kurum said the Troika approach offers “stability and predictability by connecting past, current and future presidencies” and that “in this regard” Türkiye and Australia would work “in close cooperation with Azerbaijan and Brazil”. This appears to overlook the 2027 COP32 host – Ethiopia.
The post Türkiye sets COP31 dates and appoints Australian cattle farmer as youth champion appeared first on Climate Home News.
Türkiye sets COP31 dates and appoints Australian cattle farmer as youth champion
Mae Buenaventura is the manager of the debt justice programme of the Asian Peoples’ Movement on Debt and Development, a regional alliance of peoples’ movements, community organizations, coalitions, NGOs and networks
A potentially historic shift in public debt governance is set to unfold in Washington DC this week as Global South governments take a collective stand to stop a “silent killer” of development financing.
The first-ever UN-hosted borrowers’ forum will officially be launched on April 15 on the sidelines of the 2026 Spring Meetings of the International Monetary Fund (IMF) and the World Bank. Led by five convening countries – Zambia, Egypt, Nepal, the Maldives and Pakistan – the initiative is one of the key wins of last year’s 4th Financing for Development Conference (FFD4) in Sevilla, Spain.
The forum’s mandate is to establish a platform for borrower countries, supported by a UN secretariat, “to discuss technical issues, share information and experiences in addressing debt challenges, increase access to technical assistance and capacity-building in debt management, coordinate approaches and strengthen borrower countries’ voices in the global debt architecture”.
Instead of facing lenders alone, these countries will now use a UN-backed platform to share technical expertise and coordinate their approach to a global debt system that is fundamentally broken.
Debt grips climate-vulnerable nations
The human cost of the current debt architecture is staggering. According to the UN trade and development agency, UNCTAD, more than 40% of the global population – roughly 3.4 billion people – live in countries where the government is forced to spend more on debt payments than on the health, education and social protection of its citizens.
In so-called low-income countries, governments spend an average of 7.5% of their total budgets on debt service, with interest payments consuming up to 20% of total government revenue in these regions.
The Philippines is a case study in this financial stranglehold. It is part of a global majority forced to watch its public services crumble and infrastructure lag while its wealth is siphoned off to satisfy foreign lenders.
The policy of automatic appropriations – a legacy of the rule of late former President Ferdinand Marcos Sr. – mandates that debt servicing takes precedence over any other public expenditure, effectively placing the demands of lenders above the needs of the Filipino people. Even as it faces a $1.5 trillion regional financing gap to achieve the Sustainable Development Goals (SDGs) by 2030, its hands remain tied by a legal framework that values credit ratings over human lives.
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As a “middle-income country” (MIC), the Philippines is stuck in a frustrating purgatory. It is often deemed “too wealthy” for the G20’s debt-relief framework, yet too poor to absorb global economic shocks. Last year, Finance Undersecretary Joven Balbosa hit the nail on the head when he called for support that goes “beyond the simplistic income categorization” that ignores a country’s actual vulnerabilities.
Without an inclusive and equitable global debt architecture, nations including the Philippines are left to navigate catastrophic climate risks and economic shocks with zero fiscal breathing space.
No respite during climate disasters
The regional evidence of this systemic failure is everywhere. Take Pakistan, which in 2022 was hit by catastrophic flooding that submerged a third of the country and caused billions in losses. Despite this climate-driven disaster, World Bank data shows that Pakistan made payments in 2023 of $11.8 billion for public and publicly guaranteed (PPG) external debt, while its PPG external debt reached $93 billion that same year, surpassing pre-pandemic debt of $87 billion (2020).
Sri Lanka followed IMF prescriptions throughout 16 lending programs since 1991, only to become the first Asian country this century to default. Its MIC status prevents application for debt relief and restructuring measures. Today, the Sri Lankan people bear the brunt of harsh conditionalities, including raising VAT from 8% to 15%, slashing food and fuel subsidies, and the erosion of hard-earned worker pensions.
Currently, the global rules of lending and borrowing are set by a “creditors’ club” composed of the IMF, the World Bank and the Global Sovereign Debt Roundtable it set up, and the Paris Club.
These institutions measure “debt sustainability” through a narrow lens of a country’s capacity to make timely repayments. They largely ignore internal economic inequalities, gender disparities and the existential threat of climate change.
Crises should trigger debt service cancellation
By organising the new borrowers’ forum, the Global South is signalling that the era of passive “standard-setting” by lenders is over.
The ultimate goal for global civil society and debt justice movements is the establishment of a UN Debt Convention; a democratic, binding and inclusive framework that governs both lenders and borrowers. This mechanism would ensure that debt restructuring and cancellation are sufficient to allow countries to fulfill their international human rights obligations and implement necessary climate actions.
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To be truly transformative, debt sustainability analyses must align with human rights and sustainable development needs. This means conducting impact assessments – both before and after loans are issued – to identify “illegitimate” debts that do not benefit the public.
Crucially, we need an automatic debt service cancellation mechanism that triggers during extreme climatic, environmental or health shocks. We also need a binding global debt registry to ensure that every loan is transparent and subject to public scrutiny.
Whether the borrowers’ forum becomes a true milestone depends on its courage to challenge the status quo. We can no longer allow debt to act as a “silent killer” of our future. It is time to demand a financial system that serves humanity, not just the balance sheets of the powerful.
The post Broken debt system must be fixed to confront future climate shocks appeared first on Climate Home News.
Broken debt system must be fixed to confront future climate shocks
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