COP29: CCCD urges global leaders to raise climate financing

The Director of the Centre for Climate Change and Development, Alex Ekwueme Federal University, Ebonyi State, Prof. Chukwumerije Okereke, has urged world leaders to ensure that COP29 becomes a decisive moment for advancing global climate action and increasing climate finance.

This was stated in a release, Okereke warned that without a firm commitment to climate action, the world risks falling short of the critical 1.5°C temperature target set by the Paris Agreement.

He said, “There is a severe shortage of resources needed to confront the growing impacts of climate change disasters.

“Developed nations should take the lead in getting global efforts back on track by mobilising sufficient climate finance to meet the scale of the challenge, moving beyond mere rhetoric and broken promises. Developing nations are the most affected and vulnerable to the global climate crisis, as evidenced in the devastating floods in Bangladesh, Kenya, and Nigeria for example.”

According to Okereke, inequality, conflict, and development challenges exacerbate vulnerability to climate change.

Referencing reported data, the don projected that developing countries would need an estimated $5.8-5.9tn to implement their nationally determined contributions by 2030, noting that adaptation finance could reach $1.7tn annually by 2050.

He stressed that the priorities outlined in the Allied Climate Transformation 2025 initiative were essential and non-negotiable.

Okereke highlighted the importance of ambitious NDCs in the upcoming updates, with G7 and G20 nations leading by example, recognising China’s crucial role in global climate action, particularly through the greening of its overseas investments.

He emphasised, “COP29 and the next round of NDC updates present key opportunities for China to continue demonstrating leadership, particularly as a major player in the Global South.”

Okereke expressed confidence in China’s pivotal role in driving global progress toward a sustainable and equitable future.

He further noted that China’s leadership, especially its support for climate-vulnerable nations and its role with the G77 in establishing the Loss and Damage Fund at COP27, would be critical in ensuring success.

“The outcomes of COP29, and the decisions made by the global community this decade, will significantly influence the trajectory of our civilsation and collective future,” Okereke concluded.