Christian Aid at COP29: Time to see who the real leaders are

As the COP29 climate talks begin in Baku, Azerbaijan, Christian Aid's Global Advocacy Lead, Mariana Paoli, outlined some of the key issues at stake at the summit.

She said: "Donald Trump may have won the US election but the rest of the world isn't going to let his folly on climate change and funding from the fossil fuel industry wreck the only planet we call home.

"The US may be about to squander the positive progress it has made on clean energy and climate action over the last four years but other countries can now step up and show they won't be making the same mistake. This is a moment to reveal who the real climate leaders are on the global stage.

"The main issue on the table here in Baku is climate finance. There's lots of talk from rich nations about the wonders of private sector investment, but the focus here needs to be on securing public finance commitments. Public finance is essential to deliver climate action in developing countries.

"Public finance in the form of grants are the only way to address the growing needs of developing countries to address the impacts of the climate crisis. The purpose of public finance is to answer the needs of communities to adapt to climate change and rebuild lives devastated by extreme weather. The purpose of private finance is to generate profit, it is not guided by the needs of those affected by the climate crisis. For the lender which means exacerbating the debt crisis already being faced by the global south.

"Private finance has failed to tackle adaptation or compensate vulnerable countries from climate loss and damage. Private investment has so far only accounted for less than 1% of all international climate finance for adaptation and very little has gone to the poorest countries. Most of it goes on building renewable energy in middle income countries which is why public finance is crucial for meeting the needs of the most impacted people.

"The long-term finance goal being negotiated at COP must provide finance at scale to developing countries building on previous agreements about the need for funds to flow from rich countries that have caused climate change to the vulnerable countries that have not. Private companies are not accountable to the Paris Agreement. Any climate change related investment they make is welcome but it's separate from what should be discussed at the talks in Baku."

Sophie Powell, Chief of UK Advocacy at Christian Aid, said: "The UK Labour Party has spent the last 14 years in opposition criticising the Conservatives for not acting fast enough when it came to the climate crisis. This is their first opportunity as a party of government to put those words into action on the global stage.

"The UK government came into power promising to build partnerships based on respect with the global south. At the 'finance COP', 'respect' requires real action on finance. The UK needs to firmly champion a strong finance goal including a robust UK pledge of grant-based climate finance, which it could do by taxing the biggest polluters."