A promise to triple climate funding has been made, but Pacific leaders argue it falls short of addressing the urgent challenges of climate change.

The COP29 climate summit concluded this week in Azerbaijan with a commitment from wealthy nations to triple annual climate finance to $300 billion USD (approximately 34.8 trillion Vatu) by 2035. However, developing countries, including Pacific nations, are calling for a significantly higher amount, exceeding 116 trillion Vatu, to adequately tackle the impacts of climate change.

Simon Stiell, Executive Secretary of the UN Climate Conference, emphasized the importance of fulfilling these financial pledges. “This new finance goal is an insurance policy for humanity… but it only works if premiums are paid in full and on time,” he stated.

In addition to financial pledges, COP29 saw nations agree on a global carbon market framework under the United Nations. This initiative aims to direct resources towards greenhouse gas reduction projects, particularly in developing countries. COP29 President Mukhtar Babayev highlighted the potential of the carbon market, stating, “this market will unlock trillions and save us billions, channeling resources to the developing world.”

Despite these outcomes, Pacific Islands Climate Action Network (PICAN) and other stakeholders have expressed dissatisfaction, arguing that the commitments are insufficient to meet the escalating challenges faced by vulnerable nations.

Acting Director General of Vanuatu’s Ministry of Climate Change, Abraham Nasak, echoed these concerns, pointing out the lack of strong commitment from developed nations during COP meetings. “These COPs have been going on for years. We cannot negotiate with climate change. Our children and youth expect us to reverse and stop greenhouse gas emissions to secure their future,” he said.

The call for immediate and decisive action remains urgent, as leaders like Mr Nasak stress the need for decisions that will protect future generations and ensure a sustainable planet.