BAKU, Azerbaijan, November 11. Countries of the Global South are calling for climate financing that is not based on debt, said Aya Khourshid, an independent researcher in climate and social sciences and a member of YOUNGO, the youth organization under the UN Framework Convention on Climate Change (UNFCCC), at a panel discussion titled "USCAN: Indigenous Perspective About Likely COP Outcomes," Trend reports.
"We come here [to Baku for COP29] from all over the world, just to agree on a certain amount of funding. And for years, we have been in this process, trying to come to an agreement on a loss and damage fund," said Khurshid. "Let’s hope that this funding goes toward restoration, toward financing life, not destruction. Our legacy should not be tied to funding destruction. So when we talk about climate financing here, we demand trillions in funding. We demand climate financing that is debt-free and does not worsen the debt burden of Global South countries. Moreover, we want to see climate financing in the form of debt cancellation. This is critically important because the promised $100 billion that was supposed to come through was not even realized last year, with 63 percent of it provided as loans. We must stand firm in our demands: this must be public financing in the form of grants – this is what we, as indigenous peoples, are advocating for here," she said.
She also criticized the bureaucratic delays in climate funding approval, noting that the "Green Climate Fund" sometimes takes up to three years for approval.
"Endless bureaucracy. What kind of climate financing are we really offering? We are at a turning point, and it's important to note that climate change is not a fairy tale. We need to start reducing harmful industries. That’s how we can finance this. So, we are calling for a post-growth mindset. Moreover, this is a very important moment, and future generations will be affected by the decisions we make here. Let’s work together very hard these days. I hope we will live up to our commitments," Khourshid added.
COP29 is officially starting today in Baku. The event, which will take place from November 11 through 22, will bring together world leaders, politicians, and climate experts to discuss the pressing issues of climate change. Climate finance, emission reduction targets, and global cooperation are on the agenda. It is expected that the results of COP29 will have a significant impact on the formation of the future climate strategy of the planet.
