From COP28 to COP29, unlocking climate finance

The Secretary-General will be leading a team of international policy experts and climate specialists from the Commonwealth Secretariat to COP29, where the Secretariat will host a Pavilion, an immersive exhibition and one official event focusing on Indigenous Peoples.

Importantly, this COP marks the start of the tenth year of the Commonwealth Climate Finance Access Hub, responsible for unlocking more than US$ 365 million in 17 Commonwealth countries.

The Commonwealth Secretariat will be participating with the aim of:

• following the negotiations
• advocating for the interests of member countries, especially small and other vulnerable states
• exchanging knowledge and best practices
• establishing and strengthening partnerships and networks, and
• mobilising resources.

Looking back

At COP28, the Secretary-General urged countries to take action to reduce emissions, accelerate the energy transition, and restore the natural world. Donors, she added, must keep their climate finance promises to vulnerable countries, such as the Commonwealth’s small states, which are on the frontlines of climate change. Since then, the COP28 UAE Climate Finance Commitment Counter reports that US$ 85.1 billion has been committed so far.

Looking ahead

The COP29 Azerbaijan Presidency’s plan is based on two mutually reinforcing parallel pillars. The first pillar is to enhance ambition and combines key elements to ensure all parties commit to ambitious national plans. The second pillar builds on the work at COP28 and is on enable action, reflecting on the critical role of finance to turn ambition into action and reduce emissions, adapt to climate change and address loss and damage.

As the Commonwealth of Nations, we will continue to advocate for international finance institutions (IFIs) to be fit-for-purpose, calling for affordable, accessible, and sustainable climate finance in the face of climate change.