Developing Countries Demand $1.3 Trillion Annually at COP29 as Essential Climate Finance.

Baku: Ghana and other developing nations are pushing for financial assistance totaling $1.3 trillion per year from Western countries to manage the impacts of climate change and reduce emissions. This request is considered a critical issue, described as a 'do or die' affair by Dr. Antwi-Boasiako Amoah, the Acting Director in charge of Climate Vulnerability and Adaptation at Ghana's Environmental Protection Agency. The demand, part of the New Collective Quantified Goal on Climate Finance (NCQG), aims to speed up climate actions in line with Article 2 of the Paris Agreement. Talks on the proposal are ongoing at the 29th Conference of the Parties on Climate Change (COP29), now in its second week in Baku, Azerbaijan.According to Ghana News Agency, Dr. Amoah stated that the discussions have not yet yielded a finalized text covering the financial request. The main objective of COP29, referred to as the 'Finance COP29', is to establish a decision that will guide climate finance efforts post-2025, replacing the prev ious $100 billion goal promised by developed nations in Copenhagen. Dr. Amoah highlighted the importance of defining climate finance, questioning whether it should be considered aid, grants, or other types of funding not specifically supporting climate change initiatives.He emphasized the necessity of agreeing on what constitutes climate finance, the amount required, and who should contribute. Concerns were raised about funds labeled as climate finance that are not genuinely related to climate efforts. Developing countries are advocating for public climate finance, not loans, to avoid increasing their debt burdens. Dr. Amoah mentioned that the effects of climate change are already evident in sectors like agriculture, coastal, and urban areas in Ghana, with agriculture being particularly vulnerable due to decreased rainfall and prolonged droughts.Climate change is impacting Ghana's economy, heavily reliant on climate-sensitive sectors, especially agriculture. Adaptation and mitigation strategies are vital for enhancing resilience among smallholders and improving local livelihoods. Some smallholder farmers engage in unsustainable agricultural practices, exacerbating the effects of climate variability and change.