COP29 president warns of catastrophic consequences of global warming In Interview with Nepalese Newspaper / PHOTO

Mukhtar Babayev, the President of COP29 and Azerbaijan's Special Representative on Climate Issues, has called on developed countries to significantly increase the financial resources allocated for climate adaptation and mitigation in developing nations.

In an interview with the Nepali newspaper The Kathmandu Post on the sidelines of the Sagarmatha Sambaad climate summit, he stressed that the current level of funding is insufficient for effectively tackling global warming, Caliber.Az reports.

As the world continues to face the mounting impacts of climate change, Babayev has stressed the urgent need to increase climate finance and strengthen support for adaptation efforts in the most vulnerable countries.

Fifteen years after the landmark $100 billion climate finance pledge in 2009, global contributions only surpassed that target for the first time in 2022. In 2024, donor countries initially proposed $250 billion—a figure widely considered inadequate given the scale of the climate crisis.

In response, Azerbaijan, along with its partner countries, initiated a concerted push for greater ambition from donor nations in the Global North. Following extensive negotiations, a commitment of at least $300 billion was reached. This is considered a baseline rather than a ceiling, with the potential for additional contributions.

However, developing nations have consistently called for a much larger financial commitment, arguing that current pledges fall far short of the scale required. In recognition of this, the presidencies of COP29 and COP30 agreed to prepare a joint “Baku-to-Belem” programme, aimed at raising climate finance contributions to $1.3 trillion.

Achieving this target will require not only increased public finance but also stronger involvement from multilateral development banks, international financial institutions, and the private sector.

The discussion around climate finance comes at a time of increasing concern about the effects of global warming on mountain regions. Nepal, one of the most climate-vulnerable countries, is already experiencing significant impacts, including glacier retreat, erratic rainfall, and extreme weather events such as floods and landslides. These effects are having serious consequences for agriculture and water resources, which are vital to the country’s economy and livelihoods.

Similar challenges are being observed in other mountainous regions, including the Pamirs, the Andes, the Alps, and the Caucasus. Scientific measurements in Azerbaijan, for instance, have shown a consistent decline in snow cover and mountain water reserves. Experts warn that diminishing snow caps are a clear indication of accelerating climate impacts.

To address these challenges, the COP29 presidency has called for urgent mobilisation of financial resources and technical capacity to support adaptation measures. Early warning systems are seen as particularly critical in South Asia, where extreme weather events are becoming more frequent and severe. International organisations, including the United Nations, are expected to play a key role in helping countries like Nepal strengthen their climate resilience.

This year’s climate meetings are considered pivotal for shaping future adaptation and finance frameworks. For vulnerable countries, the priority now lies in building capacity, engaging scientific communities, and implementing effective climate strategies. As the climate crisis intensifies, the need for swift, coordinated, and adequately financed action has never been more pressing.

By Aghakazim Guliyev