Trillions, not billions: Eco-activists push for urgent climate financing at COP29 PHOTO

At the COP29 climate conference, eco-activists staged another protest, highlighting their urgent demands.

The protesters are calling for a significant increase in climate financing to reach trillions of dollars, Caliber.Az reports via local media.

They argue that the current investment levels fall short of what is needed to achieve critical global climate targets, including limiting temperature rise to 1.5 degrees Celsius and transitioning to a carbon-neutral economy.

The activists also stressed the importance of fair distribution of climate funds, particularly for countries in the Global South, which are most affected by climate change but often receive inadequate assistance.

Chanting slogans like "Pay up for climate finance" and "We need trillions, not billions," the activists urged governments and the private sector to take bold action, warning that any delays could result in irreversible damage for everyone.

Meanwhile, negotiations at COP29 are on the verge of failure. Key figures, including Germany’s Foreign Minister Annalena Baerbock and European Commissioner Wopke Hoekstra, remain in Baku as tensions escalate. Developing nations, particularly Small Island Developing States (SIDS) and the African bloc, have expressed deep dissatisfaction, rejecting any proposals for a New Collective Quantitative Goal (NCQG) below $600 billion.

The Western bloc's offer of $250 billion — possibly increasing to $300 billion — has been criticized as “too little and too late.” Saudi Arabia, Russia, China, and India have also condemned these proposals, heightening the geopolitical divide. With a deadline approaching, delegates face pressure to reach an agreement before many begin to leave the venue.

A plenary session requires at least 60 delegates, and sources indicate a concluding session may occur today around 3:00 PM, regardless of whether a finalized text is available.

By Tamilla Hasanova