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"The expectations from #COP31 have never been higher. So has our shared responsibility." At the Istanbul Climate Finance Summit, COP31 President-Designate Murat Kurum called for today’s energy and capital to be directed towards safeguarding tomorrow. 📍 Istanbul Climate Finance Summit Murat KURUM #COP31Antalya #COP31Türkiye

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Here is a summary of what I had to say about finance, decolonization and Climate Justice at COP29 Azerbaijan … It’s hard to take charge of our future even when you don’t see hope. But guess what Adonia Ayebare usually says “We are in the business of optimism.” But at COP29, where finance is supposed to be the headline, I’m wondering—how far can optimism really take us when the numbers, decisions, and justice we desperately need are still missing? This year’s COP was dubbed the “Finance COP,” and rightly so. Climate finance is the engine of climate action. Without it, everything we’ve promised in adaptation, mitigation, and loss and damage will simply stall. But optimism is not enough when the urgency is so palpable, and the numbers, frankly, feel insulting. The New Collective Quantified Goal: Where’s the Figure? Let’s get one thing straight. The $100 billion annual pledge—originally promised by developed nations in 2009—was never enough. That figure was meant to be fulfilled by 2020. It wasn’t. And now, as we enter 2025, the New Collective Quantified Goal (NCQG), which should set a fresh target for climate finance, still doesn’t have a number attached. This is not just a technical oversight—it’s a betrayal. A report by the United Nations Environment Programme (UNEP) warns that we need $340 billion annually by 2030 just for adaptation in developing countries. For mitigation? Trillions. Meanwhile, the total climate finance delivered in 2020 was only $83 billion, and even that includes questionable accounting practices. Some call it “creative reporting,” I call it dishonesty. Let’s talk about the elephant in the room: the very system managing climate finance is fundamentally unfair. The World Bank and IMF, the gatekeepers of global finance, were established when African countries were still under colonial rule. Their structures weren’t designed for us; they were designed to serve the interests of the powerful. We need financing mechanisms that put people first—grants, not loans; direct access, not red tape. And we need decision-making structures where the Global South has equal power. After all, how can you fix the climate crisis while sidelining the regions most affected by it? #COP29Azerbaijan

Denise Ayebare

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