Harjeet Singh, global engagement director of the Fossil Fuel Non-Proliferation Treaty Initiative, spoke with The Climate Watch on November 12, the second day of COP29 in Baku
Leading global climate activist Harjeet Singh has said that he is expecting a new target on climate funding at the ongoing UN climate summit being held in Baku, Azerbaijan.
“At COP29, we expect agreement on a new climate finance goal, which is absolutely fundamental. We know that the need for finance now runs in the trillions, not billions, and the new goal must commit to providing trillions every year,” Harjeet said.
Harjeet, also the global engagement director for the Fossil Fuel Non-Proliferation Treaty Initiative, was interviewed by the Climate Watch on November 12, the second day of the COP29.
He said that rich countries have a responsibility to ensure that this is in the form of grants, not loans, before adding, “This is exactly what they have been doing when they claimed they achieved the target of $100 billion. However, developing countries are already facing enormous climate impacts and need far more support.”
He went on to say, “Yes, we agreed to establish the Loss and Damage Fund, but it has not yet mobilized even $1 billion, while the actual needs run into hundreds of billions of dollars to help people recover from climate impacts.
“Unless we increase the scale of funding and ensure that communities can access the Loss and Damage Fund, it will not be successful.”
The climate champion further added, “So far, we have established the institution and hired the Secretariat, and we are putting systems in place. But the scale of funding is absolutely critical to ensure that communities receive the support they need.”
On the very first day of COP29, according to him, some standards were adopted to promote carbon markets, which will likely lead to offsets and false solutions.
“We know that carbon markets have not delivered in the past. This push to bypass the process and prevent all parties and civil society from having a say is not a step in the right direction. It sets a dangerous precedent—pushing forward something that is not robust enough in terms of rules, and letting markets go unchecked is harmful to the planet.”
Harjeet stated, “We are not in a position to experiment with such approaches or allow markets to create false solutions. What we need are real solutions, in the form of regulations that move us away from fossil fuels, support the adoption of renewable energy, and help people recover from climate impacts. The message being sent is wrong—the absence of world leaders here is concerning.
“It was really important for leaders to show up and demonstrate to the world how crucial this COP is. We are discussing finance, and if we don’t get the right kind of finance, we will not be able to achieve the climate targets we have set. For developing countries to demand this support, and for developed countries to show sincerity and commitment, is crucial because they have failed for years and decades. This COP is a critical opportunity.”
Warning of not reaching a fresh climate funding target, he said, “If we don’t reach an agreement on a new finance goal that matches the scale of the need, this COP will be a failure. We are already falling behind.
“The science is clear—we are lagging in our efforts. We need to ramp up action, and if we don’t, we will see an increase in climate catastrophe. This is the reality we face, and it requires urgent action,” he said.
“We must raise our ambitions and provide the necessary support to help people tackle climate impacts. Finance is absolutely central to COP29. Without the right decisions, we won’t be able to implement the solutions needed to avert disaster. The main barrier remains the scale of funding, and also the design of many of the rules that are being created to operationalize the Loss and Damage Fund,” said Harjeet.
“This will be addressed in the upcoming board meetings, now that the Secretariat is in place. It is critical to reach the necessary funding scale and ensure that communities have access to the funds. Without that, the mandate of the Loss and Damage Fund cannot be fulfilled adequately,” he concluded.
