Financial solutions for the global South are under the spotlight during COP29. Credit: UN Climate Change/ Habib Samadov
By Umar Manzoor Shah
BAKU, Nov 13 2024 – Riad Meddeb, Director of the Sustainable Energy Hub at the United Nations Development Programme (UNDP), stressed the urgency of finding innovative financial solutions during COP29.
Meddeb was speaking to IPS in an exclusive interview at the conference. He said the negotiations were expected to focus heavily on finance—a core issue that has historically hampered climate action in developing and least-developed nations.
The Finance COP Expectations
Meddeb highlighted the historical challenge of meeting the USD 100 billion annual target for climate finance, which has been a central but elusive goal in previous COPs. He noted that Azerbaijan’s COP 29 presidency aims to overcome this by ensuring the necessary funds are available, especially for countries most vulnerable to climate impacts.
“This year’s COP is considered the ‘Finance COP’ because it’s crucial we not only set targets but also mobilize the resources to help countries adapt and mitigate climate impacts,” he explained.
A key focus will be developing sustainable financing mechanisms for countries that struggle with debt. Many nations in the global South face significant financial burdens, and accelerating their energy transitions requires resources that may be challenging to secure within their existing economic constraints. Meddeb also stressed the need for concrete financial schemes that can attract private sector investments to supplement international climate funding.
Riad Meddeb, Director of the Sustainable Energy Hub at the United Nations Development Programme (UNDP).
Progress at COP 28 and Hopes for COP 29
Reflecting on COP 28, Meddeb noted key successes, including establishing the Loss and Damage Fund and reaching consensus on a targeted increase in renewable energy capacity.
“The agreement to triple renewable energy and double energy efficiency by 2030 was a significant breakthrough at COP28,” he said. “Now, COP29 must translate that ambition into action by securing the financial support needed to achieve these goals.”
Making sure that the commitments made at COP28 are more than just empty words is one of the main challenges going forward, according to Meddeb.
“By COP30, we want a global commitment on the pathway to adaptation and mitigation,” he added.
UNDP’s Role in the Climate Action Landscape
UNDP plays a critical role in translating international climate targets into real, on-the-ground actions. Through initiatives like the UN’s “Climate Promise,” UNDP supports countries in implementing Nationally Determined Contributions (NDCs) and operationalizing climate goals. Meddeb explained that UNDP is uniquely positioned to facilitate these efforts due to its extensive network of country offices in 170 nations. This network enables UNDP to address climate issues from a development perspective, integrating energy solutions into broader sectors such as health, education, and poverty alleviation.
“UNDP’s approach is not just about energy,” he said. “It’s about sustainable energy for development. We link energy needs with development needs, connecting climate action to real improvements in health, education, and economic opportunities. This is the difference UNDP makes.”
Addressing the Debt Issue in Climate Finance
A significant portion of the interview focused on the complex financial situations faced by many global South nations, where debt often limits capacity to implement ambitious climate plans. Meddeb pointed out that addressing these financial constraints is essential for equitable progress toward climate goals. He suggested that international financial institutions should provide debt relief or restructuring options to allow these countries to invest more readily in clean energy and climate adaptation.
“Pushing countries with heavy debt burdens to accelerate their energy transition requires a nuanced approach,” Meddeb said. “We need financial structures that acknowledge their debt situations while still allowing them to contribute meaningfully to global climate targets.”
Implementation of the Paris Agreement: From Words to Action
Meddeb stressed the importance of shifting the Paris Agreement’s commitments from paper to practice, especially regarding emission reductions by developed nations. He believes that developed countries have a moral obligation to reduce their carbon footprints, given their historical contribution to climate change and their financial capacity.
“The plan is clear, and it’s agreed upon by all parties in the Paris Agreement. Now it’s just about accelerating implementation,” he asserted. “We don’t need to reinvent the wheel—we need to get it moving.”
When asked whether the current pace of implementation is sufficient, Meddeb offered a candid view: “The Secretary General was very clear—it’s now or never. We need optimism and ambition but also an unyielding focus on practical solutions. There are obstacles, yes, but there are solutions too. Together, we can save our planet.”
The Responsibility of Developed Nations Toward Vulnerable Countries
As climate impacts disproportionately affect poorer nations, Meddeb urged developed countries to support those bearing the brunt of climate change. He pointed to the Loss and Damage Fund as a critical mechanism for this purpose. Set up at COP28, the fund has already garnered around USD 700 million, and Meddeb hopes COP29 will build on this initial success by accelerating funding mobilization.
After all, as the UN secretary general António Guterres noted this week, while the Loss and Damage Fund was a victory, the initial capitalization of USD 700 million doesn’t come close to righting the wrong inflicted on the vulnerable. “USD 700 million is roughly the annual earnings of the world’s ten best-paid footballers,” Guterres said.
Meddeb agrees. “Mobilizing funds for loss and damage is a positive first step. But we must continue pushing to ensure that the support reaches the most affected communities quickly and effectively.”
A Call to Action
For Meddeb, the stakes could not be higher, and the time for incremental progress is over. He said that COP 29 must not only focus on setting ambitious goals but also make real progress on securing the necessary financing to turn aspirations into achievements.
“Now is the moment to turn pledges into action,” he said. “We’ve reached a point where the world cannot afford to wait any longer. This is the COP for finance, and we need to ensure the resources are in place for meaningful climate action.”
IPS UN Bureau Report
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