JOINT AOSIS-LDC GROUP PRESS CONFERENCE
15th /11/2024 11:00am |AZT 11:00 – 11:30 am | Press Rom 1
Remarks by Dr. Yusuf Nkungula – Secretary for Natural Resources and Climate Change –
LDC Chair

• I’m speaking for the group of 45 least developed countries – already struggling with poverty and limited resources, we bear the brunt of a crisis that we have contributed to the least.
• Responding to and rebuilding from escalating climate change impacts – which have taken the lives of hundreds of people in LDCs this year, and the homes and sources of income of many more – is costing us huge sums of money.
• Make no mistake, we are paying more than our fair share of climate finance.
• This burden is forcing our governments to divert resources from essential health care, education, and other development needs.
• We are concluding the first week of our negotiations and at the moment the situation is a mixed bag and anything could happen. We still have to put many pieces together.
Climate Finance Goal
• Here in Baku, a robust and fair goal for climate finance that is in the best interest of our vulnerable people and the planet must be agreed.
• The new goal must match the scale of our needs: for mitigation, adaptation, and for addressing loss and damage.
• The quantum will be critical. As LDCs, we call for a minimum allocation for our countries of at least USD 220 billion per year, in grant-equivalent terms.
• We also need to set clear boundaries for what is reported as a contribution towards the goal.
• Climate change brings additional costs to our countries, on top of existing challenges, so the goal should not be met through rebranding ODA as ‘climate finance’.
• We also don’t expect loans at market rate to be called ‘climate finance’. We need grants.
• That’s why a common definition of climate finance is needed: so that we can be confident in the delivery of finance that is new and additional.
• We represent 45 countries and 1.1 billion people, we are organised and will fight to make sure our voices are heard.
• We are aware of the evolving geopolitical situation, but for us, solving the climate crisis would be solving the world’s biggest problem that is breaking economies, peace and pushing billions into poverty. We strongly believe all parties have the moral responsibility and legal mandate to facilitate climate action.
Limiting warming to 1.5C
• Days ago, the WMO shared their State of the Climate 2024 update and issued a red alert, reminding everyone to respond to the rising temperatures with speed and scale. Last year’s global stocktake was clear that emissions must be slashed to meet the goals we set in Paris.
• We have listened to the UK committing to slash down emissions by 81% by 2035. This is one of the many examples we want to hear and roll into action. We also expect COP29 to ensure progress is made in implementing all outcomes of the GST
• As countries prepare their national climate plans due next year, they must include commitments to drastically reduce domestic emissions in line with 1.5C pathways, and be clear on how these plans respond to the outcomes of the global stocktake
Closing
• COP29 is the finance COP. It must deliver finance for the least developed countries – because this global crisis demands a cooperative global response