Photo from sprep.org
The Prime Minister of Tuvalu, Hon. Feleti P. Teo and Minister of Home Affairs, Climate Change and the Environment, Hon. Minister Dr. Maina Talia, are at COP29 to advocate for a more just climate finance system for Small Island Developing States (SIDS).
Starting this week, COP29, billed as a ‘Finance COP’, intends to set the future direction of international climate finance and to facilitate the negotiations of a new financial pledge by rich countries to support climate initiatives in poorer ones.
The Government of Tuvalu is clear that the new pledge, known as the New Collective Qualifying Goal, should be significantly higher than the previous 2009 goal of $100 billion per year.
Throughout the COP the Prime Minister and his team will highlight that the new climate finance arrangements must also address loss and damage and include the costs of mitigation and adaption, be new and additional to existing development finance and be quick and easy to access, with a simplified application and disbursement process.