• Fragile countries demand doubling climate finance to over $20 billion annually by 2026.
• New ‘Network of Climate-vulnerable Countries’ launched to advocate for increased support.
• Conflict-affected nations struggle to access private investment, relying heavily on UN funds.

A group of conflict-affected countries is pushing at COP29 to double financial aid to more than $20 billion a year to combat natural disasters and security crises facing their populations, a letter first seen by Reuters showed.

Why it matters:

These nations, many mired in conflict and its aftermath, struggle to access private investment due to perceived risks. UN funds are critical for their populations, often displaced by war and extreme weather.

The big picture: Island nations argue climate change threatens their very existence as seas rise, while rainforest nations need more money to protect vast carbon sinks. Similarly, conflict-affected countries highlight that climate impacts exacerbate their vulnerabilities.

Driving the news: The COP29 Azerbaijan Presidency will launch a new ‘Network of Climate-vulnerable Countries’ on Friday, including members of the g7+, an intergovernmental group of fragile countries that first sent the appeal.

• The network aims to advocate collectively with climate finance institutions, build capacity to absorb more finance, and create platforms for investors to find high-impact projects.
• Burundi, Chad, Iraq, Sierra Leone, Somalia, Timor-Leste, and Yemen have joined the initiative, with all 20 g7+ members invited.

RELATED ARTICLE: COP29 Launches Baku Call to Address Climate, Conflict, and Humanitarian Crises

What they’re saying:

“My hope is it will create a real platform for the countries in need,” said Abdullahi Khalif, chief climate negotiator for Somalia, on the sidelines of the Baku talks.

“A flood situation in South Sudan or Somalia creates more catastrophe than it would in any other developing country,” said Habib Mayar, g7+ deputy general secretary, who helped coordinate the letter.

“It’s clear that climate funds aren’t doing enough to support the world’s most climate vulnerable people,” said Mauricio Vazquez, ODI Global’s head of policy for global risks and resilience.

By the numbers:

• Conflict-affected countries received only $8.4 billion in climate funding in 2022—about a quarter of what was needed, according to a 2024 analysis by ODI Global.
• A child born in South Sudan was 38 times more likely in 2022 to be internally displaced by climate-related disasters than a European or North American child, per UNICEF data.

The bottom line: To meet urgent needs, the group demands an explicit commitment in any final deal on finance at COP29 to double adaptation financing to at least $20 billion per year by 2026.

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