Wealthy nations pledge limited climate funding despite growing debt crisis

Climate talks at COP29 concluded with a weak commitment to funding climate resilience in developing countries, falling far short of the global need.

Zoë Schlanger reports for The Atlantic.

In short:

• COP29 nations agreed to provide $300 billion annually for climate action in developing countries by 2035, far below the $1 trillion experts say is required.
• Most of the funding will likely be loans, exacerbating debt burdens in nations already spending more on debt payments than on education or health.
• Advocates and leaders call for debt forgiveness to enable climate resilience, citing precedents like the IMF’s 1990s debt-relief initiatives.

Key quote:

“They’re really finding ways to avoid their responsibility.”

— Nafkote Dabi, climate-change-policy lead at Oxfam International

Why this matters:

Developing nations disproportionately suffer from climate impacts despite contributing little to global emissions. Mounting debt limits their ability to invest in climate solutions, risking further economic collapse and global insecurity. Addressing this requires bold, coordinated financial reforms.

Related coverage:

• Global finance obstacles shape COP29 climate goals
• COP29 finance negotiations hinge on last-minute deal-making
• Wealthy nations struggle to meet climate funding demands from poorer countries