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COP29

Feature | Climate financing

October 7th, 2025

Climate financing: Why NGOs fear a decline of USD 15 billion

Cuts in development aid threaten to drastically reduce international climate financing, Oxfam and Care have calculated. Because loans are often used, the over-indebtedness of poor countries increases: According to these calculations, they have to raise USD 20 billion more annually for debt servicing than they receive in support at all.

By Nico Beckert

The UN Climate Change Conference (COP29) took place in Baku from Nov. 11 to 22, 2024. In line with the basic principles of "Expand ambition, enable action", the meeting addressed key issues such as the new NCQG financial target, the trading of CO₂ certificates in accordance with Article 6 of the Paris Agreement, the implementation of the Loss and Damage Fund and the preparation of the next NDC climate plans. The Climate.table editorial team was in Baku and analyzed the most important points of the climate conference.