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Finance, Investment, and Trade Day at COP 29


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Money, money, money! Where’s the cash? If you walked into any room at COP 29 today, that was the vibe.

But before we get into the big questions of finance, Barnfonden joined forces with ChildFund International, UNIYIA, GenGreen Consulting, and VSO International for a session with youth that showcased powerful voices on the state of our planet. Through art, poetry, and song, young participants laid bare their concerns, reflecting on how our actions are deteriorating the Earth and demanding a change. It was an emotional, eye-opening event, where youth spoke up not just for themselves but for a better, sustainable world.



Group photo after the session.
Group photo after the session.


High-Level Segment: Climate Finance Needs for Developing Countries

At a packed high-level event today, ministers of environment from developing nations tackled some tough questions. Here’s a snapshot of the biggest issues on their agenda, and believe me – it’s clear we have a long way to go before we see that "fair and just transition" everyone’s calling for.

Colombia asked the pressing question: how do we replace income from fossil fuels? With access to capital barely at 10%, they’re facing a complex transition toward a bio-economy and need a steady flow of funds to develop alternative economic sectors. They highlighted the difficult choice between keeping funds for conserving the Amazon and putting aside $400 million toward emergencies – an unfortunate reality they can’t ignore without better multilateral support.

The Maldives brought in the private sector perspective, emphasizing that while private finance could play a pivotal role, concerns about investment risks hold them back. They asked, "What opportunities exist to lower these risks?" There’s a clear need for risk-reduction strategies if private finance is going to step up in this transition.

Small Island Developing States (SIDS) underscored their cyclical debt dilemma. In 2023, SIDS received a mere 0.2% of global climate finance, leaving islands like St. Kitts and Nevis trapped in debt-response cycles. With climate impacts so severe, SIDS are urgently seeking technology transfer and direct funding to support their climate adaptation and resilience efforts.

South Sudan shared their struggle to mobilize climate finance for agriculture amid political instability and climate shocks. They are eager to invest in renewable energy and climate-resilient agriculture but need stronger capacity and access to climate finance to get there.

Uganda rounded up the discussions with a critical point: for private-sector investment to thrive, developing nations need a solid legal framework that reassures investors and a fair, equitable carbon trade. They pushed for a finalized New Collective Quantified Goal (NCQG) at this COP, underscoring that developed countries need a clear commitment to climate finance.

In these candid exchanges, the message was clear: without a massive scale-up in climate finance—one that’s fair, accessible, and inclusive—developing countries face a steep uphill climb.

Stay tuned for updates from the heart of COP 29 as we witness, advocate, and hope for progress on behalf of all generations! 🌍

Velma Oseko,

Climate Adviser - Barnfonden


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