ֱ

COP29: Developing countries urge action on climate finance deal

COP29: Developing countries urge action on climate finance deal
COP29 is being held in Baku, Azerbaijan. UN Climate Change
Short Url
Updated 19 November 2024

COP29: Developing countries urge action on climate finance deal

COP29: Developing countries urge action on climate finance deal

RIYADH: Measures available to manage the rising global temperature are not sufficient, a leading Thai official has told the UN’s climate change conference in Baku.

Speaking at COP29 in Azerbaijan, the Asian country’s Minister of Natural Resources and the Environment, Chalermchai Sri-on, called for decisions to be made on climate financing to help those nations most affected by rising temperatures.

His comments were echoed by other ministers throughout the morning session, which came a day after the UN’s climate chief Simon Stiel told world leaders to “cut the theatrics and get down to business” with regards to agreeing a funding deal for developing countries.

Addressing delegates, Sri-on said: “The first global stocktake significantly showed that our current efforts are still insufficient to control global temperature increase.”

Malaysia’s Minister of Natural Resources and Environmental Sustainability, Nik Nazmi Nik Ahmad, urged developed nations to fulfill their financial responsibilities, ensuring funds are “accessible and impactful.”

Romania’s Minister of the Environment, Waters and Forests, Costel Alexe, called for prioritizing action over political differences, stating: “Failure is not an option for anyone.” 

He also emphasized Romania’s focus on private-sector partnerships for decarbonization in energy, transport, and industry. 

Diego Pacheco of Bolivia pointed to the responsibility of developed nations, stating: “Our countries are suffering the impacts of climate change, due largely to the historical emissions of developed countries.” 

Sophalleth Eang, Cambodia’s minister of environment, reaffirmed Cambodia’s ambitious climate targets, including carbon neutrality by 2050, as outlined in its 2020 updated nationally determined contributions. 

Franz Tattenbach, Costa Rica’s minister of environment and energy, expressed optimism in the ripple effects of decarbonization, saying: “We are an ambitious country, and we hope to scale up our ambition. We believe that decarbonization could lead to decarbonization in other countries.” 

Austria’s Leonore Gewessler highlighted the need for urgent united action, saying: “It is our collective responsibility to make more progress without further delay.” 

Additional leaders addressed the challenges of achieving meaningful climate goals amid global crises.

Burkina Faso’s Roger Baro urged for substantial commitments to protect the environment and develop resilient economies, while Celine Caron-Dagioni of Monaco called for updated contributions aligned with long-term climate goals. 

Namibia’s Pohamba Penomwenyo Shifeta stressed the importance of balanced climate financing. 

Speakers also showcased national achievements and initiatives. Uruguay’s Robert Bouvier Torterolo highlighted the country’s renewable energy success, with over 95 percent of its electricity derived from sustainable sources. Senegal’s Daouda Ngom emphasized the need for accessible financing to support adaptation plans. 

Nigeria’s Balarabe Abbas Lawal detailed investments in renewable energy and afforestation, while Rwanda’s Valentine Uwamariya highlighted the significant economic cost of climate change to her nation and called for “ambitious, balanced, fair, and just outcomes” from the climate change forum. 

Eritrea’s Minister of Land, Water, and Environment, Tesfai Gebreselassie, stressed the continued need for climate finance, stating: “Mobilization of climate finance is still critical.”   

Tunisia’s Minister of Environment, Habib Abid, highlighted national efforts, saying: “We have developed comprehensive strategies to promote adaptation and mitigate climate change effects.” 

Simon Watts, New Zealand’s minister of climate change, announced a series of contributions, including $20 million to the Pacific Resilience Facility and $10 million to the Global Fund for responding to loss and damage.    

Watts said: “New Zealand wants this fund to deliver effective support to some of the most affected communities so that they can recover from climate impacts and build stronger, more resilient communities.”   

He added: “New Zealand is pioneering innovative, high-trust approaches to climate finance, including through country flexible finance, which provides funding directly to our partners so that they can make their own choices on how that funding is allocated.”  

New Zealand emphasized its progress in renewable energy, with Watts noting that 85 percent of the country’s electricity is already generated from renewable sources. "We plan to double that amount of renewable generation by 2050.”   

Qatar’s Minister of Environment and Climate Change, Abdullah bin Abdulaziz bin Turki Al-Subaie, called for stronger commitments from developed nations, stating: “We call upon developed countries to fulfill their commitments, including the reformation of international financial systems, and to build on what has been achieved in the previous COPs.” 

He also emphasized Qatar’s role in providing clean energy, saying: “We continue to supply clean energy to global markets through our highly efficient LNG, which is a reliable source of low-carbon energy.” 

Australia’s Minister for Climate Change and Energy, Chris Bowen, announced a $50 million contribution to the fund for responding to loss and damage, making Australia the sixth-largest contributor to the initiative.  

“This year, we're committed to more than $20 billion in clean energy investments,” said Bowen. 

He added that the country views climate action as economically beneficial at all levels, from household budgets to the national economy. 

Norway’s Minister of Climate and Environment, Tore Sandvik, underscored the importance of leveraging private sector investment, stating: “Our collective goal should send strong signals to mobilize investments from the private sector.”  

Portugal’s Secretary of State for Environment, Emídio Ferreira dos Santos Sousa, emphasized the need for raising ambition, saying: “It is essential to raise ambition regarding the new collective, quantified goal for climate finance, which is set at $100 billion per year.”  

He also announced Portugal’s international climate finance commitments, which will total €68.5 million.   

South Africa’s Minister of Forestry, Fisheries, and the Environment, Dion George, called for increased financial and non-financial support, stating: “South Africa needs financial and non-financial support to ensure an inclusive and equitable transition that benefits all sectors, including SMEs (small and medium sized enterprises).”  

He added: “We urge developed economy countries to fulfill their commitments, including the $100 billion per annum climate finance target.” 

These latest contributions and appeals reflect the urgent need for global cooperation as the conference moves toward finalizing agreements on climate finance. 


Global spotlight on Riyadh as Biban Forum 2025 opens

Global spotlight on Riyadh as Biban Forum 2025 opens
Updated 12 sec ago

Global spotlight on Riyadh as Biban Forum 2025 opens

Global spotlight on Riyadh as Biban Forum 2025 opens
  • Event highlights Kingdom’s rise as a global hub for innovation and SMEs

RIYADH: ֱ’s flagship entrepreneurship event, Biban Forum 2025, opened in Riyadh on Wednesday, drawing tens of thousands of investors, innovators, and business leaders from around the world as the Kingdom strengthens its position as a global hub for startups and small businesses.

Organized by the Small and Medium Enterprises General Authority under the theme “Global Destination for Opportunities,” the four-day event at the Riyadh Front Exhibition and Conference Center has attracted more than 140,000 participants from over 150 countries, including startup founders, venture capitalists, policymakers and CEOs.

With billions of riyals in potential deals and hundreds of international companies participating, Biban Forum has become a cornerstone of ֱ’s drive to diversify its economy and foster innovation under Vision 2030.

“Biban Forum 2025 is more than an event — it is a bridge between ideas and investment, where local and global entrepreneurs find the support they need to scale,” said Monsha’at Gov. Sami Ibrahim Al-Hussaini.

FASTFACT

 

40,000 participants from more than 150 countries attend the four-day forum in Riyadh. Billions of riyals in potential agreements expected as investors and startups converge. Entrepreneurship World Cup Global Finals hosted for the third consecutive year.

The program features panel discussions, workshops, investment sessions, and exhibitions showcasing some of the most promising startups from around the world.

It also hosts the Global Finals of the Entrepreneurship World Cup for the third consecutive year, held in partnership with the Mohammed bin Salman Foundation and the Global Entrepreneurship Network.


The 2025 EWC finals bring together 100 global startups from a pool of over 10,300 entrepreneurs across 169 countries, competing live on stage in Riyadh for $1.5 million in cash prizes and access to international investors and mentors. Since its launch, the competition has attracted more than 420,000 entrepreneurs from 191 countries.

Coinciding with the event, Monsha’at released a report highlighting the rapid progress of the Kingdom’s startup ecosystem. It showed 1.7 million active commercial registrations by the end of the third quarter of 2025, with SMEs employing more than 8.4 million people.

The report also pointed to gains in key sectors. Women’s workforce participation rose to 43.5 percent, inbound tourism spending climbed 9.7 percent in the first quarter, and the real estate market continued to expand, with 47,286 off-plan residential units licensed in the third quarter.

The e-sports industry grew 72 percent year on year, while financing to small and medium enterprises increased 20 percent, with commercial banks accounting for 96 percent of total lending.

“As ֱ accelerates its transformation into a premier hub for entrepreneurship and opportunity, Biban Forum serves as a powerful platform to showcase talent, unlock partnerships, and contribute to the goals of Saudi Vision 2030,” Al-Hussaini said.