Small Island Developing States call for a new climate financing regime that does not aggravate their debt burden.
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00:00It was Finance Day here at COP29 on day 4.
00:03Most events and meetings have focused on finance,
00:06one of the core topics of this climate summit.
00:09Although progress on the final outcome is moving slowly,
00:12negotiators have been dealing with a range of issues,
00:15from access to funds to facilitating the flow of climate resources.
00:19A UN report released on Thursday suggests that talks should focus
00:23on reaching up to 1.3 trillion dollars by 2035.
00:28So today at Finance Day at COP29,
00:31I think we're really focused on mobilizing capital.
00:34But right now, it really does range from the 5 trillion
00:37that IMF is talking about year on year,
00:40all the way up to I'm hearing 40, 50, 60 trillion a year
00:43that's needed to be able to solve this climate crisis.
00:46So the reality I think that we need to focus on
00:49is thinking about what is realistic.
00:51What is it that we actually have to do to get some of that money moving,
00:54even if it's 1, 2, 3 trillion?
00:57Because frankly, we need to act now and at pace.
01:00And it's corporates, it's the public and private working together.
01:03Small island developing states are on the front line of the climate crisis,
01:07and their call is crucial in the negotiations.
01:10The request for states to be acknowledged as a special group
01:14with unique vulnerabilities,
01:16who is always on the front line of the climate crisis,
01:19is a recognition that with our limited access to climate finance,
01:24we won't be able to respond to this existential threat that we didn't cause.
01:28Most of the adaptation finance that we receive is in the form of debt.
01:32It adds to the burden that we already feel.
01:35So that's why states are making a very special case
01:38for special facilities for them to access climate finance.
01:41And for the first time since the start of the summit,
01:44climate activists have been allowed to stage a protest inside the COP venue.
01:49Alongside reducing emissions,
01:52demanding that developed countries step up their commitments.
01:55Today we know that the climate finance needs are valued in trillions.
02:00And we are just getting billions.
02:03For this reason, we are here to demand trillions,
02:07to really invest not only in reducing emissions,
02:11but also to increase our capacity to adapt to this crisis.
02:15And we also need to pay for the losses and the damages
02:19that we are already suffering in all around the world.
02:22This new collective goal is an incentive,
02:25but also is a way to help us to continue the fight in the context of climate change.
02:31More progress on the existing unofficial draft text is expected on Monday,
02:36when government ministers arrive in Baku.