WASHINGTON, D.C.  — The $300 billion annual target for climate finance that nations committed to at the 29th annual U.N. climate conference (COP29) in Azerbaijan falls far short of the estimated $1 trillion per year in needed financing. In doing so, it leaves the countries who have contributed the least to the climate crisis vulnerable to climate-fueled unnatural disasters and economic disruptions. Though the outcome of this year’s talks fell short of expectations, the agreement tees up discussions on closing the finance gap at COP30 in Brazil.

“The cost of global inaction and inadequate investments in climate solutions will be measured in lives lost, inches of sea-level rise, communities displaced, homes and businesses destroyed, and wildlife extinctions,” said Edie Juno, program manager of climate and land use at the National Wildlife Federation and one of the organization’s representatives at COP29. “The conclusion of COP29 only raises the bar further for COP30 in Brazil. If COP30 is to be the ‘turnaround COP,’ we’ll need to see commitments on climate finance that meet global needs, as well as increased ambition to transition away from fossil fuels, recognize Indigenous peoples as the climate leaders they are, and embrace nature as our ally in both slowing and adapting to climate change.”