As #COP29 approaches, CANSA brought together climate experts across South Asia to voice their expectations for a finance goal that meets their urgent climate realities. The two pre-COP webinars facilitated by Santosh Patnaik of CANSA (Climate Action Network South Asia), had regional voices who emphasized that this year’s COP must bring real commitments for transformative climate finance, resilience, and a just transition.
Climate Finance Needs a Fresh Start
Nakul Sharma, Program Manager at CANSA, emphasizes the need for COP29 to redefine #ClimateFinance climate finance. The USD100 billion annual target set in 2009 is no longer enough, especially since much of it comes in the form of loans rather than grants. “South Asia needs trillions of dollars, not billions, to effectively address adaptation and resilience challenges without deepening debt burdens. The New Collective Quantified Goal (NCQG) has to be exactly that—new and grant-based, not more loans piling onto debt,” he argues, pointing to the debt traps already affecting countries like Sri Lanka and Pakistan.
Reality Check with the Global Stocktake
Rixa Schwarz from Germanwatch highlighted COP29’s Global Stocktake (GST) as a moment of reckoning. The GST, designed to assess progress on the Paris Agreement goals, shows that current national climate plans would still push global temperatures up by 2.1-2.2°C, well above the 1.5°C target. Schwarz emphasizes that the GST highlights a pressing need for stronger national climate action plans (NDCs) and underscores how far we are from our goals on resilience and finance. She also calls for greater ambition to integrate cross-cutting issues like human rights and gender equity. “This year’s GST should push us to match ambition with real action—NDCs 3.0 needs to reflect the urgency,” she adds.
The Urgency of Loss and Damage Support
With climate disasters battering South Asia with increasing frequency, Prabin Mansingh of Prakriti Resource Centre, Nepal, stresses the importance of operationalizing the Loss and Damage (L&D) fund created at COP28. Mansingh notes the deadly floods in Nepal, which resulted in significant human and economic losses, as a clear indicator of why L&D financing needs to work more swiftly and efficiently. “Justice for climate victims means funds flowing in real time to communities that need it,” he explains. He also points out that while the L&D fund is a positive step, it still needs broader financial support and faster distribution to be effective.
Prioritizing a Just Transition
As nations push toward decarbonization, Ruchi Chaudhary highlights the importance of making this transition socially fair. She explains that a #JustEnergy just energy transition for South Asia must prioritize social protections and address inequalities. “International cooperation, public finance, and grants should empower our communities instead of saddling them with debt,” she insists. Chaudhary also urges COP29 to align national climate goals (NDCs) with biodiversity and human rights strategies to support sustainable development that protects both communities and natural #Ecosystem ystems.
Equity at the Heart of Climate Finance
CANSA’s Director Sanjay Vashist calls for a bold new finance framework, advocating for an NCQG that reflects the historical responsibilities of developed countries. For him, the $100 billion figure is outdated and needs to grow significantly to support South Asia and other vulnerable regions. “This isn’t just about numbers; it’s about fairness and historical accountability,” Vashist explains. He adds that COP29 should deliver a finance goal that prioritizes grants and avoids further debt burdens, especially for small island states and Least Developed Countries (LDCs).
Reforming Global Climate Finance Systems
Manjeet Dhakal, Director of Climate Analytics South Asia, emphasizes that South Asia’s financing needs are part of a larger issue: the current climate finance system lacks the flexibility and accessibility needed by vulnerable regions. “We need a reformed system, one that doesn’t just rely on loans but offers predictable, needs-based support to the communities that need it most,” Dhakal says. He points out that COP29 must establish stronger linkages between climate finance and global equity, ensuring the money gets to communities facing the brunt of climate impacts.
Moving from Promises to Action
CANSA’s pre-COP webinars offered a platform for powerful advocacy. With COP29 around the corner, it’s important that action must match ambition. This year, COP29 is a crucial opportunity for developed nations to step up, delivering grants-based climate finance, operationalizing the GST findings, and turning the L&D fund into a real safety net for those on the frontlines of climate impacts. For South Asia, success at COP29 means meaningful, debt-free solutions that honour commitments and protect communities most affected by #ClimateChange te change.
