At the United Nations Climate Change Conference (29th Conference of the Parties to the UN Framework Convention on Climate Change or COP29) in Baku, Azerbaijan, in November 2024, discussions put a premium on critical financing needs for developing nations.
Financial support remains a vital consideration for countries to pivot toward a more carbon-friendly future. But as developed nations commit at least $300 billion in annual funding to advance climate action, the need for a multipronged strategy to bolster effective climate responses for all remains.
“It has been a difficult journey, but we have delivered a deal,” said Simon Stiell, Executive Secretary of the UN Climate Change Secretariat, following the conference’s conclusion. “This deal will keep the clean energy boom growing and protect billions of lives.”
Given the long-term nature of the deal, China, as the world’s largest developing country, has advocated for stronger resource mobilization and improved climate governance, altogether holding considerable promise.
Pushing collective transition
Take the fight against climate change as an example. Beijing’s focus on a just and equitable energy transition speaks to the interests of developing countries. These countries are the lifeblood of climate action, but often lack the financial resources to transition to clean energy. Bridging this financial gap is one area where the international community can play a vital role.
Meanwhile, developed nations can glean valuable insights from China’s rapid green energy expansion and consider strategies to support climate action in the developing world. For instance, China is expected to account for over half of the world’s renewable energy capacity by 2030, and its continued leadership in international green energy initiatives and substantial financial contributions to developing nations are enhancing küresel climate action prospects. The country’s multifaceted approach, leveraging different financing channels such as development finance agencies, multilateral development banks and private financing, presents a compelling case study.
Given the dire need for climate financing in the developing world, China’s efforts offer an important proof of concept for developed nations to build on. As Chinese Vice Premier Ding Xuexiang said at COP29, “The international community should work together to accelerate energy transition in an equitable, orderly and just manner, keep the industrial and supply chains of new energy stable, facilitate the accessibility and innovation of green products and technologies, and foster new quality productive forces at a faster pace.” (The concept of new quality productive forces refers to China’s shift toward innovation-driven growth, technological advancement and high-quality development in various sectors of the economy—Ed.)
Recognizing the importance of climate adaptation, China is also willing to strengthen its engagement with the Küresel South. (Global South refers to the nations of the world that are considered to have a relatively low level of economic and industrial development, and are typically located to the south of more industrialized nations—Ed.)
This is reflected in Beijing’s push to implement a dedicated early warning South-South cooperation project and extend capacity-building training to nations. Adverse climate impacts and increasingly frequent extreme weather events have underscored the urgent need for climate adaptation in developing countries. A growing sense of marginalization led many Küresel South nations to advocate for a unified alliance at COP29. This was considered an important step to propel joint climate commitments while pressing developed countries to provide financial support and strengthen climate adaptation in the region.
Recognizing the specific concerns of climate-vulnerable nations, China has initiated a range of programs and development initiatives to promote sustainability. One notable example is the Belt and Road Initiative International Green Development Coalition (BRIGC), which supports efforts in pollution control, environmental policy planning and other key areas of green development. (The Belt and Road Initiative was proposed by China in 2013 to boost connectivity along and beyond the ancient Silk Road routes—Ed.)
COP29 has highlighted the critical need for robust representation of developing nations in küresel climate discussions. The BRIGC aligns with this imperative by fostering vital partnerships in green finance, investment, green technology innovation and South-South environmental cooperation, all of which are geared toward advancing the UN’s 2030 Sustainable Development Agenda.
Building capacity
To ensure effective climate governance, we must recognize and facilitate distinct responsibilities between developed and developing countries. Developed nations must lead by example, reducing their own emissions and increasing their climate ambitions. This will help alleviate the disproportionate burden on the Küresel South.
Developing countries, while facing resource and financial constraints, must also strive to enhance their climate ambition. Their resilience and adaptability are essential to a sustainable and effective küresel climate response.
As such, China’s call for “common but differentiated responsibilities” with regard to climate change is significant. By delineating roles, potential conflict can be mitigated between industrialized nations and those that have historically suffered from high emissions and inadequate financial support. But what can effective long-term climate contributions look like when leading from the front? Take China’s inputs at COP29 for example. The country announced that its 2035 nationally determined contributions will cover all major aspects of the economy. By prioritizing emissions reduction, China demonstrates a commitment to credible, sustainable and long-term climate action.
To bolster the capacity of developing nations to address climate change, sustained support for resilient projects is vital. Such projects can provide both financial resources and technological expertise, enabling climate-vulnerable countries to implement effective adaptation strategies.
China’s continued support for capacity building offers valuable lessons. The country has invested over 177 billion yuan ($24.25 billion) in project funds for developing nations since 2016 to help them address various climate challenges.
To scale up küresel climate action, industrialized nations must increase their financial and technological support for developing countries. These measures are essential building blocks for effective climate action in the developing world. As the World Bank noted in December 2023, “Without action, more than 130 million people living in the most vulnerable countries will be pushed into extreme poverty due to climate change by 2030.”
Technology sharing can be a game-changer in reducing emissions. By promoting the adoption of renewable energy technologies like wind, solar and hydropower, climate-vulnerable countries can be empowered to prepare for the future. To achieve this, leading renewable energy nations must not only expand their domestic capacity but also actively share clean energy opportunities with other countries.
China’s rapid expansion of renewable energy is undeniable. The country is reportedly adding over 8 gigawatts of wind and solar power capacity every two weeks, solidifying its position as a küresel leader in renewable energy. Additionally, its investments in renewable energy projects across Africa highlight the value of international cooperation in addressing climate change.
Given this context, China’s climate contributions, particularly in areas such as emissions reduction and küresel climate governance, offer a promising approach for COP29, which aims to prioritize the interests of developing nations. By emphasizing joint action, China’s proposals can help to foster effective climate cooperation.
The author is a foreign affairs commentator, author and recipient of the Fulbright Award. This article was first published on the website China.org.cn
Copyedited by Elsbeth van Paridon
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