Post-COP29 reflections: A call to action for Funders

As COP29 in Azerbaijan has concluded, our co-worker Francesca Rappocciolo shares some takeaways on challenges and opportunities.

By Francesca Rappocciolo, Programme Manager Climate Governance

COP29 has shown us that the climate negotiations are far from settled, leaving us with contentious outcomes and more questions than answers. This year’s climate conference, held amidst political uncertainties, both globally and domestically for many countries, was a reflection of how key challenges are becoming more pronounced and positions increasingly polarised. The urgency for climate action has never been greater and, for us, in the philanthropy space, the stakes are high.

Beyond Baku: Aligning Climate Finance and Ambition

With the climate crisis intensifying before everybody’s eyes, the hope was for Baku to set a foundation for ambition and action. However, several factors contributed to diluting and slowing down the negotiation process, which fell short in delivering  a solid financial plan for climate action. With some drama and delays, delegates reached consensus on a USD 300 billion climate finance figure. This is a modest increase from previous years, but still far from the trillion figure that the Majority World countries require to meet their climate goals. While it is clear that the agreed amount is inadequate, what is even more important now is to define how this money will be delivered and administered: who will receive it, how it will be allocated among different priorities, and whether it will be in the form of grants or loans. For highly indebted countries with limited fiscal space, and high vulnerability to climate impacts, these are all essential elements that will determine whether they have the financial backing to make bold climate commitments.

Where does this leave us as philanthropies striving for the realisation of global climate goals? Philanthropy stands at a pivotal moment, with a unique opportunity to bridge critical gaps. It’s not just about providing financial resources; it’s about supporting ambitious, science-based international responses that can spark tangible, scalable action. It is about bolstering collective efforts and cooperation that set benchmarks, strategies and financial mechanisms that can give the world a real chance to address the global climate crisis. At a time when the credibility and effectiveness of multilateralism is being challenged on many fronts, we can’t forget that only through coordinated global efforts can we achieve the scale of impact necessary to meet climate goals. While far from perfect, the COP process as proven resilient against political tensions, walkouts, and difficult negotiations, achieving progress over the years across key areas. In the absence of alternatives, COPs remain an indispensable platform to enable global collective dialogue and action. As philanthropies, we have the opportunity to strengthen multilateral ambition and drive climate finance towards tangible, scalable solutions that lead to real change, while levelling the playing field among nations, and putting lives and livelihoods at the centre of climate efforts.

The Race to Meet Climate Targets

With the deadline for submitting Nationally Determined Contributions (NDCs) looming in February 2025, COP29 was expected to serve as a pivotal moment for galvanizing countries into action. Unfortunately, the process has been sluggish, with a notable lack of ambitious commitments from many nations. Less than a handful of countries including the UK, Brazil, and the UAE launched their climate plans at COP29, while many others, including China and South Africa, have been hesitant to make pledges. For the Majority World, especially the most vulnerable nations, the quality and ambition of NDCs are inextricably linked to the availability of climate finance. With an inevitable timeline extension, the hope is at least to get all (or most) countries ready by the fall, ahead of COP30. Nevertheless, there is no guarantee that the NDCs will reflect an adequate level of ambition aligned with the Paris Agreement goal.

Philanthropy can play a role in accelerating NDC processes, but the time available to take action is rapidly closing. A broad mobilisation around the NDCs needs to take place within the next few months to have a meaningful impact, and this requires working with partners at the global, regional, national and subnational levels and backing them with adequate resources to engage with all relevant political levels and craft ambitious and implementable plans.

Leadership Gaps and the Growing Role of Non-State Actors

COP29 underscored a concerning trend: the growing leadership vacuum in global climate governance. Some countries stepped forward, while other important voices were notably absent or cautious to make any bold moves. The absence of strong political momentum highlighted a clear space for non-state actors to take the lead, particularly in supporting and driving their governments towards higher ambition. Civil society was present in numbers in Baku and ready to focus on solutions. Science and policy organisations provided important evidence to boost commitment and accountability. Similarly, regional and sub-national stakeholders were largely pushing for action despite the stagnation at the political level, often moving faster than national governments. Philanthropic funders are critical in this space. They can ensure that independent evidence-generation efforts are backed with the resources they need. Philanthropic support is also key to amplify grassroots efforts, help scale up local solutions, foster cross-border collaboration, and ensure that action on the ground is aligned with global goals.

The Stakes Are High: A Call for Philanthropic Action

As COP29 concludes, the reality sets in: “too little, too late” could define the future of our climate trajectory. Despite some incremental progress, the lack of political will and ambitious action is alarming. The implications are profound: failure to act decisively will likely result in a future where global emissions far exceed the limits set by the Paris Agreement, with disastrous consequences for both people and the planet.

Philanthropy has an important role to play. Beyond simply funding climate initiatives, philanthropic funders have a responsibility to help strengthen the policy and governance systems needed to ensure that climate commitments are more than just paper promises. This means for example helping to strengthen multilateral cooperation as the cornerstone for accelerating climate action at every level, promoting efforts that counter divisive narratives and misinformation, backing the most ambitious and inclusive climate policies, supporting transparency and accountability, and fostering the kind of cross-sector collaboration that will put us on a trajectory of deep systemic change.

The call to action is urgent and clear: as the climate crisis intensifies, with the gap in financing widening and political will faltering, philanthropy must step up with purpose and impact. With COP30 on the horizon and vital national climate commitments still lacking, we cannot afford to wait for others to act. Philanthropy has the unique ability to bridge gaps, catalyse action and support the most vulnerable, who face the greatest risks but lack the resources to respond effectively. We must act now, with boldness, to fuel the ambitious commitments and solutions that are necessary to keep the 1.5°C target within reach, while protecting the livelihoods of those that are already bearing the impacts.