Yemen & Iraq Lead Call for More Crisis Finance

A group of conflict-affected countries led by Iraq and Yemen is pushing at the COP29 climate talks to double financial aid to more than US$20 billion a year to combat the natural disaster and security crises they face. States mired in conflict or its aftermath have struggled to access private investment, because they are seen as too risky. That means UN funds are even more critical to their people, many of whom have been displaced by war and weather.

In response, the COP29 Azerbaijan presidency on Friday launched launch a new “Network of Climate-vulnerable Countries,” including Iraq, Yemen, Burundi, Chad, Sierra Leone, Somalia and Timor-Leste. They all belong to the g7+, an intergovernmental group of fragile countries that first sent the appeal. The network aims to advocate as a group with climate finance institutions, build capacity in member states so they can absorb more finance, and create country platforms so investors can more easily find high-impact projects in which to invest, said think tank ODI Global, which helped the countries create the network. “My hope is it will create a real platform for the countries in need,” said Abdullahi Khalif, chief climate negotiator for Somalia.