BAKU, AZERBAIJAN - Success at this year’s COP29 in Baku, Azerbaijan in November hinges on the agreement of a robust new climate finance goal that meets the needs of climate-vulnerable countries. But replacing the existing commitment of $100 billion annually with a goal that’s far more ambitious will be no small feat.

For climate-vulnerable developing countries already dealing with an increasing number of extreme weather events, such as the recent floods in Rio Grande do Sul, Brazil, and Nairobi, Kenya, it’s imperative that developed countries take concrete action to rebuild trust and solidarity, and offer the level of financial commitment and support that’s truly needed for developing countries to transition to a low-emissions, climate-resilient futur.

Climate-vulnerable developing countries have long called for meaningful climate finance to allow them to carry out emissions reduction plans and build resilience against the accelerating impacts of climate change. Yet previous pledges of finance and support from developed nations have been largely insufficient, delayed or are yet to be delivered.

COP29 in Azerbaijan is an opportunity to change that by adopting a new global climate finance goal for the first time in 15 years. But there are politically contentious issues for negotiators to grapple with, from the size of the goal to the quality of the funding, and how to address the failure of developed countries to fully deliver on past commitments.

Right now, almost 3.6 billion people live in countries highly vulnerable to climate impacts. Even with just 1.1 degree C (2 degrees F) of global warming so far, climate change is causing wide-ranging impacts from raging wildfires and deadly floods to mega-droughts and record heat waves. These shifts in the climate are undermining the world’s food, water and energy sources, threatening human health and causing costly damages to livelihoods, infrastructure and economies.

While climate change will affect everyone, it is disproportionately impacting vulnerable developing countries. To fight its impacts, these countries are doing all they can to take climate action, yet because most major emitters have yet to fulfill sufficiently ambitious goals, vulnerable countries face even greater climate risks in the future. This injustice has eroded trust and solidarity among nations. Yet, there are a growing number of untapped opportunities for climate action that would greatly benefit from building bridges, enhancing trust and improving understanding among countries.

The Allied for Climate Transformation by 2025 (ACT2025) consortium is a unique coalition representing voices and expertise from all over the world — people committed to understanding and amplifying the climate priorities of vulnerable countries and ensuring they are heard and mobilized at UN climate negotiations. The consortium convenes key stakeholders to determine how to design just and ambitious outcomes at these negotiations that will rebuild trust, foster solidarity and drive greater climate action on the ground. The ultimate goal is to promote a prosperous, low-carbon and climate-resilient future for all.