BAKU: As global leaders gather in Baku for the COP29 UN climate change conference, the focus on climate finance has never been more pressing. This year’s conference theme, “Accelerating Climate Action for Sustainable Development,” suggests that climate action must advance economic stability as well as address environmental concerns.

Yalchin Rafiyev, Azerbaijan’s lead negotiator for COP29, has said that “trillions of dollars” are needed to fund the fight against climate change — a significant increase from the longstanding annual target of $100 billion, which itself remains unmet. Vulnerable nations are especially affected by this shortfall, lacking the resources to build resilience against climate impacts.

The need for equitable financing

Delegates from developing regions, including African representatives, have called for climate finance to reflect the distinct economic realities faced by less developed countries.

Shaimaa Al-Sheiby, senior director of strategic planning at OPEC, spoke to Arab News about the importance of ensuring that climate finance meets the needs of developing economies

“In many countries, it’s difficult for governments to sustain economic progress without accessible financing,” Al-Sheiby said. She advocated for wealthier nations and financial institutions to play a greater role in “de-risking” investments in developing markets to attract private capital for renewable projects.

Yusuf Idris Amoke, a Nigerian climate adviser, said: “The Global South is on the receiving end of climate impacts while contributing far less to emissions.”

For these countries, the push to phase out fossil fuels often clashes with immediate economic needs, especially given that alternatives are limited and expensive.

“Financing third world countries or the Global South is key,” Amoke added, saying that transitioning without robust financial support is neither equitable nor feasible.

Voluntary carbon markets and climate solutions

Voluntary carbon markets have been gaining traction as a flexible solution for reducing emissions, especially in regions where compulsory systems have struggled to achieve significant results.

These markets encourage companies to take part in climate initiatives by creating financial incentives, which, as Al-Sheiby said, are essential for involving the private sector.

“Private capital is very shy,” she added, saying that risk-reduction strategies could help attract these funds to where they are most needed.

The success of voluntary markets, however, depends on strong regulatory support, transparency and accountability.

Global initiatives and South-South collaboration

The COP29 Presidency has launched the Baku Initiative for Climate Finance, Investment and Trade, a collaborative platform designed to align climate finance and trade with sustainable development priorities. By convening leaders from developed countries and the Global South, the initiative aims to foster equitable climate solutions.

In Africa, Saudi Arabia’s “Empowering Africa Initiative” exemplifies South-South collaboration. Minister of Energy Prince Abdulaziz bin Salman has signed agreements with Ethiopia, Chad, Senegal and other countries to promote energy equity as well as accelerate the continent’s energy transition. These agreements are set to harness Africa’s vast renewable energy potential, including its 10 terawatts of solar capacity.

Abid Malik, ACWA Power’s geo head for Central Asia, highlighted the importance of fostering local expertise during an interview with Arab News. “Our projects in Africa don’t just bring renewable energy; they create jobs, enhance technical skills and empower local communities to take charge of their energy futures,” he said.

The intersection of climate finance and conflict recovery

The recently announced Baku Call on Climate Action for Peace, Relief and Recovery highlights the role of climate action in stabilizing conflict-affected regions. “Climate-induced challenges such as water scarcity and food insecurity are catalysts for conflict,” said Mukhtar Babayev, COP29 president. “Peace-sensitive climate action is crucial for the most vulnerable.”

Gilles Carbonnier, vice president of the International Committee of the Red Cross, highlighted the environmental fallout in conflict zones like Gaza. “In places like Gaza, where infrastructure has been decimated, renewable energy offers a lifeline,” he told Arab News. “Solar microgrids in refugee camps are providing critical electricity for healthcare and other essential services.”

Charting a path forward

The commitments announced at COP29 reflect a growing recognition of the interconnected challenges of climate finance, energy equity and conflict recovery. With asset owners controlling $10 trillion pledging to accelerate private capital deployment and initiatives like BICFIT gaining momentum, the foundations for transformative change are being established.

For vulnerable nations, these efforts offer a glimmer of hope. However, achieving a just transition will require sustained political will and a reimagining of global financing systems. As COP29 unfolds, the world is watching to see if the pledges made in Baku will translate into tangible action.

RIYADH: The Saudi Falcon Club concluded its auction season on Friday night, generating nearly SR6 million ($1.6 million) in sales over a 45-day event, the Saudi Press Agency reported on Saturday.

The auction, held at the club’s headquarters in Malham, north of Riyadh, drew 165 falconers and featured 50 falcons from 30 locations from all over the Kingdom.

The season’s highlight was a peregrine falcon chick from the Al-Dabdaba area in the Hafr Al-Batin governorate, which sold for SR400,000 on the sixth night — the highest price of the event.

To support participants, the club organized a closing ceremony featuring substantial prizes, including two cars and 20 cash awards totaling SR100,000.

“Our efforts align with the leadership’s vision to protect and promote authentic falconry traditions while sustaining it as a hobby,” said club spokesperson, Waleed Al-Taweel.

“This auction preserves our cultural legacy and creates economic opportunities in line with Vision 2030.”

Al-Taweel highlighted the club’s transformation of traditional falconry into a thriving economic sector, with its auction platform now the Kingdom’s largest official falcon marketplace, aligning with Vision 2030’s cultural and economic goals.

“Our ambition is to make Saudi Arabia the premier destination for falcon enthusiasts and breeders,” he said.

He also emphasized the club’s focus on market development and conservation, including regulating falcon trade and protecting endangered species through sales bans and awareness campaigns.

The finale saw three falcons sell for a combined SR367,000. The auction has become a key marketplace for local and international falcon-breeding farms, offering business opportunities for professional falconers and showcasing elite breeds.

The club provides extensive services to falconers, including housing and transporting birds to the auction site. Each sale is broadcast live on television and social media, ensuring competitive bidding, according to SPA.

The event plays a vital role in preserving Saudi Arabia’s cultural, economic and historical heritage while supporting falconry activities and developing the local falcon auction market into a global hub. It also aims to regulate the falcon trade in the Kingdom and protect endangered species.

During the club’s first auction in 2020, total sales exceeded SR10 million. The second auction brought SR8.3 million, the third more than SR7 million, and the fourth SR10 million.