COP29 in Baku, dubbed the “Finance COP,” was intended to usher in transformative climate funding for developing nations. For ocean advocates, however, the conference starkly highlighted how far the global agenda remains from fully recognizing the ocean’s vital role in climate action. As the world’s largest carbon sink and a crucial buffer against climate impacts, the ocean must be recognized not just as a stakeholder in climate finance discussions but as a cornerstone of effective climate solutions. Yet, it remained peripheral amid the broader financial negotiations.
The Climate Finance Gap
Following prolonged and heated talks, the COP29 Presidency text establishes a climate finance target of $300 billion per year from developed to developing countries by 2035, sourced from public, private, and multilateral funding, It also includes a broader call to work toward $1.3trillion. While this represents progress, it falls drastically short of the $1.3tn requested by developing nations to meet climate goals and address escalating impacts.
For ocean and coastal nations, this shortfall is particularly alarming. Rising sea levels, ocean warming, and intensifying storms are eroding livelihoods and threatening entire communities. Advocates labeled the finance package a betrayal of developing nations, with some branding it a “global Ponzi scheme.” They stress the urgent need for a robust and equitable framework prioritizing grants over loans and accelerating decarbonization to prevent catastrophic 3°C warming.
For many, the broader failure to advance fossil fuel transition commitments further underscores the inadequacy of the finance deal. Without bold and coordinated action, developing nations, including those most reliant on the ocean for their survival and prosperity, risk being left unprepared for the intensifying impacts of the climate crisis, even as the window for meaningful action narrows.
The Ocean’s Role: A Path Forward
Despite its sidelining at COP29, there are glimmers of hope for greater ocean integration into global climate policy. The Ocean and Climate Change Dialogue remains embedded within the UNFCCC process, and discussions around ocean-based solutions, such as the Ocean Breakthroughs, are gaining traction. A joint statement from the Friends of Ocean and Climate was also delivered by Fiji.
A promising development is the call for countries to include ocean-focused commitments in their 2025 Nationally Determined Contributions (NDCs 3.0), which will guide climate action from 2025 to 2035. These updated NDCs aim to accelerate ambition, enhance adaptation, and strengthen resilience, offering an opportunity to elevate ocean-based mitigation and adaptation strategies.
Karen Sack, Executive Director of the Ocean Risk and Resilience Action Alliance, highlighted the growing inclusion of ocean issues in NDCs, saying, “We are increasingly seeing countries include ocean-related issues and coastal resilience in their NDCs, but it’s not yet high enough on the global agenda… The time for ambitious action is now, and our shared future depends on it.”
Frustrations and Missed Opportunities
Despite some progress, COP29 failed to deliver transformative outcomes for ocean-climate solutions. Efforts to align climate and biodiversity frameworks faltered, leaving ocean governance fragmented and underfunded.
Side events by Pacific Island nations, youth, NGOs, Indigenous peoples and small-scale fisheries groups highlighted the ocean’s vital role in climate resilience. A global coalition of over 100 NGOs, business groups, companies, Indigenous Peoples organizations, and influential individuals issued an urgent ‘COP29 Nature Statement’ on the second to last day of the conference, urging UNFCCC Parties to properly recognize and finance nature’s role in tackling the climate crisis, this plea was not adequately reflected in the final outcomes.
Key Priorities for Ocean-Climate Action
To ensure the ocean’s central role in climate solutions, RISE UP calls for urgent action in three areas:
- Ocean Solutions and Nature-Based Approaches: Scale up nature-based solutions such as mangrove restoration, coral reef protection, and wetland conservation to protect against climate impacts and enhance carbon sequestration.
- Human Rights-Based Approaches and Community Inclusion: Actively involve small-scale fishers, Indigenous Peoples, and coastal communities in climate policies, leveraging their local knowledge and stewardship practices.
- Blue Finance for Climate Resilience: Develop mechanisms to prioritize funding for ocean-focused climate actions, enabling public and private investments in marine ecosystems to build climate resilience for communities.
Bridging to Belém: The Path to COP30
Looking ahead to COP30 in Belém, Brazil, there is an urgent need to center both the ocean and the Amazon as integral systems in the fight against climate change. The conference offers a unique opportunity to advance the Ocean and Climate Change Dialogue, secure financial commitments, and align climate and biodiversity frameworks.
While COP29 exposed the challenges of achieving equitable climate finance and bold ocean action, it also illuminated the critical work ahead. To bridge to Belém, global leaders must prioritize stronger commitments, clearer priorities, and unwavering support for ocean-climate solutions.
The ocean can no longer wait.
