Finance COP29: Turning Commitments into Action for a Just and Sustainable Future

The 29th United Nations Climate Change Conference (COP29) convened in Baku, Azerbaijan, from November 11th to 22nd, 2024. This significant gathering brought together over 65,000 participants, including policymakers, scientists, business leaders, and civil society representatives. The primary focus of COP29 was to accelerate progress towards the goals outlined in the Paris Agreement and to develop tangible solutions to address the pressing global climate challenges.

Key Outcomes:


Climate Finance: Adoption of a new (there is information on 1.3 billion USD too )$300 billion annual target for climate finance by 2035 and the launch of the Baku to Belém Roadmap to scale up financing.
Adaptation: Launch of the Baku Adaptation Roadmap and continued development of global adaptation indicators.
Loss and Damage: Operationalization of the Loss and Damage Fund, with financing set to begin in 2025.
Article 6 Mechanisms: Full operationalization of carbon market mechanisms under the Paris Agreement.
Gender and Climate: Extension of the Lima Work Programme on Gender for another decade to integrate gender considerations into climate policies.
Transparency: Recognition of the first submissions under the Enhanced Transparency Framework (ETF).

The Lesotho delegation, led by His Excellency Nthomeng Majara, Deputy Prime Minister of Lesotho, actively participated in the 29th United Nations Climate Change Conference (COP29) in Baku, Azerbaijan. The delegation included a distinguished technical team head-ed by the Honorable Mrs. Maphakamile Xingwana, Principal Secretary.


A key highlight of Lesotho’s participation was a keynote address delivered by the Deputy Prime Minister at a dedicated Climate Mobility side event. This significant engagement provided a valuable platform for Lesotho to:


Advance its climate change agenda: This encompassed a multifaceted approach, encompassing adaptation strategies, mitigation measures, and the development of long-term climate action plans.
Foster collaboration: The event facilitated valuable interactions with other nations, international organizations, and key stakeholders.
Mobilize resources: Lesotho actively sought to secure critical financial and tech-nical support for its climate action initiatives.
Share knowledge and expertise: The delegation actively participated in knowledge-sharing sessions, contributing valuable insights and experiences to the global cli-mate discourse.

Next COP
The 30th Conference of the Parties (COP30) to the United Nations Framework Convention on Climate Change will be held in Belém, Brazil, from November 10th to 21st, 2025.

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Like the Adaptation Fund, the Climate Investment Funds constitutes a climate funding stream that many African countries are not able to access. CIF is an enabler of pioneering climate-smart planning and climate action in low and middle-income economies, many of which are the least prepared yet the most prone to the challenges of climate change. CIF responds to the worldwide climate crisis with large-scale, low-cost, and long-term financial solutions to support countries achieve their climate objectives. In Lesotho, there is only a single project with finance from the fund. The project, entitled “Lesotho Renewable Energy and Energy Access Project”, is geared towards funding renewable energy investments. The fund is accessed through the Ministry of Finance and Development Planning in Lesotho. (The Climate Investment Funds (CIF)).

The Special Climate Change Fund is also being governed by GEF and Lesotho has not accessed funds as the fund is dry majority of the time. Lesotho as an LDC competes with other developing countries to access the funds. (Special Climate Change Fund – SCCF | GEF)

The LDCF, which is governed by GEF, is a vital source of climate funds in the context of Lesotho. It constitutes the most significant finance stream in Lesotho, having funded national projects to the tune of over US$ 36 million as of 2022. Indeed, it is second in significance to the GEF Trust Fund only in terms of the number of nationally funded projects (8 national projects compared to 15 for GEF). Regarding sectoral distribution and focus of LDCF, the data suggests that LDCF resources are geared towards water resources management, enhancing the resilience of agricultural production and food systems, and climate information services and capacity building. (Least Developed Countries Fund – LDCF | GEF)

The Adaptation Fund is one of the least accessed climate funds and Lesotho just accessed funds (count of US$ 10 million) through Word Food Programme as the accredited entity. The project, entitled “Improving adaptive capacity of vulnerable and food-insecure populations in Lesotho”, is being implemented and pertains to agriculture and food security. It is accessed through LMS and Accredited Entity (AF | Adaptation Fund)