Leaders must seize decisive moment for climate finance at COP29

Leaders must seize decisive moment for climate finance at COP29

Baku, Azerbaijan - World leaders at the UN climate change conference COP29 in Baku must respond boldly to another year of record temperatures and rising emissions by agreeing a robust new finance goal to support desperately needed climate action in developing countries.

Jasper Inventor, Head of Delegation for Greenpeace International, said: "As the climate records keep crashing - from skyrocketing emissions to rising temperatures and worsening impacts - we've reached a reckoning point. For too long, demands for rapid and bold action have been met with meek responses from too many global leaders. This must change!

"People are dying as cities are being smashed by storms and floods, but the lifeblood of hope is in climate action. But action relies on climate finance and on holding polluters accountable. Fossil fuel companies and big polluters must finally pay for the loss and damage they've caused. Leaders have the power to enforce this justice and they must act now.

"The rescue plan is the COP28 decision to transition away from fossil fuels - a pathway that must yield ambitious 2035 climate action plans to phase out coal, oil and gas. Our climate is on life support and political leaders need to step up and take the urgent action needed."

At COP29, Greenpeace is calling for:

• An ambitious finance goal, the New Collective Quantified Goal (NCQG), that commits to significantly scaled-up public finance to developing countries for adaptation, mitigation and loss and damage and makes the fossil fuel industry and other major polluters pay.
• Implementation of the COP28 agreement to transition away from fossil fuels, including how countries will align their 2030 and 2035 climate action plans with the 1.5°C goal.
• Prevention of a poor outcome on offsets and carbon markets to protect and restore high integrity carbon-dense ecosystems.

Tracy Carty, Climate Politics Expert at Greenpeace International, said: "The NCQG is expected to set the terms determining who pays for the burgeoning costs of climate action over the next decade and beyond and whether countries and communities least responsible for causing the climate crisis get the support they urgently need and are entitled to.

"As the human costs of inaction mount, the trillions in subsidies the fossil fuel industry receives and the profits it makes overshadows climate finance to developing countries. The NCQG must rectify this injustice and make polluters pay for the harm and damage they've caused.

"Trillions of dollars are needed for the climate action plans of developing countries. The headline outcome of the NCQG needs to be an unambiguous commitment from rich developed countries to significantly increase public finance to support developing countries to respond to escalating climate impacts and transition to renewables."

ENDS

Greenpeace COP29 media briefing

Contacts:

Aaron Gray-Block, Greenpeace International, Climate Politics Communications Specialist: [email protected]

Gaby Flores, Greenpeace International, Content Editor, [email protected], +1 214 454 3871

Greenpeace International Press Desk, +31 (0)20 718 2470 (available 24 hours), [email protected].

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