STATEMENT: COP29 Finance Deal a Downpayment for a Safer, More Equitable Future

STATEMENT: COP29 Finance Deal a Downpayment for a Safer, More Equitable Future

November 23, 2024

Statement

International Climate Action

BAKU (November 24, 2024) -- The COP29 climate negotiations in Baku concluded with delegates agreeing to a new climate finance goal for the first time in fifteen years. The agreement sets a goal to deliver at least $300 billion per year by 2035 with developed countries taking the lead and developing countries encouraged to contribute on a voluntary basis. The COP decision also called on all actors to work toward scaling up financing to at least $1.3 trillion to developing countries from all public and private sources. The COP Presidencies will lead the "Baku to Belém Roadmap to 1.3T" to make progress towards that aim.

Following is a statement from Ani Dasgupta, President and CEO, World Resources Institute:

"Despite major headwinds, negotiators in Baku eked out a deal that at least triples climate finance flowing to developing countries. The $300 billion goal is not enough, but is an important downpayment toward a safer, more equitable future. The agreement recognizes how critical it is for vulnerable countries to have better access to finance that does not burden them with unsustainable debt. And opens the door for a broader set of countries to contribute.

"The poorest and most vulnerable nations are rightfully disappointed that wealthier countries didn't put more money on the table when billions of people's lives are at stake. According to leading economists, $300 billion by 2035 does not meet the scale of what developing countries need to pursue a low-carbon economy and protect their citizens from mounting droughts, floods, and wildfires.

"This deal gets us off the starting block. Now the race is on to raise much more climate finance from a range of public and private sources, putting the whole financial system to work behind developing countries' transitions. The year ahead offers numerous opportunities to raise the bar for climate finance, from development banks, the private sector, major economies and more - including through international taxes. We must seize all of them.

"Some feared the US election results would stymie progress at COP29, but instead countries came together to seal the deal. Countries understand that UN climate negotiations are the only platform where every nation, big and small, has a voice on the greatest challenge of our time. This is a global and generational fight - no one country or one election is going to derail it.

"While the COP29 decision on emissions cuts only reaffirmed previous commitments, it was encouraging that several major emitters promised that new national targets will put them on a credible path to reach net-zero emissions. To drive action on the ground, it's critical that new national commitments are backed by strong public policies and incorporate sector-specific targets including rapidly shifting away from the use and production of fossil fuels.

"The hard work now begins to show a route to scaling up all sources of finance to deliver the $1.3 trillion developing countries need by 2035, through the Baku to Belem Roadmap. Greater confidence that investments are coming will unlock more ambitious national climate commitments. This in turn sends a clear signal to investors to back the action we need."