PRESS RELEASE:
BAKU, AZERBAIJAN, 12 NOV 24 – As the genocide continues to unfold in Gaza, leaders around the world are arriving in Baku for the World Leader’s Summit on day two of COP29. Widely dubbed as the “Finance COP”, climate justice leaders from the Global South are demanding a New Collective Quantified Goal (NCQG) of U$5 trillion, with “quality” finance provided by grants from public funds, not loans from private investors.
Decades of inaction and broken promises have not only compounded today’s climate impacts but have also deepened the extreme inequalities and injustices endured by communities, economies, and ecosystems. Yet Global North governments are about to increase their spending on weapons of war while ignoring how climate impacts are intensifying insecurity and displacement driving conflict.
“The Philippines is one of the most vulnerable countries to climate change: we have been recently hit by a typhoon, the situation keeps getting worse year after year and people’s lives are being lost.
For the last two decades, almost since Bali 2007, climate finance was identified as a key element within the negotiations, since without it we cannot achieve climate action and just transition. During the 2009 summit in Copenhagen, the offer by the US was 100 billion, such a pittance. 15 years have gone by, and all we get is more delays. Year after year, we hear the same argument: “there’s not enough public money”, but there’s more than enough that cannot be mobilized due to the lack of political will. Using public money means making the private sector involved with climate action, hence expanding the contributor base. We have been paying for our own climate action for a long time: 85% of what we spend comes from our own pockets. The Global North owes us at least 5 trillion per year. Even if they disburse quickly, there are very little funds. We need to put decision-making at a global level.”
Lidy Nacpil, Asian Peoples’ Movement on Debt and Development
“This Finance COP is not on track to deliver what the Global South needs. Carbon Markets stand with Article 6 and they will be presented as climate finance, but that is not climate finance. What is finance in terms of quantity and quality? We need to figure out how to get our Global North govs to pay up”.
Victor Menotti, Global Campaign to Demand Climate Justice
“They’re destroying our future, and climate finance is turning victims into debtors. Providing charity doesn’t exonerate them from historical responsibility as geopolitical powers. The Loss and Damage fund is not built to protect human rights, but to foster profit. The climate finance mechanisms have to be built from the ground.”
Adrian Martinez, La Ruta Del Clima
“After decades of broken promises, COP29 must mark a turning point for rich countries to meet their legal and moral obligation to pay up to address climate impacts and ensure a fair fossil fuel phase out. There is no shortage of public money to do this, what is lacking is political courage. Rich countries can raise well over $5 trillion every year by ending fossil fuel handouts, making big polluters pay, taxing the super rich, and changing unfair global financial rules that exacerbate Global South debt and don’t see the money go where it’s most needed. Pursuing these measures will benefit all of us. We are tired of excuses. In Canada, there is always more public money for the tar sands and billionaire tax breaks, but never enough for what communities need.”
Bronwen Tucker, Oil Change International
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