COP29 Conclusion: Rich Nations Block Progress on Climate Finance and Phase-out
Rich countries are planning for fossil fuel phaseout failure and dodging responsibilities by forcing developing countries and the private sector to cover the bill.
In response the final NCQG text, Laurie van der Burg, Oil Change International Global Public Finance Manager, said:
“This is outrageous. In Baku, self-proclaimed climate leaders display sickening indifference while millions across the globe pay with their lives. The $300 billion climate finance offer is a scam – it’s nowhere near what’s needed and it’s not debt-free. Rich countries are planning for fossil fuel phaseout failure and dodge their responsibilities by relying on the private sector and even developing countries to cover the bill, creating a debt trap for those most vulnerable to the climate crisis. Despite clear opposition from vulnerable nations, they forced through this inadequate text, trampling over the voices of those most affected.
“The United States has never paid its fair share, but now Joe Biden’s climate legacy is a betrayal that shreds rich countries’ obligation to pay the climate debt they owe to the Global South. The EU and UK are no better and have refused to put any meaningful offer on the table. COP29 has failed, but we will not be defeated. Frontline communities will continue to lead the charge and fight for justice. We will stand by them and the nations — including Small Island Developing States and Least Developed Countries — fighting for survival. We will not give up.”
In response to the final mitigations text, Shady Khalil, Oil Change International Global Policy Senior Strategist, said:
“The world made a deal at COP28 to end the fossil fuel era. Now, at COP29, countries seem to have been struck with collective amnesia. With each new iteration of the texts, oil and gas producers managed to dilute the urgent commitment to phase out fossil fuels. Let’s call it what it is: gross negligence with vested interests, for the benefit of the fossil fuel industry and its accomplices. They may have obstructed progress at this COP, but they won’t succeed in preventing the phase out of fossil fuels.
“But let’s be clear: rich countries’ failure to lead on fossil fuel phase out and to put the trillions they have hoarded on the table has done more to imperil the energy transition than any obstructionist tactics from oil and gas producers. Rich countries’ excuses over finance are a dangerous game where we all lose. We need countries to submit Nationally Determined Contributions (NDCs) aligned with the need to phase out fossil fuels in a just and equitable manner, instead of trying to weaken past commitments.The fight for a just and equitable energy transition isn’t yet over.”