COP29 Presidency Must Prioritize A Fossil Fuel Phase-Out With Fair Financing
The COP Presidency is centering the new climate finance target, the New Collective Quantified Goal (NCQG), in this year’s UN climate talks. To deliver on last year’s groundbreaking commitment to transition away from fossil fuels, rich countries must raise trillions of dollars to support climate action in developing countries. While the COP29 host recognizes the need for a significant financial increase, it fails to emphasize that it must be on fair terms to countries that need it most.
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Contact:
Nicole Rodel, Oil Change International – [email protected]
COP29 Presidency Must Prioritize A Fossil Fuel Phase-Out With Fair Financing.
17 July 2024 – Today COP29 president, Mukhtar Babayev published the first letter to Parties to set out the principles of focus and outline the vision for this year’s UN climate talks.
In response, Laurie van der Burg, Public Finance lead at Oil Change International, said:
“The COP Presidency is centering the new climate finance target, the New Collective Quantified Goal (NCQG), in this year’s UN climate talks. To deliver on last year’s groundbreaking commitment to transition away from fossil fuels, rich countries must raise trillions of dollars to support climate action in developing countries. While the COP29 host recognizes the need for a significant increase in finance, it fails to emphasize that this must be provided on fair terms to countries that need it most.
“The Presidency’s letter also exposes the cognitive dissonance at the heart of international climate diplomacy: on one hand, pledging to submit national climate plans in line with the 1.5°C limit, while at the same time ramping up fossil fuel production. Unless the COP Troika– a partnership between former, current, and future COP hosts UAE, Azerbaijan, and Brazil– recognizes there is no such thing as 1.5-aligned climate plan with more coal, oil, and gas infrastructure, it risks making a mockery of the unprecedented mobilization that led to the COP28 decision to phase out fossil fuels.
“To drive progress the Presidency should underline that there is plenty of public money available to end the fossil fuel era and build a renewable energy economy that works for everyone in its place.”