Skip to content
Oil Change International | Data Driven, People Powered. Oil Change International | Data Driven, People Powered.
  • About
    • Our Work
    • Values
    • Team
    • Jobs at OCI
    • Ways to Give
  • Program Areas
    • Africa
    • Asia
    • North Sea
    • United States
    • Global Industry
    • Global Public Finance
    • Global Policy
  • Blog
  • Press Releases
  • Publications
Donate
  • Get Updates
    • Share on Bluesky Share on Bluesky Bluesky (opens in a new window)
    • Share on Twitter Share on Twitter Twitter (opens in a new window)
    • Share on Instagram Share on Instagram Instagram (opens in a new window)
    • Share on LinkedIn Share on LinkedIn LinkedIn (opens in a new window)
    • Share on Facebook Share on Facebook Facebook (opens in a new window)
Donate
  • About
    • Our Work
    • Values
    • Team
    • Jobs at OCI
    • Ways to Give
  • Program Areas
    • Africa
    • Asia
    • North Sea
    • United States
    • Global Industry
    • Global Public Finance
    • Global Policy
  • Blog
  • Press Releases
  • Publications
    • Get Updates
    • Share on Bluesky Bluesky
    • Share on Twitter Twitter
    • Share on Instagram Instagram
    • Share on LinkedIn LinkedIn
    • Share on Facebook Facebook
Go to OCI Homepage
Press Release

COP29 Presidency Must Prioritize A Fossil Fuel Phase-Out With Fair Financing

July 17, 2024

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.

  • Contact:
  • Nicole Rodel, Oil Change International - [email protected]
  • Listing — Press room
  • COP29 Presidency Must Prioritize A Fossil Fuel Phase-Out With Fair Financing

FOR IMMEDIATE RELEASE

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.”  

Oil Change International | Data Driven, People Powered.
Donate Get Updates
Back to the top
  • Keep in touch

  • Oil Change International
    714 G St. SE, #202
    Washington, DC 20003
    United States

    +1.202.518.9029

    [email protected]

    • Share on Bluesky Bluesky (opens in a new window)
    • Share on Twitter Twitter (opens in a new window)
    • Share on Instagram Instagram (opens in a new window)
    • Share on LinkedIn LinkedIn (opens in a new window)
    • Share on Facebook Facebook (opens in a new window)
  • Quick links

  • About OCI
  • Our Values
  • Jobs at OCI
  • Ways to Give
  • Media Centre

  • Publications
  • Press
  • Associated websites

  • Big Oil Reality Check
  • Energy Finance Database
  • Permian Climate Bomb
  • Site map
  • Privacy policy

Copyright © 2025 Oil Change International. Web design by Fat Beehive