Delegates in Baku must prioritize phasing-out fossil fuels and deliver fair and good quality climate finance
Negotiators must be laser focused in Baku this week. They must deliver a new grant-based climate finance target in the trillions at COP29, ensuring rich countries pay up for global climate action. They must also secure national climate plans that phase out fossil fuels.
Tomorrow negotiation leads will gather in Baku, Azerbaijan for a two day meeting in preparation for this year’s global climate conference (COP29). They meet on the heels of news breaking that Altérra, a ‘climate fund’ launched at last year’s climate conference, is investing in fossil fuels and are tasked to agree a new global climate finance target (the so-called New Collective Quantified Goal (NCQG), at this year’s COP29.
In response, Laurie van der Burg, Public Finance lead at Oil Change International, said:
“Negotiators must be laser focused in Baku this week. They must deliver a new grant-based climate finance target in the trillions at COP29, ensuring rich countries pay up for global climate action. They must also secure national climate plans that phase out fossil fuels.
“There is enough money to fund a fair fossil fuel phase-out and build a renewable economy that works for everyone. Rich countries can raise trillions through shifting public money away from fossil fuels, making polluters pay for their climate destruction, and changing unfair finance rules.
“The world is already facing unsurvivable temperatures, and those who have contributed least to the crisis are suffering the most. Too many have already lost family and loved ones to extreme weather caused by fossil fuel burning. This is deeply unfair. We must stop fossil fuel expansion and finance fair climate action now.”