New climate finance goal text holds ingredients for rich countries to pay their fair share for fossil fuel phase out

In response to the new climate finance goal text, Oil Change International Global Public Finance Manager Bronwen Tucker, said:

“For the first time in three years of negotiations towards the new climate finance goal due at the end of COP29, we finally have a draft text that includes options for rich countries to pay the scale and quality of finance they owe, and for urgently needed support to flow towards a fair fossil fuel support. This is an important breakthrough. The problem is that alongside these essential provisions, the new draft text has included a long menu of ‘bad’ and ‘ugly’ options that we cannot afford. 

There is still a hard fight ahead to make sure the NCQG we need is what comes out of COP29. We need the Global South countries who fought for and won this rewrite to hold the line to ensure at least $1 trillion a year in grants and grant-equivalent finance and support for all critical elements including just transition remain in,  while deleting the options that fall far short of the quality and quantity of finance needed, such as those emphasizing private finance routes over public grants.

This is not a question of affordability, it’s a question of morality, responsibility and political will to protect people and planet against climate collapse.”

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