Oil Change International Media Advisory – COP29 Day 9

On the G20 Summit happening in Brazil, and just released G20 Leaders’ Statement:
Laurie van der Burg, Oil Change International Global Public Finance Manager, said: 

“As ministers arrive in Baku for the second week of the UN climate negotiations, world leaders have just adopted the G20 Leaders’ Statement. This statement is relevant for the ongoing negotiations on the new global climate finance target in Baku, and, combined with the EU’s rumored $200-300 billion funding offer, show a lot of work is still to be done at COP29. The leaders of the UK, Canada, EU have the responsibility to put a real climate finance offer on the table to unlock an ambitious agreement at COP29. The just released G20 leaders’ statement shows the stark reality of these wealthy governments yet again shirking responsibility and refusing to commit to the public, grant-based finance needed for a fair fossil fuel phaseout and other climate action. 

“It’s good that the G20 Rio de Janeiro Leaders’ Statement Declaration references the whole Global Stocktake outcomes from Dubai. But it is extremely worrying that the G20 countries have cherry picked elements from the Dubai energy package and omitted reference to the transition away from fossil fuels. The COP28 outcome made it clear: the fossil fuel era is over. Now, the Big polluters like the U.S. in the G20 must turn this mandate into action — clear commitments, real financing, and a decisive plan to transition away from fossil fuels. The G20 cannot claim to be delivering on the Global Stocktake while ignoring the fossil elephant in the room. 

“The G20 Leaders’ Statement looks forward to a ‘successful NCQG outcome’ at COP29, yet only makes mention of ‘billions’ to trillions – not specifying any commitment to the public grants and highly concessional finance rich countries owe to the Global South. Rich countries can mobilize the trillions in public money that are needed, if they prioritize climate action over wars and continued support to the fossil fuel industry harming communities and wrecking the planet. Countries must build trust by keeping their promises to do their fair share to unlock the next steps on the full, fair, fast, and funded fossil fuel phaseout that we need. There is no shortage of public money to pay their fair share, only a shortage of political will.”

COP29 Day 9

Baku, Azerbaijan – As COP29 enters its second week in Baku with the arrival of environment ministers, a pivotal moment for climate finance emerges across three crucial forums. While negotiators continue debating the new climate finance goal (NCQG), world leaders and finance ministers gather for the G20 summit in Rio—where the UK, Canada, EU, and other wealthy nations hold the key to unlocking ambitious climate action. Just last night news broke that EU countries have been floating a pitiful target of between $200 billion and $300 billion, along with the just released G20 Leaders Statement only making mention of billions to trillions – not specifying any commitment to the public grants and highly concessional finance rich countries owe to the Global South, nor nowhere near the scale or quality of finance required to address mitigation, adaptation, and loss and damage and with no clarity on the grants-based share of this figure. 

After three years of negotiations, rich countries arrived at COP29 empty-handed, offering recycled commitments and inadequate private finance schemes rather than the public grants they owe. Their reliance on World Bank deals and private investment pledges is blocking progress not just in Baku, but also at the G20. The path forward is clear: wealthy nations can mobilize at least $5 trillion annually for climate action through taxing the super-rich, ending fossil fuel subsidies, and making polluters pay. The barrier isn’t a lack of money—it’s political will. 

Meanwhile, OECD talks in Paris offer an opportunity to end $41 billion in annual oil and gas export subsidies, demonstrating how rich nations can redirect finance from fossil fuels to climate solutions. With time running short across all three forums, countries must deliver concrete commitments, including public climate finance of at least $1 trillion annually to support Global South nations in implementing a just transition.

This media advisory outlines: 

Today’s key events and releases:

• Press Conferences:

• • 15:00 The Netherlands – Coalition on Phasing out Fossil Fuel Incentives (COFFIS) ministerial press conference, Karabakh Press Conference Room, Area D

• • 16:30 IISD – Europe’s dash for gas in Africa puts private profits before African countries’ interests, Natavan Press Conference Room, Area D

• • (Timing TBC) reactive to G20 announcement – Launch of Global Clean Power Alliance

• Actions:
  • 11:00 Say No to LNG action (Action Location 2, Zone B (near entrance / exit)

• Side events: 
  • 15:00 How NCQG can unlock NDCs to phase out fossil fuels and build a renewable future for all

Tomorrow’s key events and publications (November 20): 

• 16:45 Side event: Oceania First Nations leadership: How communities are taking on dangerous distractions (Side event room 6)

Recent reactions, in case you missed them: 

• OECD: South Korea wins Fossil of the Day award for blocking Trump-proof historic agreement on fossil fuel finance

Side event: How NCQG can unlock NDCs to phase out fossil fuels and build renewable future for all

Join Greenpeace, 350.org, Oil Change International, Center for Biological Diversity, Climate Analytics [and Indigenous representatives if/when confirmed] for a conversation exploring how the New Collective Quantified Goal (NCQG) on climate finance and Nationally Determined Contributions (NDCs) that focus on ambitious fossil fuel phase out and renewable energy targets can synergize to accelerate the equitable deployment of renewable energy, create jobs, 

WHEN: Tuesday, 19 November 2024, 15:00-16:30 AZT / GMT+4

WHERE: Side Event Room 6, Area B

WEBCAST: Access webcast here

and foster economic growth.

• Kathy Jetn̄il-Kijiner, Climate Envoy for the Marshall Islands
• Laurie van der Burg, Oil Change International
• Bill Hare, Chief Executive Officer, Climate Analytics
• Yeb Saño, Executive Director, Greenpeace South East Asia

Spokespeople and areas of focus

At COP29, reach out to us to connect with spokespeople to cover: 

• • Financing a just transition: NCQG, fossil fuel subsidies and finance, financial architecture reform, Clean Energy Transition Partnership, Global Clean Power Alliance, OECD, MDB and G20 finance announcements.
  • Fossil fuel phaseout: Troika fossil fuel expansion, Nationally Determined Contributions, diplomacy and negotiations, abatement, hypocrisy via oil and gas expansion, 1.5ºC scenarios
  • Industry and False Solutions: Industry pledges, Oil and Gas Decarbonization Charter, IEA / WEO, CCS, False Solutions Subsidies, Kick Polluters Out
  • United States: U.S. Election, U.S. fair share NDC, LNG, certified gas, U.S. subsidies, U.S. Congress
• Africa: Resistance to oil and gas in Africa, oil and gas expansion in Africa

OCI has spokespeople available on the ground at COP29 for interviews and press panels, as well as representatives in alternative timezones for those journalists not in attendance in Baku. 

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