Oil Change International response to the UN synthesis report
“Today’s national climate plans (NDCs) synthesis report makes it crystal clear: without trillions in climate finance, most countries cannot deliver on their climate plans.”
In response to the UN synthesis report, Laurie van der Burg, Public Finance Campaign Manager at Oil Change International said:
“Today’s national climate plans (NDCs) synthesis report makes it crystal clear: without trillions in climate finance, most countries cannot deliver on their climate plans. Wealthy nations owe trillions to the Global South – this is true even with these plans not yet accounting for the costs of implementing the landmark COP28 agreement to phase-out fossil fuels. Amidst the worst-ever debt crisis in the Global South, wealthy nations need to pay their fair share of the bill on fair terms. This means delivering the majority of finance as grants, not loans.
“The good news is that there is no shortage of public money to pay for climate action. Rich countries can mobilize over $5 trillion a year by ending fossil fuel handouts, making polluters pay, and changing unfair global financial rules. The message for rich countries at COP29 in Baku is simple: pay up and phase out. The clock is ticking.”