Response to the latest New Collective Quantified Goal on Climate Finance

In response to the latest New Collective Quantified Goal on Climate Finance draft, Bronwen Tucker, Oil Change International Global Public Finance Manager, said:

“The alignment around ‘trillions in climate finance’ at COP29 masks a possible dangerous bait-and-switch. Rich countries are promoting a private finance “investment goal” that would drown Global South nations in more debt, rather than providing the grant-based climate finance they owe. Particularly for the energy transition they claim private finance can largely cover the bill. This approach does not reach the countries and sectors that need it most, while it also fails to deliver the needed funds. Our new analysis exposes the myth behind this strategy: for every dollar of public money invested in energy transition projects in the Global South, private investors contribute just 85 cents – far below the $5-7 dollars assumed by governments and in finance models. This ‘private sector first’ approach isn’t just failing to deliver – it’s actively harmful, driving profits to Global North banks while pushing climate-vulnerable nations further into debt crisis. While the draft text still includes options for real climate finance through public grants and fossil fuel phaseout support, we must fight this calculated attempt to shift responsibility to pay up from polluting nations to private investors who have time and time again prioritized profits over people and planet. For a liveable planet, we need trillions in public grants, not more accounting tricks that let rich countries dodge their responsibilities.”