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"The draft climate finance deal is a mixed bag with good, bad and ugly options. Rich countries now have a last chance to step up to pay the climate debt they owe to the Global South and unlock a fair and funded fossil fuel phaseout, while barring dangerous distractions."
With the clock ticking in Baku, negotiators must secure an agreement that delivers at least $1 trillion yearly in public finance to support Global South countries in implementing climate solutions and a fair fossil fuel phaseout.
With the latest version of the climate finance goal set to be released in the coming hours at COP29 in Baku, hear the views and expectations of developing countries on the current state of play of the climate finance goal at COP29.
As climate finance negotiators push for a breakthrough in Baku during COP29's tenth day, the urgency for action has never been clearer—with 2024 on track to be the hottest year on record.
Rio de Janeiro, Brazil - Today, UK Prime Minister Starmer and Brazilian President Lula launched the Global Clean Power Alliance (GCPA) at the Brazil-led G20. The initiative focuses on supporting emerging and developing economies with building out clean energy, including through a ‘finance mission’, and is launched as governments at COP29 in Baku struggle to reach convergence on a new climate finance target.
At a COP29 press conference, the United Kingdom, Colombia, and New Zealand announced they are joining the Dutch-led Coalition on Phasing Out Fossil Fuel Incentives (COFFIS) launched at COP28. While Civil Society Organizations applaud the growing membership, they urge all members to move beyond merely identifying fossil fuel subsidies—estimated at hundreds of billions annually—and take decisive action to eliminate these handouts that artificially sustain fossil fuel industry profits.
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.
South Korea has won the closely-watched Fossil of the Day award, the first award of the second week of negotiations at COP29 in Baku. Korea has won the award for being the last major blocker on a potential historic deal that would end USD $41 billion dollars a year in export finance for fossil fuels.
As COP29 enters its second week in Baku, a parallel opportunity for climate finance leadership emerges in Paris, where OECD governments will gather to negotiate an end to $41 billion in annual oil and gas export subsidies.
At the United Nations Climate Change Conference today, experts and advocates exposed how oil and gas corporations and their government enablers are more interested in appearing to act on climate change than taking real action, while continuing to poison communities and delay the transition away from fossil fuels.
