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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.
As COP29 enters its sixth day, negotiators release the latest draft text for the new climate finance goal (NCQG). A critical opportunity emerges to secure real climate action through public grants rather than problematic private finance schemes.
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.
Today, At COP29, in the OPEC and the Gas Exporting Countries Forum (GECF) pavilions, activists directly exposed and denounced the presence of the fossil fuel industry at COP29.
As COP29 enters its fifth day in Baku, the stark choice facing negotiators is clear: either deliver real solutions through public grants of at least $1 trillion annually in public funds, or fall back on inadequate private sector mechanisms that would not deliver the just energy transition while also exacerbating the Global South's debt crisis.
Speaking at COP29 today, experts on the intersection of fossil fuels and justice in Palestine highlighted how multiple systems of oppression converge to perpetuate violence against communities in Palestine.
As Finance Day begins at what's being called the 'Finance COP,' negotiators face a stark choice: deliver public grants at the trillion-dollar scale needed for a just transition away from fossil fuels, or rely on inadequate private sector mechanisms that risk deepening the Global South's worst-in-history debt crisis.
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.
