Press Room

The $300 billion climate finance offer at Baku is a scam — nowhere near what's needed and not debt-free. Rich countries are planning for fossil fuel phaseout failure and dodging responsibilities by forcing developing countries and the private sector to cover the bill. This creates a debt trap for those most vulnerable to the climate crisis. If rich countries put their hoarded trillions on the table instead of making excuses, we’d see real progress on fossil fuel phase-out. The US, EU, and UK show sickening indifference while millions pay with their lives. We will not give up.

COP29 stretches over its last official day in Baku, while yesterday's draft climate finance text falls dangerously short of what science and justice demand.

“This text is an absolute embarrassment. It’s the equivalent of governments handing the keys to the firetruck to the arsonists."

With time running out in Baku, negotiators must secure an agreement that delivers trillions yearly in public grants—not dangerous distractions that deepen inequalities.

Today, nearly 300 organizations from around the world sent a letter to President Biden that calls on him to use the time he has left to stop the further expansion of LNG infrastructure, globally and in the US.

While Netanyahu stands accused of pulling the trigger in Gaza's genocide, countries and major oil corporations like Chevron, BP, and ExxonMobil are loading the gun. The ICC warrants highlight Netanyahu's direct responsibility for mass starvation, but we cannot ignore how countries and fossil fuel companies continue supplying the fuel for this genocide despite the ICJ's clear warnings.

"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.