In response to the final COP29 text, our Executive Director for Governments and Policy Champa Patel said:
''With this paltry $300 billion a year commitment, COP29 has slammed the door in the face of developing countries. 2024 is the hottest year ever recorded, but while the planet burns, developed nations dithered putting any numbers on the table until the very last moment.
Azerbaijan’s lack of leadership didn’t help, neither did emboldened petrostate interests. $300 billion a year doesn’t even come close to the transformational finance needed to tackle the climate crisis. To make matters worse the target has no clear percentage for how much of this funding should be grants or concessions rather than loans.
The science is simple: trillions—not billions—are needed every year to meet net zero, fund a just energy transition, and support adaptation and recovery from increasingly devastating climate disasters. Showing little leadership, developed countries instead reinforced a broken fossil fuel-based model.
True climate justice demands bold action: ending fossil fuel subsidies, taxing the wealthiest, and redesigning global financial systems to deliver trillions in accessible, and equitable climate finance every single year. Brazil now has an almighty task on its hands. COP30 must deliver transformative action, not recycled or failed promises. Anything less risks making these negotiations irrelevant in the fight for a liveable future.”
ENDS
Notes to Editors
For media requests please contact: Maria Dolben – mdolben@climategroup.org or +44 7408 809 839
About Climate Group
Climate Group is an international non-profit, launched in 2004, with offices in London, Amsterdam, Beijing, New Delhi, and New York. Our mission is to drive climate action, fast. Our goal is a world of net zero carbon emissions by 2050, with greater prosperity for all. We do this by forming powerful networks of business and government, unlocking the power of collective action and scale to move whole systems such as energy, transport, industry, and food to a cleaner future. Together, we’re helping to shift global markets and policies towards faster reductions in carbon emissions.
About the Under2 Coalition
The Under2 Coalition is the largest global network of states and regions committed to reaching net zero emissions by 2050. Climate Group acts as secretariat of the Under2 Coalition.