This is a pyrrhic victory – all we have done is kick the can down the road to COP30, hoping Brazil’s leadership can lift us out of the quagmire.
In response to the latest COP29 text, our Executive Director for Governments and Policy, Champa Patel, said:
“The ‘Finance COP’ has finally ended up with some numbers on the table, but so far it’s grossly inadequate, and there is no clear commitment of how much finance will go to adaptation. Developing countries needed trillions, but the inner core has been lowballed at $250 billion with an aim to scale this up to $1.3 trillion by 2035. That’s completely divorced from the reality of what is needed now. Developed countries turned up empty handed while developing countries are already on the frontlines of climate impacts. What a wasted opportunity.
This is a pyrrhic victory – all we have done is kick the can down the road to COP30, hoping Brazil’s leadership can lift us out of the quagmire. While we already know what can be done – whether carbon pricing, diverting the trillions of dollars in fossil fuel subsidies, upping the prices of frequent flyers and introduction a shipping tax, there are ways to get to US $1.3 trillion a year.
In addition, the COP29 text fails to up the ambition on fossil fuels compared to last year’s COP. There’s no explicit mention of phasing out – and we can’t limit emission without that. On this trajectory, the goal of 1.5 degrees is dying, and 2.0 is on life support.
In this vacuum the role of cities, states and regions becomes even more critical. Most responsible for climate implementation, this level of government already showcases ambition stronger than national governments. Yet they need more accessible and affordable finance to scale their climate action. Ultimately, it’s their actions that will keep the spirit of Paris alive.
We can’t afford to waste another year. Countries now need to focus on ambitious NDCs, but can they do this without climate financing? They have until February to come with an answer to that question, when the updated NDCs are due.”
ENDS
Notes to Editors
For media requests please contact: Maria Dolben – mdolben@climategroup.org or +44 7408 809 839
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