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Trócaire said that the annual financial commitment $300bn is a minimal increase from the $100bn per year commitment made in 2009 when inflation is factored in.
At COP29 in Baku, Azerbaijan, civil society members held a People’s Plenary called “Pay Up, Stand Up: Finance Climate Action, Not Genocide”, with speakers from Palestine, Sudan and Lebanon. Photo: Deirdre McArdle/ Trócaire.
Trócaire has condemned the poor progress at COP29 on climate finance, as the final agreement- to provide 300 billion US dollars in climate finance annually by 2035- falls short of a commitment to a new, ambitious public climate finance goal of at least 1 trillion US dollars.
Not only is the new goal wholly inadequate, but the proposal was forced through before multiple objections could be made from climate vulnerable countries who opposed the decision – reflective of the disregard for meaningful participation and inclusivity in throughout the talks.
The current text acknowledges the trillions of dollars needed for Global South countries to develop their climate plans, yet commits only 300 billion USD per year from richer countries. When inflation is taken into account this is a minimal increase from the commitment of 100bn made in 2009.
Trócaire Climate Justice Policy and Advocacy Advisor, Sinéad Loughran, at COP29 in Baku said, “It is shocking that a climate finance COP has delivered so little ambition on climate finance and not surprising that climate vulnerable countries reject this. Once again richer countries are dragging their heels when it comes to paying the debt we owe for the climate damage we have caused. It is the poorest in the world who will continue to suffer the worst consequences of the climate crisis with no safety net.
“The COP decision failed to commit to the public finance that’s needed and instead focuses on ill-defined investment and private finance to fill existing funding gaps. The climate crisis is not an investment opportunity and saddling poorer countries with more loans in the midst of a debt crisis is not the solution.
“Accepting this deal further entrenches the triple-edged injustice for climate vulnerable countries; the intensifying impacts, the bill they are left to foot in the absence of needs-based, adequate climate finance, and the diversion of money from basic services such as healthcare and education to pay for climate impacts and loan repayments.
“It is an insult, and reflects a step backwards in ambition, and a complete disregard for the impacts being felt by those who have done nothing to cause this crisis. It flies in the face of climate justice and the responsibilities of rich countries.
“Of critical importance in tracking climate finance is being clear on what can be counted, and this COP decision fails to identify targets for the three pillars of climate finance (mitigation, adaptation and loss and damage) – we need more accountability, not less.
“The exclusion of loss and damage targets shows a complete undermining of the agreement to set up a Loss and Damage fund. This suggests that richer countries have no interest in being held accountable on Loss and Damage and this is reflected in the paltry pledges to the fund.
“It took 30 years of struggle for a Loss and Damage fund to be established and now the struggle continues, while people on the frontlines of the climate crisis lose their lives, livelihoods, homes and way of life.
“COP29 also missed the opportunity for fossil fuel companies who have fuelled the climate crisis to be held to account, but the deal fails to identify taxes on fossil fuel companies as a new source of climate finance. Instead, we saw thousands of fossil fuel lobbyists again attend COP to influence the negotiations.”
