350.org: Climate Movement Holds Steadfast As Wealthy Nations Fail To Deliver On Climate Finance At COP29

November 24, 2024, Baku— Billed as the "Finance COP", the UN climate talks fell short of expectations and needs. The most vulnerable countries, already bearing the brunt of increasingly severe climate impacts were forced to accept a token financial pledge to prevent the collapse of negotiations - a stark reminder of the persistent imbalance in global climate justice.

Developed countries committed just ‘at least $300 billion per year’ from a variety of sources - including public and private - a figure that risks deepening the debt burden for vulnerable nations who are already paying the price of the climate crisis. High-income countries, responsible for the bulk of historical emissions, owe trillions to nations shouldering the costs.

Joseph Sikulu, 350.org Pacific Managing Director and Pacific Climate Warrior says:

"The UN climate talks are not a perfect negotiating space, but they are critical for the global community to address the global problem that is the climate crisis. It is crucial we defend this process — not just with words, but with actions. We must continue to hold the line. We will continue fighting, today, tomorrow, and for however long it takes.

At COP29, rich countries have failed to pay up for what they've broken and to support nations facing the harshest impacts. It failed to deliver what we came for – adequate money in grants at scale to keep our world habitable, and money for adaptation and loss and damage with fair contributions from countries who have done the most to contribute to the climate crisis.

Now, we turn our focus to Belem, for COP30 in the Brazilian Amazon. We must hold steadfast in our convictions and work harder than we ever have. We will be gathering alongside a never before seen showing of Indigenous and civil society partners, and we will turn this around. We know the money exists. We are running out of time, but rich countries are running out of excuses.”

Climate impacts alone cost developing countries hundreds of billions, without counting the added costs of adaptation and a just equitable transition to renewable energy. This failure on behalf of rich countries exposes not only a lack of ambition, but a troubling erosion of trust, as they once again sidestep their moral responsibility and place profits over people, and allow fossil fuel companies to call the shots. If there’s a silver lining to be found, it’s that while COP29 didn’t deliver the ambition sought, it at least concluded with countries recognizing this goal as a starting point that needs to be revised in 2030 with a clear roadmap to mobilize more money. Now, the Brazilian COP30 Presidency must take on the crucial task of leading a credible process to scale up finance and ensure its quality and impact.

Meanwhile, during a meeting organized by civil society organizations at COP29 in Baku, the climate justice movement pledged to maintain efforts to progress action on climate.

The lack of financial backing from rich nations continues to obstruct meaningful progress on adaptation and mitigation, particularly in regions hardest hit by climate impacts. Instead, greenwashing tactics such as global carbon markets and unproven technologies are being touted as solutions, but without adequate funding, they remain out of reach for the most vulnerable communities. Rich countries continue to keep money locked away by enforcing austerity measures, signaling to their citizens that resources are too scarce to invest in public services, social security, or climate action—a false claim and one that blocks progress on the renewable energy transition.

As the G20 declaration hinted, taxing the ultra-rich, financial transactions, aviation, shipping, and extractive industries could raise trillions annually, unlocking critical funds for climate finance, bolstering public services, and driving healthier, more equitable, and sustainable communities.

The conclusion of COP29 comes at the end of a record-breaking year for climate impacts, with rising temperatures, floods, hurricanes, droughts, and wildfires destroying communities and ecosystems worldwide. Every fraction of a degree matters, and we cannot delay action on climate any longer if we are to keep the hope of limiting the global temperature increase to 1.5°C alive.

In the face of governments failing us, social movements are showing leadership and driving forward renewable energy solutions that are locally led and put communities first. Indigenous groups in Brazil are calling to co-lead the UN climate conference in Belém, the Brazilian Amazon, alongside Brazil next year, acknowledging that they are the guardians of our ecosystems and are leaders in climate solutions. Meanwhile, civil society across the world has been taking to the streets demanding action from world leaders, holding the richest and most polluting individuals and companies to account, and demanding investment in renewable energy.

Next year’s COP30 in Brazil is expected to see an unprecedented demonstration of solidarity and strength from Indigenous peoples, Small Island Developing States, Global South communities, and the international climate movement. In the wake of COP29’s failure to deliver, all eyes have turned promptly to Brazil as the next critical arena in which to fight for climate justice, human rights, and robust international cooperation.

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