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350.org at COP29
Widely dubbed the “finance COP”, COP29 will take place in Baku, Azerbaijan between 11-22 November, 2024.
At this COP, a new climate finance target must amount to at least 1 trillion dollars in public finance, be based on grants, as well as on the financial, climate and social needs of developing nations in the Global South.
Rich Countries can and must act. Fair climate finance is largely being held up by rich countries in the Global North who have a historic debt in responsibility to this due to a legacy of colonialism, and predatory profiteering at the expense of many Global South countries and communities.
We have the resources we need. While governments may claim that finding money is the missing piece to commit to these agreements and plans, the truth is that this money exists, but we need the political will to redirect it.
As we look towards COP30, taking place in Brazil in 2025, 350.org is in Baku to connect these negotiations with what people and communities around the world are experiencing on a daily basis: worsening climate impacts, the increasing cost of living, and energy access, among other issues.
350.org’s overall demands for COP29 are:
- Countries pledge to an ambitious climate finance goal, or New Collective Quantified Goal (NCQG) of at least $1 trillion, which must be in the form of grants and based on the financial, climate and social needs of the Global South.
- Countries agree to put forward climate goals (NDCs) in line with fairly tripling renewable energy capacity and phasing out fossil fuels by 2030.
Above all, we’re here to make clear that fair, equitable finance is the bridge to climate action.
350.org is running several campaigns relevant to these negotiations. #TaxTheirBillions is holding billionaires and fossil fuel giants accountable for their outsized impact on the planet. Funds generated through taxing the ultra rich can be used both for domestic policies and programs and for international climate finance, ensuring that those most responsible for the climate crisis contribute to its solution. By making the ultra-wealthy pay their fair share, the Tax Their Billions campaign aims to unlock funding that will not only speed up the transition to clean energy but also support the communities most impacted by cost of living crisis in Europe and by the climate crisis in the Global South, the shift away from fossil fuels.
Communities are taking action: People are already organizing to show politicians and decision-makers how a just transition – to end the fossil fuel era and deliver community-oriented renewable energy for all – should be done.
REPower Afrika, the soon-to-be-launched Energy of the People (Energia dos Povos), and Our PAWA are long-term campaigns to leverage community-centered solutions for energy access in Africa, the Amazon, and the Pacific, and bolster stronger local community participation in the decisions about the energy systems in their territories.
We have the money and the blueprints for community-centered, renewable energy solutions. It’s time to put them together.
We have a wide range of spokespeople who can speak to the above campaigns and more broadly on developments during COP29. For more information, check our spokesperson list.
Key Press Conferences to Cover
- Thursday, November 14th 2024
350.org is launching the Tax Their Billions Dossier in conjunction with the Energias Dos Povos campaign. This press conference will also discuss the status of the negotiations on the new global climate finance goal.
Date & time: 14th November, 2024, 10.30-11am Baku time
Location: Press Conference – Natavan Area D
2. Monday, November 14th 2024
Midway through the UN climate talks, experts will discuss where negotiations are at and where they need to go to get over the line.
Date & time: 18th November, 2024, 11-11:30am, Baku time
Location: Press Conference – Natavan Area D
3. Friday, November 22 2024
As the climate talks draw to a close join our panel of experts to hear what the outcomes mean for ambitious action on climate change.
Date & time: 22nd November, 2024, 11-11:30am, Baku time
Location: Press Conference – Natavan Area D
Multimedia Repository
- We will be updating our COP29 Album of photos and videos, with materials available to access.
Feel free to use this B-roll footage from renewable energy projects (©350.org) in the Global South that our global and regional teams have documented over the past two years.
Spokespeople
Briefing on the New Collective Quantified Goal (NCQG)
The top priority on the COP29 agenda is agreeing on the New Collective Quantified Goal on Climate Finance (NCQG), the world’s long-term finance goal to fund climate action.
The new NCQG is the opportunity to build trust over the next decade after the insufficient sum of $100 billion USD a year by 2020 was not met on time. This goal needs to be bigger, but also based on the financial, climate and social needs of developing nations. A sum of at least $1 trillion USD annually between 2030 and 2050 must be agreed to avoid even worse climate impacts than the ones we’re already seeing. The structure and quality of this money is equally as important. Ultimately, it determines whether the money will serve the interests of the rich and privileged, or the vulnerable and marginalized.
We must keep pressure on rich countries in the Global North who have a historic climate debt to pay due to a legacy of colonialism, high-interest loans, predatory lending and profiteering at the expense of many lower-income countries. On the other hand, those on the frontlines have done the least to cause the climate crisis, but are left to deal with its worst impacts. Right now, the climate finance mechanisms on the table still threaten to leave developing countries with more debt than reparations.
Looking at climate finance flows between 2011 and 2020, only as little as 5% of climate finance came in the form of grants, with no pay back or strings attached, worsening developing country’s debt burdens. Climate investments in renewable energy were largely concentrated in the USA, EU and China, with only 15% being in developing countries (excluding China), despite being home to more than 65% of the world’s population. Perceptions of risk remain high in the Global South, even for renewable energy, meaning accessing finance and capital can cost a lot more in developing than in developed, Global North countries.
These are not just arbitrary figures, they have concrete impacts on the lives of millions of people. Higher debts often mean less public expenditure on services, reducing access to sectors like public health care or transport, especially for women. Higher costs of capital to uptake renewable energy could also mean a greater need to involve the private sector, likely resulting in higher costs and thus inaccessible or unaffordable energy for the general public. At the same time, more technology without adequate technology transfer guidelines in place could mean weakened value chains in the Global South and a continuous flow of wealth from these already struggling nations to the Global North when trying to access renewable energy technologies.
To be clear, if we want to see a truly just transition to renewable energy, the new NCQG must deliver on the money sum, but also on the subgoals of mitigation, adaptation and loss and damage, as well as on reform around policy, debt, fossil fuel subsidies, and transparency mechanisms, including monitoring and tracking. Overarching principles also provide important guardrails; These include the importance of gender and human rights responsive financing, the centrality of public finance, as well as coordination, solidarity and trust between negotiating stakeholders and civil society. This is key to ensuring that the dollar amount is not overstated, and is accountable. Failing to do so would not only mean a slower pace towards the renewable energy transition in the Global South, but more suffering and a deterioration in the quality of life of already marginalized communities.
We must not replace one broken system with another. As we discuss how we will break free from an extractive and polluting fossil fuel dependency, we must meet the financial and structural needs of the Global South. Climate finance can and should be reformed to uplift developing countries with justice and fairness. Without that, the NCQG will fall short of its stated aim of meeting the needs of climate action and supporting the implementation of low-carbon, climate resilient solutions.
Briefing on Nationally Determined Contributions (NDCs)
The 2015 Paris Agreement – a binding accord to limit global warming to 1.5 degrees by reducing greenhouse gas emissions and transitioning to sustainable, renewable energy sources – is still in our grasp. Crucial to this goal are the Nationally Determined Contributions (NDCs) countries must submit by February 2025, which contain country-specific roadmaps for curbing greenhouse gas emissions.
The NDCs give us a chance to celebrate the nations that make ambitious commitments, lead by example, and champion policies that prioritize the well-being of our planet over short-term gains. Countries in the Pacific including Fiji, Vanuatu and the Solomon Islands are already leading in this league, having set a 100% renewable energy transition target by 2030.
The last ten years have been some of the hottest on record. We’ve experienced some of the worst droughts, wildfires and famines that have destroyed homes and devastated communities all around the world, particularly in regions that have contributed the least emissions. Around the world, many communities are also facing an unprecedented cost of living crisis, largely driven by fossil fuel dependency, leading to lack of access to energy and unstable prices. We know how we got here – by burning coal, oil and gas.
We also know what’s needed to get us out of this situation. Countries must set ambitious climate goals, and deliver comprehensive and equitable plans to phase out fossil fuels, along with significantly scaling up investments in renewable energy.
Unfortunately, some of the world’s highest emitters continue to pursue fossil fuel expansion, which not only undermines global climate efforts but also exacerbates inequalities and disproportionately impacts vulnerable communities. The United States, Japan, and Brazil’s current ambitions are insufficient. This shortsighted approach jeopardizes our chances of staying below 1.5 degrees, putting the survival of entire communities at risk. We must keep up the pressure to ensure that they update their climate goals, and prepare to play their part in the future.
We cannot set ambitious goals without outlining how we might fund the much-needed energy transition – and do so fairly. Rich, high-emitting countries have historic responsibilities towards causing the climate crisis – as do the super-rich who have amassed monolithic fortunes under preferential tax conditions favoring fossil fuel companies and rampant consumerism. The call to Tax Their Billions is essentially a call to fairness, and offers the most just way to propel forward the transition to renewable energy at the pace the world needs right now.
After all, they are under obligation to pay heed and take action – while we have the responsibility to make ourselves heard on these life-determining issues. With the recently launched REPower Afrika we have already seen how communities across the African continent are showing leadership, and demonstrating a willingness to work towards the renewable energy solutions to the climate crisis we urgently need.
Just as effective leadership requires attention to every detail, every tenth of a degree of warming counts in our battle against climate change. As we approach the halfway mark of this decisive decade, the decisions we make today will determine whether we succeed in safeguarding our future.
Media Contacts
24/7, on call, team email: [email protected]
Mariana Abdalla (On site, GMT+4)
Email: [email protected]
Phone (signal): +55 21 99823 5563
Pascale Hunt (Remote, GMT+8)
Email: [email protected]
Phone: +62 81236 661189
Kim Bryan (Remote, GMT+1)
Email: [email protected]
Phone: +44 7770 881503
Rachel Brabbins (Remote, GMT-3)
Email: [email protected]
Phone: +55 21 98299 8251