November 23, 2024

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.  

Andreas Sieber, Policy Lead at 350.org said: 

In Baku, we saw the future of our planet and the dignity of countless lives diminished to the minimum, a concession to wealthy governments determined to evade their moral and financial responsibilities. What was presented as progress was, in reality, the lowest common denominator.

Rich nations, led by the EU, USA, and Japan, failed to rise above this mediocrity, neglecting their historical responsibility. Their reluctance to prioritize ambition and equity leaves the most vulnerable without meaningful protection for their rights, lands, and future. The failure of this agreement underscores a troubling truth: those with the greatest capacity to lead continue to fall short when it matters most.”

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. 

Namrata Chowdhary, Head of Public Engagement at 350.org.

Once again, inequity has driven a hard bargain that the vulnerable have no choice but to accept. Rich countries have failed to honor their responsibilities, and shown up with rigid unwillingness to meet this moment with the ambition required to address the climate crisis. As this deal gets pushed through in this dark, disappointing moment, we continue to stand in solidarity with those most impacted by both – a crisis they did not cause, and a result they could not influence. This deal has failed to meet the ambition needed, but as we’ve seen over the past two weeks in the halls of the COP venue and the many actions held across the world, hope and ambition are alive and well in the climate movement. We are already looking ahead, and preparing to build new momentum in the global movement for climate justice, with a wave of campaigns and mobilizations focussed on real solutions to the climate crisis.” 

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.

Ilan Zugman, Director for Latin America and the Caribbean at 350.org, 

After three years of UN climate talks being plagued by the fossil fuel industry, it’s time to correct the course. Next year’s COP in the Brazilian Amazon offers a unique opportunity to put people, climate solutions and affordable renewable energy front and center. Indigenous people in Brazil are leading the way but we need the Brazilian government to follow suit. President Lula must step up as a true climate leader – kicking out fossil fuel interests and investments and ensuring the inevitable renewable revolution is led by communities – not corporations.

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.

Kate Blagojevic, Europe Team Lead at 350.org

“The outcome of this COP is a bitter pill to swallow for people who are being repeatedly and brutally battered by typhoons, flooding and tropical storms. Their calls were not just ignored but blatantly disregarded. There are flimsy excuses but ultimately richer governments did not want to stump up the cash that could have broken the deadlock. Those same governments are lauding the private sector as our saviour.  But this is hugely risky as doing what is right for the greater good rarely turns a large profit and rarely comes without casualties like Indigenous Peoples’ rights.

“Richer countries need to remember that the cost of doing nothing will be far greater in a few years than the cost of doing what is being asked now. Who pays for climate action has a clear answer – billionaires, multimillionaires  and fossil fuel barons have deep coffers – they must be forced to pay what they owe. Increased taxation on extreme wealth, private jets and yachts and fossil fuel companies’ profits and extraction could bring in billions, even trillions of dollars. This can be put to good use paying for the renewable energy boom, plus preventing and repairing climate damage. This won’t happen by itself. We need to make it happen. Together we can and we will.”

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.”

Landry Ninteretse, Africa Regional Director at 350.org

“COP29 has once again fallen short of what is urgently needed for African communities grappling with the devastating impacts of the climate crisis. The lack of decisive action and the required finance for adaptation and energy transition is a stark betrayal of those who have contributed the least to global warming but suffer the most from its consequences.

But while governments stall, Africa’s solutions are moving forward. Initiatives like REPower Afrika are proof that community-led renewable energy projects can deliver real change. Across the continent, people are already showing what a just transition can look like—replacing fossil fuels with clean, affordable energy that prioritizes livelihoods and the planet.

As we look ahead to COP30, the message is clear: Africa demands a systemic overhaul of global climate finance – just, fair, urgent, and responding to the scale of appropriate adaptation and mitigation needs for our communities. Rich nations must stop the delays and deliver the financing that African communities deserve. The solutions are here, and the renewable energy revolution is underway—driven by people, for the people. The world must follow their lead.”

Chuck Baclagon, 350.org Asia Regional Finance Campaigner:

“The final COP29 text underscores lingering inequities in climate finance, leaving vulnerable nations uncertain and at risk of bearing unsustainable burdens. Communities must remain central—not only as beneficiaries but as active participants in accountability. Real climate action, however, hinges on efforts beyond negotiation halls, rooted in national policies and priorities. Frontline communities across Asia have proven that decarbonization is both necessary and achievable. It’s time for wealthy nations to heed their leadership, ensuring that justice and meaningful support replace empty promises. The fight for climate justice demands bold actions, not just words.”

Masayoshi Iyoda, 350.org Japan Campaigner:

“The climate finance agreement at COP29 was unjust. COP29 failed to reach a just and ambitious climate finance agreement because we did not see any responsibility taken up by the Global North, including Japan. Japan did not bring any additional climate commitments here in Baku. It’s like coming to a burning house empty-handed when lives are at stake and people are counting on you to douse the fire. To be a true leader, Japan must submit a 1.5 aligned climate target that reflects the global pledge of tripling renewables and lays down concrete measures to phase out fossil fuels and reduce emissions by at least 81% by 2035. Increased climate finance contributions from Japan are also key to a successful COP30 in Brazil.”

Jeff Ordower, 350.org North America Director says:

“The COP29 result has fallen far short of what we need and highlights glaring inequities: the conversation is still focused on private finance rather than on moving funds on the scale we need to the countries that have done the least to cause the climate crisis, while facing the brunt of its impacts. Top-emitting Global North countries like the U.S.  remain stubbornly insistent on burning fossil fuels even when we already have the money and the tools to make the just transition that people and the planet so desperately need. We continue to cater to fossil fuel lobbyists just like COP29 did. Devastating climate disasters are increasingly hitting every corner of this planet, and still our leaders pretend that they are taking meaningful action or, worse still, deny the climate crisis entirely. We must demand better.”

Amara Possian, Canada Team Lead at 350.org says: 

“Canada came into this COP promising to take a leadership role, but this deeply disappointing result makes it clear that our government failed to step up. Top-emitting Global North countries like ours need to stop making excuses, stop relying on the private sector, and commit to spend what it takes to help the world transition to renewable energy. The fight for climate justice is far bigger than the COP process and our movement will keep pushing every day for our political leaders to deliver real action. Here in Canada, that means paying our fair share for global climate finance, putting a strong cap on fossil fuel sector emissions, ending all fossil fuel subsidies, and setting a strong 2035 climate target backed by a concrete plan to achieve it.”

– ENDS –

Media contacts:

[email protected] 

Rachel Brabbins, [email protected] (GMT -3)  ⁨+55 21 98299-8251⁩

Kim Bryan, [email protected] (GMT) +44 77770881503

Pascale Hunt, [email protected] (GMT +8) +62 812-3666-1189⁩

 

Notes to Editors:

Spokespeople are available on request both in Baku and remotely

350.org is a global grassroots movement dedicated to ending the age of fossil fuels and building a world of community-led renewable energy for all.  In April 2025  350.org will be organizing a training, to unleash a new wave of campaigns and mobilizations focused on solutions. Alongside partners, we are campaigning to deliver community-centred renewable energy solutions, and to implement a global wealth tax targeting billionaires and polluters to pay for it.

Mitigation + Energy Goals: The majority of nations, both developed and developing, sought to build on the COP28 decision to phase out fossil fuels. However, progress in Baku was derailed by a small group of countries, led by Saudi Arabia. While the discussions failed to yield tangible results, the climate movement will demand climate ambition from nations as they shape their Nationally Determined Contributions (NDCs) which must include robust targets for the energy sector. 

350.org campaigns and COP29 and G20 Actions: 

Photo gallery of actions across the world here

Despite the less-than-ambitious outcome, 350.org campaigns launched at COP29 such as Energy of the People [Energia dos Povos] and Tax Their Billions have galvanized global support for people-centered, equitable solutions. These movements aim to shift the burden of climate action onto the profits of polluters while ensuring a fair renewable energy transition for frontline communities. As the world turns its attention to COP30 in Brazil, the message is clear: governments may stall, but people-powered solutions exist and they are stronger than ever.

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