5 hours ago
11
Now one day ahead of the closing of the UNFCCC climate negotiations (COP29), the supposed “climate finance COP”, developed countries are shirking their responsibility on climate finance, pushing false solutions into the final text. It now seems increasingly likely that private finance for profit, loans and even the Global South’s own domestic funds will be counted in the climate finance goal rather than grants and public finance. This is a major step backwards, leaving the Global South open to mounting debts and financial turmoil.
“We demanded and will continue to demand $5 trillion in public climate finance from the Global North to the Global South every year. This is a climate debt to be paid. This is a minimum of what is needed for the Global South to address climate change and adapt to and deal with its effects. We won’t accept the colonial, destructive private finance that rich countries are pushing for because that is not climate justice.”
Kirtana Chandrasekaran
Friends of the Earth International
The finance goal may now also include the notorious, destructive and failed carbon markets as well as debt for nature swaps.
“Shockingly, COP29 is set to agree to carbon markets that are even worse than the voluntary carbon markets. Carbon markets are not climate finance, but a permit to pollute. They ensure Big Polluters can escape their obligations on emissions and finance in one fell swoop. We know these markets have failed. They are riddled with fraud and they do not reduce emissions or provide finance. Communities everywhere and in fact the planet itself are on the line.”
Agus Dwi Hastutik
WALHI / Friends of the Earth Indonesia
“After 20 years of carbon markets schemes, have they contributed to the growth of communities? As stated by the UN Secretary General, companies should invest in reducing their own emissions instead of relying on global carbon markets schemes. The role of the organizations is to monitor the reduction of emissions in these negotiations and yet in many countries there have been no reductions, nor have funds been disbursed to the communities. These carbon markets are a sham, a failure, and a direct threat to people and the planet and yet, they continue being pushed through.”
Linda Gonzalez
CENSAT / Friends of the Earth Colombia
– end –
Media contact
Ghislaine Fandel // ghislaine@foei.org // Whatsapp/Signal +33 7 66 67 95 50 // @FoEint // in Baku 9-16 November // Remote 17-22 November
The post COP29 presses on with ‘False Solutions’ as rich countries fail to commit on climate finance appeared first on Friends of the Earth International.
