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Teresa Anderson, the Global Lead on Climate Justice at ActionAid International, said:
“This text is not worth the paper it’s written on. Almost nothing of what frontline countries have been fighting for is in here.
Superficially the numbers may look bigger than the previous 100bn climate finance goal. But scratch the surface, and this is packed full of loans. In order to artificially bulk out the numbers with existing funding streams, it is trying to count everything, everywhere all at once, while also shifting the burden onto developing countries.
This is the result of developed countries refusing flat out to provide any real finance. It means that instead of COP29 greenlighting future climate action, the fight for finance will need to be central to every negotiation ahead.
Brandon Wu, Director of Policy and Campaigns AAUSA, said:
This ‘Finance COP’ was supposed to unlock the money needed by developing countries for climate action. Instead, thanks to some appalling intransigence from developed countries, developing countries are getting an arguably worse deal than what they had before. The vaguely worded weak targets in the COP29 outcome provide no real leverage to ensure developed countries pay their fair share.
“Developed countries, led by the United States, have long sought to escape their obligations to reduce emissions and provide finance. Their strategy culminated in Baku, where – in addition to setting a pathetically low goal of $300 billion per year by 2035 – developed countries successfully watered down the language about who exactly should be paying and how.
“The Biden administration should be ashamed. US negotiators intervened at every turn, weakening the outcome for their own benefit, even though they aren’t even likely to be part of the Paris Agreement next year. Now we will have to fight for every penny to flow from the rich world to poorer countries.”
