Published On: November 18, 2024

Baku, Azerbaijan, 18 November 2024:

Halfway through COP29, countries are still far from agreement on a climate finance deal that would meet the needs of the Global South and make the Paris Agreement goals possible. With the clock ticking, it’s time to pick up the pace.

“Climate finance is a mountain of a fight – yet at the start of week two, we’re still trudging through the foothills,” said Caroline Brouillette, Executive Director of Climate Action Network Canada. “There’s a steep climb ahead, and we’re counting on Canada to lead the way. There is no alternative route to limiting warming to 1.5°C: this COP must deliver the fair finance deal that we know is possible.”

Global South countries have done the least to cause the climate crisis, yet are bearing its worst impacts, such as the typhoons battering the Philippines right now. The world agreed at COP28 last year to finally name and transition away from the culprits causing climate change: oil, gas, and coal. High-quality climate finance is essential to enable the Global South to fast-track a just energy transition. Yet across negotiating streams at COP29, from finance to mitigation to Just Transition, discussions are getting bogged down on how to move this transition forward.

Under the Paris Agreement, Global North countries have the responsibility to provide climate finance – which is needed not only for mitigation, but to build resilience (adaptation) and provide compensation for the impacts that cannot be avoided (loss and damage). The provision of public, grant-based funds must be at the core of the New Collective Quantified Goal (NCQG) to ensure finance is delivered and does not exacerbate the debt crisis. Wealthy countries can unlock ample funding for climate action by ending fossil fuel handouts, making big polluters pay, and changing unfair global financial rules.

As one of the world’s biggest historical polluters and producers of fossil fuels, and a wealthy country, Canada has the obligation and the capacity to pay up, and to exert pressure on other wealthy countries to do so as well.

Highlights from COP29 so far and quotes from Canadian civil society below.

Key highlights from week one of COP29:

  • Concerningly, language on the rights of Indigenous Peoples, human rights, gender equity, and intersectionality is facing pushback or missing from texts across negotiation streams. Canada must continue to stand up for their inclusion in decision texts.
  • Prime Minister Trudeau signed on to a powerful statement from the High Ambition Coalition urging a redoubled commitment for global solidarity and climate action (see CAN-Rac’s react here). When Environment and Climate Change Minister Steven Guilbeault was in Baku last week, he also announced the launch of the new GAIA finance platform (analysis here).
  • The number of fossil fuel lobbyists at COP29, including nearly 500 carbon capture lobbyists, has drawn widespread attention. The fossil fuel industry has worked relentlessly to block and delay climate action, both globally and within Canada – but its heavy presence here shows it’s feeling the heat and recognizes the significance of COP negotiations after last year’s historic decision in Dubai to transition away from fossil fuels.
  • New Nationally Determined Contribution pledges from the UAE, Brazil, and the UK kicked off the wave of 2035 climate commitments countries must submit to the UNFCCC by February. The UK’s target of 81% reduction in greenhouse gas emissions below 1990 levels by 2005 raises the bar for other rich countries; Canada’s fair share target includes a reduction in domestic emissions by 80% below 2005 levels by 2035 (see more on CAN-Rac’s expectations for Canada’s NDC).
  • While the NCQG must be decided at COP29, there are other opportunities for progress outside the Baku stadium. In Rio de Janeiro, G20 leaders can send a strong political signal in support of climate finance, as the UN Secretary-General and UNFCCC Executive Secretary have urged them to do. Meanwhile, the OECD is considering a proposal on export credit agency financing that could shift $40 billion of public finance away from fossil fuels – money that could be directed towards climate finance instead.

Quotes:

Denis Coté, Policy Analyst with the Association québécoise des organismes de coopération internationale (AQOCI):

“We knew coming into this COP that reaching an agreement on a new finance goal was going to be a challenge, and this is what we are faced with now. But we still have a crucial week of negotiations ahead of us to push Global North countries to take responsibility for the climate crisis they have caused and commit to a just and needs-based finance goal. Moreover, we have noticed unacceptable attempts at backtracking on gender equality, intersectionality and human rights in the negotiation rooms last week. AQOCI and its members present at COP29 – Mission Inclusion, Avocats sans frontières Canada and SOCODEVI – are raising this issue to Canadian negotiators as we need to collectively hold the line and push for ambitious gender outcomes.”

Andréanne Brazeau, Senior Policy Analyst – Québec, David Suzuki Foundation:

“As the second week of COP29 gets underway, the picture of negotiations is as gray as the sky over Baku. Tainted by the tense geopolitical context and the alarming number of fossil fuel industry lobbyists on site, it is no surprise that discussions are stuck on a number of themes. Canada must do much more to ensure that this COP results in an ambitious and equitable finance agreement that would truly enable all countries to arrive at COP30 with enhanced commitments. 

“Fortunately, with the Canadian and global civil society’s tireless mobilization on the ground, I’m optimistic about the potential progress we can see for climate justice this week.”

Andrea Koehle Jones, Executive Director, The ChariTree Foundation:

“Children must be at the heart of all COP29 decisions. Achieving success requires empathy, bold innovation, and exceptional collaboration to safeguard our planet. By prioritizing loss and damage funding, advancing environmental education and fast-tracking disaster relief on the frontlines of the climate crisis, we can foster hope and achieve genuine climate justice.”

Nika Moeini, Executive Director, Youth Climate Save Canada:

“COP29 has been quite disappointing for me and other youth delegates we have engaged with. The delay and lack of progress in negotiations coupled with the unaffordability of food at COP29 has made the marathon of two weeks challenging to bear. Despite this, we are prepared to give our all this last week to achieve the best outcome we can in these circumstances.”

Joe Vipond, Past-President, Canadian Association of Physicians for the Environment:

“My emotions are a roller coaster of fear and excitement. On the one hand, the negotiations are clearly struggling, challenged by the influence of the fossil fuel industry, and being in a host country that relies on fossil fuels to survive, the same fossil fuels that are destroying our planet. We continue to fail as a society at fixing a self-created existential crisis. But it is truly inspirational to be surrounded by tens of thousands of caring activists, academics, and negotiators, all striving to fix the problem. We will keep fighting, for my children deserve a win.”

Willard Metzger, Executive Director, Citizens For Public Justice:

“It has become clear that civil society must do what party leaders cannot seem to manage: change the climate of the electorate to increase the demand of aggressive steps in transitioning to renewable energy. Let’s step up education and empowerment so that societal pressure becomes impossible to ignore.”

Alison Krentel, Chair, The Canadian Network for NTDs:

“Canada’s leadership to scale up climate financing is an opportunity to ensure health is included in climate financing as a key measure to mitigate and adapt to climate change. Canada has an opportunity to respond to climate-sensitive diseases like neglected tropical diseases, support climate-resilient health systems and ensure the right to live in healthy environments. Measures like these will go a long way towards improving the lives of the world’s most vulnerable, including the 1.6 billion people affected by NTDs.”

-30-

Canada’s farthest-reaching network of organizations working on climate and energy issues, Climate Action Network – Réseau action climat (CAN-Rac) Canada is a coalition of more than 160 organizations operating from coast to coast to coast. Our membership brings environmental groups together with trade unions, First Nations, social justice, development, health and youth organizations, faith groups and local, grassroots initiatives.

For more information or to arrange an interview, contact:

Vicky Coo, Communications Manager
comms@climateactionnetwork.ca

Photo credit: David Tong / Oil Change International