With COP29 nearing its end, wealthy countries must deliver on climate finance now

Statement from Julie Segal, Senior Manger Climate Finance, Environmental Defence Canada

Baku, Azerbaijan — Countries came to COP29 with a clear goal, to decide on a specific funding amount to support vulnerable nations. This climate finance commitment  would support these countries to decarbonize their economies and adapt to climate related damages. Reaching a climate finance agreement is crucial. 

With one day left on the official program, wealthy countries like Canada have not yet put forward a credible number. Whether they will provide an amount commensurate to the need, and whether the finance will be grants-based, needs to be urgently addressed. 

A trillion dollars of climate finance is being called for every year, and anything that does not meet this call would be miserly. Being stingy on climate finance is self-damaging: climate change is a collective problem, and countries like Canada need to help ensure that all countries are equipped with the necessary funds for climate action. 

Without sufficient climate finance for developing countries, the Paris Agreementâ€s goals of a safer planet will be out of reach. Wealthy, historical emitters have to pay what is due. At last yearâ€s COP, world leaders collectively agreed to transition away from fossil fuels – an indication they are ready to stop fueling the fire. Climate finance is like the water needed to put out the fires of climate change – the countries who are facing climate impacts need this tap to start flowing now.

Background information:

• In 2009, 15-years ago, wealthy countries agreed to mobilize $100-billion a year for the countries most vulnerable to climate change for every year between 2020 and 2025. That was first successfully delivered only in 2022. At this COP29 in Baku Azerbaijan, countries under the United Nations process are scheduled to agree on a new pledged amount of climate finance for the years to come.
• Environmental Defenceâ€s COP29 media backgrounder provides further analysis about COP29.
• Negotiations at COP29 are supposed to be completed by Friday November 22. An extension of negotiations through the weekend is possible.

ABOUT ENVIRONMENTAL DEFENCE (environmentaldefence.ca): Environmental Defence is a leading Canadian environmental advocacy organization that works with government, industry and individuals to defend clean water, a safe climate and healthy communities.

– 30 –

For more information or to request an interview, please contact:

Alex Ross, Environmental Defence, media@environmentaldefence.ca