As the world grapples with the escalating impacts of climate change, the upcoming UN climate change conference, COP29, in Baku, Azerbaijan, presents a critical juncture for global leaders to take decisive action. With record-breaking temperatures, soaring emissions, and devastating climate-related disasters, the time has come for bold and transformative solutions to support the urgent climate action needed in developing countries.

Holding Polluters Accountable and Financing Climate Action

The Reckoning Point for Climate Finance

The climate crisis has reached a pivotal moment, with the impacts becoming increasingly severe and widespread. Cities are being ravaged by storms and floods, and communities are facing the devastating consequences of inaction. Yet, the response from many global leaders has been underwhelming, falling short of the bold and decisive action required. This must change. The rescue plan lies in the COP28 decision to transition away from fossil fuels, a pathway that must yield ambitious 2035 climate action plans to phase out coal, oil, and gas. However, the success of this transition hinges on the availability of robust climate finance to support developing countries in their adaptation, mitigation, and loss and damage efforts.

Demanding Accountability and a New Collective Quantified Goal

At COP29, Greenpeace is calling for an ambitious New Collective Quantified Goal (NCQG) that commits to significantly scaled-up public finance for developing countries. This goal must hold the fossil fuel industry and other major polluters accountable, ensuring they pay for the loss and damage they have caused. The trillions of dollars in subsidies received by the fossil fuel industry and the staggering profits they make overshadow the climate finance currently available to developing countries. The NCQG must rectify this injustice and ensure that the countries and communities least responsible for the climate crisis receive the support they urgently need and are entitled to.

Transitioning Away from Fossil Fuels and Protecting Ecosystems

Alongside the NCQG, Greenpeace is also advocating for the full implementation of the COP28 agreement to transition away from fossil fuels. This includes ensuring that countries align their 2030 and 2035 climate action plans with the 1.5°C goal. Additionally, Greenpeace is calling for the prevention of a poor outcome on offsets and carbon markets, which could undermine the protection and restoration of high-integrity, carbon-dense ecosystems.

The Urgent Need for Trillions in Climate Finance

The human costs of inaction are mounting, and the need for climate finance has never been more pressing. Trillions of dollars are required to fund the climate action plans of developing countries, enabling them to respond to escalating climate impacts and transition to renewable energy sources. The headline outcome of the NCQG must be an unambiguous commitment from rich, developed countries to significantly increase public finance to support these critical efforts.

A Decisive Moment for Global Leadership

The COP29 conference in Baku presents a pivotal opportunity for global leaders to seize the moment and take decisive action on climate finance. By agreeing to an ambitious NCQG, holding polluters accountable, and ensuring the full implementation of the COP28fossil fuel transition agreement, leaders can unlock the necessary resources to drive transformative climate action in developing countries. The time for meek responses has passed; the world demands bold, courageous leadership to secure a sustainable future for all.