November 19, Baku, Azerbaijan (PR) - At an event at COP29, representatives from 350.org, Oil Change International (OCI), Greenpeace, Climate Analytics and the Marshall Islands climate envoy stressed that climate justice demands a holistic perspective: A fair, rapid and equitable fossil fuel phaseout must be underpinned by robust financial support and massive financial flows to the most affected and vulnerable countries and communities.
Bill Hare, Climate Analytics, CEO said: “Thanks to the massive success of renewables and other clean technologies, coal, gas and oil are all set to peak – and soon. Yet we know from our work on the Production Gap Report last year that globally governments plan to produce double the fossil fuels in 2030 than the 1.5°C warming limit allows. The first action governments need to take for a fossil fuel phase out is to stop authorizing and funding fossil fuel expansion.”
Yeb Saño, Executive Director, Greenpeace Southeast Asia said: “Without significant climate finance there is no Paris Agreement and without ambitious climate action there is also no Paris Agreement. But the commitments that rich nations should put forward should not be conditional on the contributions of others. Finance is unquestionably critical to unlock ambitious climate action. Redirecting the profits of polluters in order to fund the just transition is both necessary and just to make sure the burden of the cost does not fall disproportionately on those least responsible. There is not an absence of money but an absence of government action to make the fossil fuel industry and other big polluters pay. Yet if all these efforts here together, as we engage in the climate negotiations process, do not work, then we will go to the courts to seek climate justice. Those in 2050 will look back at us and either thank us for being courageous or blame us for our failure.”
Kathy Jetñil-Kijiner, Climate envoy for the Marshall Islands said: "In the Marshall Islands we’re only two meters above sea level. Inundations are happening more and more frequently. We're having to figure out how we adapt to a new physical landscape. That shows the severity of these issues – it's not just about impacts, the climate crisis is changing the development of all our country. At the end of the day, at this COP, it's about confidence that the money will come and we will be able to access it easily. We need to see an ambitious climate goal that also looks at adaptation and loss and damage. We need to stop funding fossil fuels and make sure money for our countries is public and comes through grants, without strings attached."
Joseph Sikulu, 350.org, Pacific Director and Pacific Climate Warriors says: "Indigenous knowledge shouldn’t just be included in climate negotiations—it should guide them. Indigenous communities hold vital insights for addressing the climate crisis, yet their voices are consistently sidelined. Decision-makers have lacked the understanding to listen and prioritize their contributions. Meanwhile, thousands of fossil fuel lobbyists dominate COP corridors, raising serious questions about the values driving these negotiations. To avoid replicating the extractivist, colonial, and capitalist systems that have harmed so many, we urge future COP presidencies to place Indigenous voices at the heart of leadership and negotiations, ensuring a truly just energy transition. At this COP, to start, communities must be paid – Finance is the bridge to climate action and justice.”
Laurie van der Burg, Oil Change International, Global Public Finance Manager “Last year at COP28 countries agreed to transition away from fossil fuels. The key missing ingredient to make good on this commitment is finance. It is critical that we get grant-based and highly concessional financing of at least $1 trillion annually in the new climate finance target to enable countries to deliver 1.5C aligned national climate plans that phase out fossil fuels. We need grants, not more harmful loans - as many countries in the Global South are already heavily indebted. This is a matter of equity, rich countries that have caused this crisis owe a climate debt to the Global South. Grant-based public financing is critical for an effective transition as private finance or market-based public loans do not reach the countries or projects that need it most. There is plenty of public money to pay for this. We’ve run the numbers and rich countries can mobilize over $5 trillion dollars a year by ending fossil fuel phaseout, making polluters pay, and changing unfair global financial rules.”
