Commenting on the state of negotiations at COP29 and the draft text on the new climate finance goal, Teresa Anderson, the Global Lead on Climate Justice at ActionAid International, said:
“Rich countries are failing this moral test. Developing countries have come to Baku with the hope that this COP would finally deliver the funding they need to cope with climate impacts and cut emissions. But the developed countries most responsible for causing climate destruction are turning a deaf ear to the reality faced by frontline nations. This draft doesn’t provide the trillions in grants that are needed to keep the planet safe,” said Teresa.
She added: “Instead of actually increasing their climate finance contributions, rich countries just want to increase what counts as climate finance. With all the loans and corporate investment being pushed into this new goal, this text could end up being a pretext for corporate profit under a climate veneer. The whole world needs COP29 to deliver trillions in grants every year for urgent climate action.”
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