Baku, 24 November 2024 — COP29, full of drama throughout the two weeks, has concluded in the early hours of Sunday, approving the New Collective Quantified Goal (NCQG) on climate finance but leaving a trail of broken promises and a failure to deliver the outcomes urgently needed to address the escalating climate crisis. Despite high expectations, rich countries, including the EU, failed to step up with the bold commitments required to meet the needs of the most vulnerable. The talks have been characterized by a lack of transparency, weak leadership, and insufficient action on climate finance and mitigation—falling short of the Paris Agreement’s promises.
Chiara Martinelli, Director at Climate Action Network (CAN) Europe, said:
“Rich countries own the responsibility for the failed outcome at COP29. The talk of tripling from the $100 billion goal might sound impressive, but in reality, it falls far short, barely increasing from the previous commitment when adjusted for inflation and considering the bulk of this money will come in the form of unsustainable loans. This is not solidarity. It’s smoke and mirrors that betray the needs of those on the frontlines of the climate crisis. Despite promises of leadership, the EU has shown a troubling lack of action and ambition, undermining trust and progress when it was needed most.
The voices of the most vulnerable have been sidelined, human rights and civil society participation ignored, and accountability swept under the rug. The package on mitigation, adaptation, and finance fails to deliver on the promises of the Paris Agreement and leaves the most vulnerable to pay the price for this inaction.”
CAN Europe members’ reaction quotes are available here.
From missed opportunities to failed responsibility
COP29 marks the end of what we have liked to call the ‘international climate leadership’ of the EU. Here it was crystal clear that the EU did not step up to its responsibility or opportunity to be on the right side of history. Instead of leading by example and proactively forging new solutions to the main question—how to raise the public finance developing countries need to cope with global climate catastrophe—the EU used its time dragging its feet, pointing at what other countries and non-state actors might need to do.
Martinelli said:
“The worst of the EU’s sins was however not committed in Baku. Instead, it took place in Brussels and in EU member states, every treasury, every ministry of finance and economy. Over the past nine years since the Paris Agreement laid out a new finance goal was to be set before 2025. Our decision-makers have paid no thought on how to raise the public funds to respond to the unfolding international crises. There would have been, and still are, sensible, achievable, sustainable and just ways to raise enough public resources to deal with the crises, for example by redirecting fossil fuel subsidies as well as taxing high emitting sectors and the super-rich. Instead of considering these options, our leaders leave Baku washing their hands, calling the funding opportunities ‘unrealistic’.”
Risks of the so-called ‘investment target’
CAN Europe and Mercy Corps requested a legal advisory on the so-called ‘investment target’ of the NCQG text, revealing serious accountability challenges on the call to all actors to scale up financing to developing countries to 1,3 trillion USD per year by 2035. Legally, private sector and multilateral development banks cannot be held responsible for agreements made under the UNFCCC or the Paris Agreement. This means developing countries and civil society have minimal possibilities of holding countries accountable for the private investment goal presented.
Emilia Runeberg, International Climate Policy Coordinator at Climate Action Network Europe, said:
“This will open a can of worms. Increasing reliance on private flows to come to the rescue of developing countries via the unclear ‘target’ of all actors to scaling up finance to developing countries risks skewing funding towards market rate loans and sectors that generate returns at the expense of addressing adaptation and loss and damage, potentially violating the Paris Agreement’s goal of respecting the needs of the developing countries. Overall, shifting the agency from the public to the private sector could infringe on the sovereignty of the recipient countries to determine their response to the climate crisis, as investors may push for control over project selection and management. While all types of financial flows are needed to support developing countries’ fight against climate change, the inclusion of this ambiguous investment target is more about a political PR stunt than a reflection of any serious change in policies and financial systems to actually support developing countries.”
After COP29, the next important milestone is the Nationally Determined Contributions (NDCs) that are due to be renewed in early 2025.
James Trinder, International Climate Policy Coordinator at CAN Europe, said:
“We cannot afford to pit finance against mitigation. The EU, together with other developed countries, with historical responsibility, must provide the financial and technical means for developing countries to transition away from fossil fuels. The lack of a strong follow-up at COP29 from COP28 only deepens the urgency, and the EU must step up with a bold and credible NDC that includes fossil fuel phase-out dates and enshrines international financial support for developing countries. The stakes are too high for half-measures. It is time for the EU to heed the call of the developing world to confront the climate crisis”.
Space for civil society continues to shrink
Throughout the two weeks, the civil society present in Baku mobilised activists and organised actions calling for a good outcome, but not as much as it wanted to.
Pablo Chamorro Ortiz, Campaigns and Mobilisation Coordinator at CAN Europe, said:
“When it comes to civil society participation, there is no doubt this has been a repressive COP. We were silenced and sidelined. But most importantly, we need to remember this does not happen only here at COP29. The space for civil society is shrinking all around the world, with climate activists being shut down, harassed and detained in alarming numbers. We cannot let this be the new normal.”
ENDS
CAN Europe members’ reaction quotes are available here.
For more information and media requests:
Jani Savolainen, jani.savolainen@caneurope.org / +358 504667831
