Ahead of the Economic and Financial Affairs (ECOFIN) Council 8 October 2024 in which the Council conclusions on international climate finance will be adopted, CAN Europe has written to Finance Ministers that will be in attendance.
As shown by a growing body of scientific research, including the IPCC, economic assessments and testimonies from civil society, rapid and substantial increases in climate finance are needed to support the transition to low-carbon economies in developing countries and to meet the goal of the Paris Agreement to limit global warming to 1.5°C, prevent worsening impacts and adapt to the changes caused by a rapidly warming climate, and address the devastation to livelihoods, infrastructure, homes and ecosystems.
Scaling up public international climate finance is essential to provide and mobilise the trillions of dollars needed annually to combat climate change in developing countries. Developing countries are often the most affected by climate impacts yet have the least financial capacity to act and adapt. Developed countries, as the largest historical emitters of greenhouse gases into the atmosphere, have a moral and legal obligation under the UNFCCC and Paris Agreement to provide financial support to developing countries.
The New, Collective, Quantified Goal (NCQG) on international climate finance, to be decided at COP29 in November, must respond to the climate emergency by providing developing countries with the finance they require to meet the goals of the Paris Agreement.
