Widely dubbed the “finance COP”, COP29 will take place in Baku, Azerbaijan between 11-22 November, 2024.
At this COP, a new climate finance target must amount to at least 1 trillion dollars in public finance, be based on grants, as well as on the financial, climate and social needs of developing nations in the Global South.
Rich Countries can and must act. Fair climate finance is largely being held up by rich countries in the Global North who have a historic debt in responsibility to this due to a legacy of colonialism, and predatory profiteering at the expense of many Global South countries and communities.
We have the resources we need. While governments may claim that finding money is the missing piece to commit to these agreements and plans, the truth is that this money exists, but we need the political will to redirect it.
As we look towards COP30, taking place in Brazil in 2025, 350.org is in Baku to connect these negotiations with what people and communities around the world are experiencing on a daily basis: worsening climate impacts, the increasing cost of living, and energy access, among other issues.
350.org’s overall demands for COP29 are:
Countries pledge to an ambitious climate finance goal, or New Collective Quantified Goal (NCQG) of at least $1 trillion, which must be in the form of grants and based on the financial, climate and social needs of the Global South. Countries agree to put forward climate goals (NDCs) in line with fairly tripling renewable energy capacity and phasing out fossil fuels by 2030.
Above all, we’re here to make clear that fair, equitable finance is the bridge to climate action.
350.org is running several campaigns relevant to these negotiations. #TaxTheirBillions is holding billionaires and fossil fuel giants accountable for their outsized impact on the planet. Funds generated through taxing the ultra rich can be used both for domestic policies and programs and for international climate finance, ensuring that those most responsible for the climate crisis contribute to its solution. By making the ultra-wealthy pay their fair share, the Tax Their Billions campaign aims to unlock funding that will not only speed up the transition to clean energy but also support the communities most impacted by cost of living crisis in Europe and by the climate crisis in the Global South, the shift away from fossil fuels.
Communities are taking action: People are already organizing to show politicians and decision-makers how a just transition – to end the fossil fuel era and deliver community-oriented renewable energy for all – should be done.
REPower Afrika, the soon-to-be-launched Energy of the People (Energia dos Povos), and Our PAWA are long-term campaigns to leverage community-centered solutions for energy access in Africa, the Amazon, and the Pacific, and bolster stronger local community participation in the decisions about the energy systems in their territories.
We have the money and the blueprints for community-centered, renewable energy solutions. It’s time to put them together.
