Baku, Nov 13 With developed and developing countries divided in negotiations over climate finance at the COP29 talks, the High Ambition Coalition, an alliance of the world’s most climate-ambitious nations, on Wednesday sought trillions of dollars for climate action.
This year’s UN Climate Change Conference (COP29) kicked off on Monday in Baku, Azerbaijan with a focus on a cornerstone of global climate action -- finance.
The Coalition, chaired by the Republic of the Marshall Islands, called for reforming the international finance system, accelerating the transition from fossil fuels, adaptation action and much more.
“This July saw the hottest global day in recorded history. The climate crisis will become exponentially worse unless we act now. We have little time. In too many countries, the costs of climate change are already overtaking investments in its prevention and response,” said the Coalition in a statement that includes G7 members like Canada, France, Germany and the Netherlands.
Saying the developed world must urgently increase the amount of financing for climate action, it said: “We must reflect the critical importance of grant-based and concessional finance, particularly for adaptation and to respond to loss and damage, while also putting in place the right conditions for green investments to thrive.
“Developed countries must continue to take the lead and live up to existing finance commitments. We also need to make innovative forms of finance a reality. Finance must be more accessible, with donors simplifying, harmonizing and speeding up procedures to approve and disburse funds.
“We must maintain and accelerate the progress made at COP28 in establishing the Fund for Responding to Loss and Damage so that it can start meeting the urgent needs of affected countries and communities.”
Responding to the High Ambition Coalition statement, Linda Kalcher, Executive Director, Strategic Perspectives, said, “EU leaders have spoken, also those that didn’t make it to Baku. This leaves no doubt that it’s a political priority for them to achieve a successful outcome on climate finance and join forces with its traditional allies in the global South. Now that impetus needs to translate in a less defensive negotiating position immediately.”
UN Secretary-General António Guterres in his remark to the High Ambition Coalition meeting said. “We need this Coalition to keep pushing for a high-ambition outcome -- here in Baku and beyond. We need every country to prepare and submit ambitious new national climate action plans -- or NDCs --by COP30 next year, as promised. These must align with 1.5 degrees, contribute to the COP28 commitments, and put the world on course to phase out fossil fuels fast and fairly.”
Guterres said the biggest emitters -- the G20 countries -- must lead. “And we need your influence and example: To ensure developed countries deliver on their promise to double adaptation finance…To ensure the Loss and Damage Fund has the resources it needs…And to secure an ambitious new finance goal here at COP29 -- a goal that mobilises the trillions of dollars developing countries need.”
He said: “This starts with a significant increase in concessional public finance -- along with clarity on how to mobilise far greater sums. The goal must also tap innovative sources -- such as solidarity levies in areas such as aviation, shipping and fossil fuel extraction.”
And it must include a transparency and accountability framework to build confidence that funds will be delivered and accessible, the UN chief stressed.
“It must also advance efforts to drastically increase the lending capacity of the Multilateral Development Banks. That requires a major recapitalisation. And it requires reforms of their business models so that they can leverage far more private finance,” he added.
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