Civil society demands $1.5 trillion under new climate finance target for 2025-30

Civil society organizations (CSOs) attending COP 29, the World Climate Conference, have called for a climate finance target of $1.5 trillion for the period 2025-30. They opposed any negotiating text or criteria transferring responsibility from developed countries to least developed countries (LDCs) and developing countries.

The dialogue, titled “From Millions to Billions: The Transformations Needed to Finance Climate Justice,” took place during COP 29 in Baku. Representatives from various CSOs, including Lidy Nacpil (Asia-Pacific Movement on Debt and Development, Philippines), Ezequiel Steuermann (Network for Economic, Social and Cultural Rights, Argentina), Patricia Wattiena (ESC-Net, United States ) and Aminul Hoque (COAST Foundation, Bangladesh), shared their ideas. The session was moderated by Katja Voigt from the Rosa Luxemburg Foundation, Germany, a press release said.

Aminul Hoque stressed that climate finance is essential for the survival of the most vulnerable countries (PVCs) and humanity, and not for development projects. He criticized the draft text on the New Collective and Quantified Objective (NCQG), which includes 13 negotiation options in parentheses, calling them a delaying tactic. He highlighted the absence of the principle of common but differentiated responsibilities and respective capabilities (CBDR-CR), warning that it unfairly burdens LDCs financially. Hoque demanded a clear definition of climate finance and stressed that developed countries must fulfill their obligations under Article 9.1 of the Paris Agreement. He pointed out that countries like Bangladesh need $3.5 billion annually for survival expenses, which they cannot afford without external support.

Lidy Nacpil highlighted the need for an ambitious NCQG to mobilize $1.5 trillion as a lifeline for vulnerable communities. She highlighted that implementing Nationally Determined Contributions (NDCs) would require $1.48 trillion by 2030, representing $220 billion per year for LDCs. She urged negotiators to align the NCQG with the needs and priorities of developing countries, including tailored provisions for Small Island Developing States (SIDS) and LDCs, as set out in Article 9.4 of the Agreement from Paris.

Ezequiel Steuermann stressed the importance of defining what does not count as climate finance, such as non-concessional loans and export credits. He advocated for predictable, adequate, grant-based and debt-free resources under the NCQG. Steuermann also insisted that financial support should not impose conditions that limit fiscal space or sovereignty.

Patricia Wattiena stressed that the NCQG must adhere to Articles 4 of the UNFCCC and Articles 9.1 and 9.3 of the Paris Agreement, which impose the obligation of climate finance only on developed countries. She criticized the draft for its lack of meaningful commitments and called on developing countries to unite in negotiations to ensure fairness and respect for CBDR-CR principles.

The dialogue highlighted the urgency of ensuring a robust and equitable climate finance framework to address the growing impacts of the climate crisis on vulnerable nations.