Tag: COP29

In response to the latest climate finance draft text at COP29, Oxfam International’s Climate Justice Lead, Safa’ Al Jayoussi, said:

“COP29 must do more than simply repeat the same threadbare promises. Rich countries have spent decades now stalling and blocking genuine progress on climate finance. This has left the Global South suffering the most catastrophic consequences of a climate crisis they did not create. The draft text scandalously misses the crucial element of declaring a clear public commitment to a new climate finance goal.

“Rich countries, those most responsible for climate chaos, owe $5 trillion in annual climate debt and reparations. This funding must come as grants-based public financing to help communities that need it the most mitigate and adapt to the impacts of climate change and recover from loss and damage. Anything less will simply be a failure.

“This is not charity – it is an established obligation under international law. It is the bare minimum needed to shield frontline communities from devastation, allow them to rebuild after disasters pass, and ensure their just transition to a sustainable future. The next few days are a credibility test for these climate negotiations and for COP itself. The time for stalling is over. If rich countries don’t deliver, they will go down in history as having chosen profit over people and complacency over courage.”

Notes to editors

Rich countries continue to resist calls for climate reparations. Climate activists are demanding the Global North provide at least $5 trillion a year in public finance to the Global South.

Contact information

Rachel Schaevitz in Auckland, NZ I rachel.schaevitz@oxfam.org.nz

Jeshua Hope in Suva, Fiji | jhope@oxfampacific.org | +679 7500889

Global climate activists today gathered at Baku’s Olympic stadium —the venue for the United Nations climate talks— to urge world leaders to commit to a new, ambitious climate finance deal. The message “Pay Up!” unfolded across the stadium seats, in perfect sight from the COP29 presidency offices located on the opposite side of the arena.

COP29 has been dubbed the “finance COP” because setting a new goal for global climate finance and laying out a plan for achieving it is the big battleground issue. Activists and civil society organizations call for the new goal to drastically increase from its present $100 billion a year to $5 trillion a year in climate debt and reparations and to protect communities facing the worst impacts of the crisis.

“As communities in the Global South bear the brunt of climate disasters, it’s past time for the Global North to pay their share —without saddling us with more loans and debt,” said Marinel Ubaldo, a Make Rich Polluters Pay activist and delegate from the Philippines. “Real climate action means financing solutions that uplift, empower, and sustain our communities, free from the chains of fossil fuels and debt traps.”

Global climate policy experts underscore this year’s conference as one of the most critical since COP26 in 2021.Without more ambitious and urgent action, the world could warm by a terrifying 3.1°C by the end of the century.

Activists are also calling to make rich polluters pay through taxes on fossil fuel-intensive industries and the super-rich. Fifty of the world’s richest billionaires emit more carbon pollution through their investments, private jets and yachts in 90 minutes than the average person does in their lifetime.

“The world needs leaders who are committed to justice and fairness; this starts with honoring climate finance commitments, taxing the super-rich, phasing out fossil fuels, and holding polluters accountable,” Ubaldo added. “The climate crisis doesn’t pause for politics or profit —it demands swift, decisive, and equitable action now.”

Notes to editors

The organisers are a cross-constituency of climate groups, including Oxfam.

Oxfam’s report, “Carbon Inequality Kills,” tracks the emissions from private jets, yachts and polluting investments and details how the super-rich are fueling inequality, hunger and death across the world.

Contact information

Rachel Schaevitz/ rachel.schaevitz@oxfam.org.nz