Center for Energy, Ecology, and Development
BAKU, Azerbaijan – As a new batch of draft decision texts dropped early Thursday morning at the 29th Conference of Parties to the United Nations Framework on Climate Change (COP29), Philippines civil society groups joined global voices in calling for the delivery of a just and ambitious climate finance goal and ‘no backsliding’ in progress made during COP28 in transitioning away from fossil fuels.
Dubbed the ‘Finance COP’, COP29 was due to deliver a New Collective Quantified Goal (NCQG) on climate finance, which is meant to strengthen global response to the climate crisis. Ahead of COP29, civil society and governments of developing nations had been vocal in urging for scaled up finance in light of exacerbated impacts from the climate crisis – with figures ranging from US $1 to 5 trillion. Global voices have also emphasized the necessity for finance to be delivered in a grants-based, rather than debt-based, manner.
Progress in the NCQG negotiations is expected to set the tone for the quality of new Nationally Determined Contributions (NDCs) due for submission by parties in 2025.
“The clock is ticking for developed nations to put forward a finance goal that begins to give justice to the death and devastation suffered by vulnerable peoples of the Global South,” said Gerry Arances, Executive Director of the Center for Energy, Ecology, and Development (CEED).
“In Southeast Asia, coal and gas still received nearly three times as much financing as renewables since the Paris Agreement, fueled largely by Global Northern firms and governments. This, despite nearly 400 GW of renewables already being proposed across the region. There’s no lack of finance to confront the climate crisis; there’s only the brazen lack of will from historical polluters to pay up on their accountabilities,” added Arances.
CEED had earlier released new analysis revealing that the continued expansion for fossil fuels in Southeast Asia despite massive renewable energy capacities in the pipeline is fueled largely by financing from Global Northern firms.
While the latest draft text for the NCQG decision reflects positive language on the need to scale up finance, align to Paris Agreement goal to avert global temperature rise, and commitment that adaptation finance needs must be met through grants, the absence of a financial figure committed to by parties as a new quantum goal is glaring.
“While global leaders prepared and gathered for COP29, the Philippines was being battered by supertyphoon after supertyphoon. The clock is ticking – not only here at COP29, but for the climate survival of Filipinos and vulnerable communities across the world,” said Bishop Gerry Alminaza, Vice Chairperson of Caritas Philippines.
With much of the language still up for debate under critical options, the groups called for heightened ambition and accountability from developed nations, and for developing nation negotiators to stand firm in fighting for the plight of their climate-vulnerable constituents.
“The more that global leaders refuse to deliver just and ambitious finance to avert a worse climate future, and the more we delay in ending the era of fossil fuels, the more we lose our people’s lives, biodiversity, and hope for regeneration of nature. Global Northern nations must deliver the finance they owe countries like ours. At the same time, governments of the Philippines and similarly vulnerable nations should be the most vocal champions for trillions in financing and for an end to destructive fossil fuels. Anything less is unacceptable,” Alminaza said.
