Civil Society demand $1.5 trillion under new climate finance goal for 2025-30 period

Civil Society Organizations (CSOs) participating in the ongoing COP 29 Global Climate Conference have called for a $1.5 trillion climate finance goal for the 2025-30 period. They opposed any negotiation texts or criteria that shift responsibility from developed nations to Least Developed Countries (LDCs) and developing nations.

The dialogue, titled "From Millions to Trillions: The Transformations Needed to Finance Climate Justice," took place at the COP 29 venue in Baku. Representatives from various CSOs, including Lidy Nacpil (Asia Pacific Movement on Debt & Development, Philippines), Ezequiel Steuermann (Network for Economic, Social and Cultural Rights, Argentina), Patricia Wattiena (ESCR-Net, USA), and Aminul Hoque (COAST Foundation, Bangladesh), shared their insights. The session was moderated by Katja Voigt of Rosa Luxemburg Stiftung, Germany, reads a press release. 

Aminul Hoque emphasized that climate finance is essential for the survival of Most Vulnerable Countries (MVCs) and humanity, not for development projects. He criticized the draft text on the New Collective and Quantified Goal (NCQG), which includes 13 negotiating options filled with brackets, calling them a delaying tactic. He highlighted the absence of the Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC) principle, warning that it unfairly burdens LDCs financially. Hoque demanded a clear definition of climate finance and stressed that developed nations must fulfill their obligations under Article 9.1 of the Paris Agreement. He noted that countries like Bangladesh need $3.5 billion annually for survival spending, which they cannot afford without external support.

Lidy Nacpil stressed the necessity of an ambitious NCQG to mobilize $1.5 trillion as a lifeline for vulnerable communities. She pointed out that implementing Nationally Determined Contributions (NDCs) requires $1.48 trillion by 2030, translating to $220 billion annually for LDCs. She urged negotiators to align the NCQG with the needs and priorities of developing nations, including tailored provisions for Small Island Developing States (SIDS) and LDCs, as outlined in Article 9.4 of the Paris Agreement.

Ezequiel Steuermann emphasized 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 non-debt-inducing resources under the NCQG. Steuermann also insisted that financial support must not impose conditions that constrain fiscal space or sovereignty.

Patricia Wattiena highlighted that the NCQG must adhere to Articles 4 of the UNFCCC and Articles 9.1 and 9.3 of the Paris Agreement, which place the obligation for climate finance solely on developed nations. She criticized the draft for lacking significant commitments and called on developing countries to unite in negotiations to ensure equity and adherence to the CBDR-RC principles.

The dialogue underscored the urgency of securing a robust and equitable climate finance framework to address the escalating impacts of the climate crisis on vulnerable nations.