FOR IMMEDIATE RELEASE | November 24, 2024
November 24, 2024, Baku— Billed as the “Finance COP”, the UN climate talks fell short of expectations and needs. The most vulnerable countries, already bearing the brunt of increasingly severe climate impacts were forced to accept a token financial pledge to prevent the collapse of negotiations – a stark reminder of the persistent imbalance in global climate justice.
Developed countries committed just at least $300 billion per year from a variety of sources – including public and private – a figure that risks deepening the debt burden for vulnerable nations who are already paying the price of the climate crisis. High-income countries, responsible for the bulk of historical emissions, owe trillions to nations shouldering the costs.
Chuck Baclagon, 350.org Asia Regional Finance Campaigner says:
“The final COP29 text underscores lingering inequities in climate finance, leaving vulnerable nations uncertain and at risk of bearing unsustainable burdens. Communities must remain central—not only as beneficiaries but as active participants in accountability. Real climate action, however, hinges on efforts beyond negotiation halls, rooted in national policies and priorities. Frontline communities across Asia have proven that decarbonization is both necessary and achievable. It’s time for wealthy nations to heed their leadership, ensuring that justice and meaningful support replace empty promises. The fight for climate justice demands bold actions, not just words.”
Masayoshi Iyoda, 350.org Japan Campaigner says:
“The climate finance agreement at COP29 was unjust. COP29 failed to reach a just and ambitious climate finance agreement because we did not see any responsibility taken up by the Global North, including Japan. Japan did not bring any additional climate commitments here in Baku. It’s like coming to a burning house empty-handed when lives are at stake and people are counting on you to douse the fire. To be a true leader, Japan must submit a 1.5 aligned climate target that reflects the global pledge of tripling renewables and lays down concrete measures to phase out fossil fuels and reduce emissions by at least 81% by 2035. Increased climate finance contributions from Japan are also key to a successful COP30 in Brazil.”
Climate impacts alone cost developing countries hundreds of billions, without counting the added costs of adaptation and a just equitable transition to renewable energy. This failure on behalf of rich countries exposes not only a lack of ambition, but a troubling erosion of trust, as they once again sidestep their moral responsibility and place profits over people, and allow fossil fuel companies to call the shots. If there’s a silver lining to be found, it’s that while COP29 didn’t deliver the ambition sought, it at least concluded with countries recognizing this goal as a starting point that needs to be revised in 2030 with a clear roadmap to mobilize more money. Now, the Brazilian COP30 Presidency must take on the crucial task of leading a credible process to scale up finance and ensure its quality and impact.
Meanwhile, during a meeting organized by civil society organizations at COP29 in Baku, the climate justice movement pledged to maintain efforts to progress action on climate.
Namrata Chowdhary, Head of Public Engagement at 350.org says:
“Once again, inequity has driven a hard bargain that the vulnerable have no choice but to accept. Rich countries have failed to honor their responsibilities, and shown up with rigid unwillingness to meet this moment with the ambition required to address the climate crisis. As this deal gets pushed through in this dark, disappointing moment, we continue to stand in solidarity with those most impacted by both – a crisis they did not cause, and a result they could not influence. This deal has failed to meet the ambition needed, but as we’ve seen over the past two weeks in the halls of the COP venue and the many actions held across the world, hope and ambition are alive and well in the climate movement. We are already looking ahead, and preparing to build new momentum in the global movement for climate justice, with a wave of campaigns and mobilizations focussed on real solutions to the climate crisis.”
The lack of financial backing from rich nations continues to obstruct meaningful progress on adaptation and mitigation, particularly in regions hardest hit by climate impacts. Instead, greenwashing tactics such as global carbon markets and unproven technologies are being touted as solutions, but without adequate funding, they remain out of reach for the most vulnerable communities. Rich countries continue to keep money locked away by enforcing austerity measures, signaling to their citizens that resources are too scarce to invest in public services, social security, or climate action—a false claim and one that blocks progress on the renewable energy transition.
As the G20 declaration hinted, taxing the ultra-rich, financial transactions, aviation, shipping, and extractive industries could raise trillions annually, unlocking critical funds for climate finance, bolstering public services, and driving healthier, more equitable, and sustainable communities.
The conclusion of COP29 comes at the end of a record-breaking year for climate impacts, with rising temperatures, floods, hurricanes, droughts, and wildfires destroying communities and ecosystems worldwide. Every fraction of a degree matters, and we cannot delay action on climate any longer if we are to keep the hope of limiting the global temperature increase to 1.5°C alive.
In the face of governments failing us, social movements are showing leadership and driving forward renewable energy solutions that are locally led and put communities first. Indigenous groups in Brazil are calling to co-lead the UN climate conference in Belém, the Brazilian Amazon, alongside Brazil next year, acknowledging that they are the guardians of our ecosystems and are leaders in climate solutions. Meanwhile, civil society across the world has been taking to the streets demanding action from world leaders, holding the richest and most polluting individuals and companies to account, and demanding investment in renewable energy.
Next year’s COP30 in Brazil is expected to see an unprecedented demonstration of solidarity and strength from Indigenous peoples, Small Island Developing States, Global South communities, and the international climate movement. In the wake of COP29’s failure to deliver, all eyes have turned promptly to Brazil as the next critical arena in which to fight for climate justice, human rights, and robust international cooperation.
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Media contacts:
Global-comms@350.org
Pascale Hunt, pascale.hunt@350.org (GMT +8) +62 812-3666-1189
Ilang-Ilang Quijano, ilang.quijano@350.org (GMT+8) +63 9175810934
Notes to Editors:
Spokespeople are available on request both in Baku and remotely
350.org is a global grassroots movement dedicated to ending the age of fossil fuels and building a world of community-led renewable energy for all. In April 2025 350.org will be organizing a training, to unleash a new wave of campaigns and mobilizations focused on solutions. Alongside partners, we are campaigning to deliver community-centred renewable energy solutions and to implement a global wealth tax targeting billionaires and polluters to pay for it.
Mitigation + Energy Goals: The majority of nations, both developed and developing, sought to build on the COP28 decision to phase out fossil fuels. However, progress in Baku was derailed by a small group of countries, led by Saudi Arabia. While the discussions failed to yield tangible results, the climate movement will demand climate ambition from nations as they shape their Nationally Determined Contributions (NDCs) which must include robust targets for the energy sector.
350.org campaigns and COP29 and G20 Actions:
Photo gallery of actions around the world here
Despite the less-than-ambitious outcome, 350.org campaigns launched at COP29 such as Energy of the People [Energia dos Povos] and Tax Their Billions have galvanized global support for people-centered, equitable solutions. These movements aim to shift the burden of climate action onto the profits of polluters while ensuring a fair renewable energy transition for frontline communities. As the world turns its attention to COP30 in Brazil, the message is clear: governments may stall, but people-powered solutions exist and they are stronger than ever.
*350.org is a global grassroots movement dedicated to ending the age of fossil fuels and building a world of community-led renewable energy for all.