UN Climate Talks Enter Critical Stage to Secure Climate Finance Commitment, at Least $1 Trillion Annually Needed

BAKU, Azerbaijan-As world leaders gather for the second week of negotiations at the annual U.N. climate talks-COP29-all eyes are on whether countries will be able to secure a much-needed climate finance commitment from richer nations to help low-income countries cut emissions, adapt to mounting climate impacts, and address loss and damage at home. As negotiators attempt to bridge differences and reach consensus, key questions remain about whether the final agreement will deliver.

Experts at the Union of Concerned Scientists (UCS) are on the ground at COP29 and tracking the paramount issue at this COP: climate finance. Additionally, UCS experts can discuss adaptation, Loss and Damage, upholding the previously agreed to fossil fuel phase out, the U.S. nationally determined contribution (NDC) pledge and pathways for reducing national emissions, implications of the U.S. elections on the talks, risks and costs of climate change impacts, relevant scientific reports and climate litigation. They are also monitoring how fossil fuel industry influence, disinformation, and deception is showing up in negotiations following yesterday's news that the number of fossil fuel industry lobbyists granted access to COP29-totaling 1,773-is greater than nearly every country delegation.

Below is a statement by Dr. Rachel Cleetus, the policy director and a lead economist for the Climate and Energy Program at UCS.

"With the clock ticking at COP29, nations remain far apart in reaching agreement on a new climate finance commitment from richer countries and will need to double down on efforts over the next few days to secure an ambitious outcome. Finance is the top priority for this COP and the linchpin to help lower income nations transition from fossil fuels to clean energy, close the energy poverty gap, adapt to climate impacts, and address loss and damage.

"Every year science-aligned climate action is delayed, least-developed, climate-vulnerable nations are left unjustly shouldering disproportionate human and economic costs of climate change despite contributing little to the heat-trapping emissions driving the crisis. Richer countries, including the United States, need to stop cruelly passing the buck and have a responsibility to lead on providing at least $1 trillion per year collectively in grants or very low-interest loans.

"With global heat-trapping emissions alarmingly rising, major emitting nations must also put forward timely and robust emission reduction commitments. Despite the U.S. election outcome, the Biden administration is still leading the country and has an important opportunity to champion ambitious outcomes in negotiations over the next week. The United States should announce an ambitious NDC at COP29, taking into account the scientific imperative to accelerate the clean energy transition already underway and secure deep economywide reductions by 2035. Other nations, including the European Union countries and China, must also put their best offer on the table.

"A failure to meet this moment to shore up essential climate finance would create a significant breakdown in trust between nations. And without robust pledges to rein in heat-trapping emissions and the policies to implement them, adaptation and loss and damage needs will only grow. Together, world leaders must step up to chart a path away from catastrophic climate change and quickly move in the direction of a just, equitable and funded transition to a climate-resilient world powered by clean energy."

Below is a statement by Kathy Mulvey, the accountability campaign director for the Climate and Energy Program at UCS.

"The fossil fuel industry's presence at this year's U.N. climate negotiations in Baku, Azerbaijan, has been simultaneously heavy-handed and covert. More than 1,770 lobbyists-including the heads of some major oil and gas corporations-have been granted access to the talks, many as guests of the host country. The numbers dwarf those of almost every country delegation-threatening to drown out the voices of Global South nations, not to mention Indigenous peoples, youth, women and others who are disproportionately bearing the brunt of climate impacts. The industry's close access to the leaders of the negotiations raises questions about how COP29 will stay on track toward the goals of increasing much needed climate finance and following through on a fast, fair transition away from fossil fuels.

"Even more alarmingly, the fossil fuel industry's influence at COPs is deeply entrenched and extends beyond lobbying. We've seen it at COP29 with greenwashing by corporations and trade associations, misrepresentations of what science deems necessary to address the climate crisis, and a widening ambition gap due to the insidious effects of fossil fuel influence. Parties must break free from the grip of fossil fuel interests to inspire public confidence in the process of international diplomacy. This means taking the bold steps urgently needed to remedy the harms people in the United States and around the world are already experiencing and to accelerate an equitable global transition to clean energy."

Additional UCS Resources:

• A UCS statement on the presence of fossil fuel polluters at COP29.
• A UCS statement on the repercussions of a Trump presidency on global climate action.
• A letter signed by more than 80 US Climate Action Network members, including UCS, urging the Biden administration to reach an ambitious outcome on climate finance at COP29.
• The latest blogposts by UCS experts on COP29 and the implications of the U.S. presidential election.

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