At the Belem conference, the focus will shift from what there is too much of – fossil fuels – to what the proponents of action severely lack: finance. To cut greenhouse gas emissions, to make the world’s existing infrastructure more resilient to extreme weather, to bring about the “green transition” needed to hold global temperatures within 1.5C of pre-industrial levels, and to address the adverse economic incidence and non-economic loss associated with climate change requires vast investment.
International climate finance is required to offer essential support to communities and countries on the frontlines of climate change. The failure to meet the 100 billion goal and the questionable use of self-serving generous accounting standards by developed countries has undermined trust in the climate talks and is having serious consequences in unlocking Climate Ambition among countries from the global south. Thus, urgent action is needed to restore confidence and provide much-needed finance. Also, the ‘means of implementation’ in the form of adequate and predictable finance and technology transfer is the key to unlocking ambition in developing countries by facilitating long-term funded strategies through Nationally Determined Contributions.
At COP30 in Belem, Brazil, parties will meet to set a new global goal on mobilizing climate finance from 2026 onwards. This is a chance to rebuild trust between rich and low- and middle-income countries. Climate finance providers should be massively scaling up their efforts and enhancing the transparency of climate finance provided and mobilized, by providing a granular level of information, highlighting the actual proportions channeled towards mitigation and adaptation. This is important for the recipient to understand the underlying assumption behind the different figures being reported. There is equally an urgent need for more grant-based financing for climate action and less momentum toward loaning the money they have all promised to give.
Furthermore, for Global South CSOs, the need to establish unambiguous financial strategies and a specific financial commitment to address L&D is apparent. Loss and Damage (L&D) forms a central part of climate action and deserves to be recognized as a significant area within the NCQG. Given the rising frequency and intensity of climate-related disasters, it's essential to designate a specific financial support mechanism for L&D. This should be separate but complementary to mitigation and adaptation funding, to address the unique challenges associated with L&D. This approach ensures our adherence to the mandates of the UNFCCC and the Paris Agreement. This is all the more crucial when acknowledging the increased importance and individuality of L&D in mitigation and adaptation efforts.
Non-state stakeholders including NGS in Global South play a pivotal role in the expedited implementation and the enhancement of international cooperation, particularly in the lead-up to the submission of a fresh round of Nationally Determined Contributions (NDCs) by governments for COP30 in 2025. Global South CSOs acknowledge that this transition must be balanced, just, fair, and firmly grounded in sustainable development while considering the needs and priorities of on-ground stakeholders. It's only through fostering comprehensive, meaningful, and authentic collaboration that we can truly realize our shared objectives.
The outcomes of COP29 serve as a reminder that curbing fossil fuel growth, increasing countries’ ambition, implementing the Paris Agreement, etc. will not solely arise through consensus-oriented negotiations among authorities too often corrupted by the fossil fuel industry and geopolitical interests. It will require social movements that pressure leaders to legislate—to act towards the needs and will of the people—all while ensuring an equitable transition for those most harmed by what the world calls “normal.”
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