Commenting on the state of negotiations at COP29 and the draft text on the new climate finance goal, Teresa Anderson, the Global Lead on Climate Justice at ActionAid International, said:
“This is a sprawling and unstructured document which includes every possible idea, option, and permutation. The text reflects developing countries’ need for a goal worth trillions of dollars in grant-based finance so they can cope with the climate crisis. It also includes developed countries’ preferred language on an “investment layer” which emphasises loans, corporate investment, and other finance flows that could potentially do more harm than good.
The “investment” language that rich countries are pushing hard is clearly a bare-faced pitch to avoid providing real grant-based finance, and instead use frontline countries’ desperation to open up to more corporate exploitation. COP29 negotiations would be more likely to make progress if negotiations focus on areas where there is already consensus, such as the principle that the core of the goal should be public finance.”
Ends
Spokespeople Available: Teresa is in Baku and available for interviews.
For media inquiries and engagements and to be added to our mailing list, please contact the Press Office at media-enquiries@actionaid.org or +263776665065 (WhatsApp Only).
About ActionAid
ActionAid is a global federation working with more than 41 million people living in more than 71 of the world’s poorest countries. We want to see a just, fair, and sustainable world, in which everybody enjoys the right to a life of dignity, and freedom from poverty and oppression. We work to achieve social justice and gender equality and to eradicate poverty.
