Civil Society Organizations (CSOs) at the CoP 29 Global Climate Conference have called for a $1.5 trillion climate finance target for the 2025-2030 period. They emphasized the need for equitable financing that does not place additional burdens on Least Developed Countries (LDCs) and developing nations
The dialogue, titled "From Millions to Trillions: Transformations Needed to Finance Climate Justice", brought together representatives from diverse organizations. The event, moderated by Katja Voigt of Rosa Luxemburg Stiftung, saw contributions from speakers like Lidy Nacpil (Asia Pacific Movement on Debt and Development, Philippines), Ezequiel Steuermann (Network for Economic, Social and Cultural Rights, Argentina), Patricia Wattiena (ESCR-Net, USA), and Aminul Hoque (COAST Foundation, Bangladesh).
Aminul Hoque highlighted the urgent need for survival funding, pointing out that countries like Bangladesh require $3.5 billion annually to tackle climate challenges. He criticized the draft text of the New Collective Quantified Goal (NCQG) for its ambiguity and failure to address key principles like Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC). Hoque demanded a clear definition of climate finance, ensuring developed nations bear responsibility for their historical emissions as outlined in Article 9.1 of the Paris Agreement.
Lidy Nacpil called the $1.5 trillion target a lifeline for vulnerable communities, citing quantitative estimates of $220 billion annually for LDCs. She stressed that the NCQG must prioritize the needs of developing nations, with tailored provisions for LDCs and Small Island Developing States (SIDS). The framework, she added, should reflect Article 9.4 of the Paris Agreement.
Ezequiel Steuermann emphasized the importance of defining climate finance clearly, excluding non-concessional loans and export credits. He advocated for finance that is new, predictable, grant-based, and non-debt-inducing. Steuermann insisted that the NCQG should respect the sovereignty of recipient nations and avoid creating fiscal constraints.
Patricia Wattiena criticized the current NCQG draft for lacking substantial commitments from developed countries, which she stated are obligated to support developing nations under Articles 9.1 and 9.3 of the Paris Agreement. She urged unity among developing countries to demand a fair and equitable financial mechanism.
The CSOs unanimously agreed that the NCQG should ensure new and additional climate finance resources that are accessible, equitable, and aligned with the principles of equity and CBDR-RC. They strongly opposed any criteria that shift financial responsibilities to LDCs and called for swift action to establish an operational and effective financing framework.
