Civil Society demand $1.5 trillion under new climate finance goal for 2025-30 period

Civil Society Organizations (CSOs) participating in the ongoing COP29 Global Climate Conference have called for a $1.5 trillion climate finance goal for the 2025-30 period. 

They opposed any negotiation texts or criteria that shift responsibility from developed nations to Least Developed Countries (LDCs) and developing nations.

The dialogue, titled "From millions to trillions: the transformations needed to finance climate justice" took place at the COP29 climate conference centre in Baku. 

Representatives from various Civil Society Organizations (CSOs) as Aminul Hoque [COAST Foundation, Bangladesh], Lidy Nacpil [Asia Pacific Movement on Debt & Development, Philippine], Ezequiel Steuermann [Network for Economic, Social and Cultural Rights-ESCR, Argentina], Patricia Wattiena (ESCR-Net, USA) and many other civil society representatives from different countries participated and shared their insights. 

The event was moderated by Katja Voigt (Rosa Luxemburg Stiftung, Germany)

Aminul Hoque said, "Climate finance is essential for the survival of Most Vulnerable Countries (MVCs) and humanity, not just for development." 

He criticised the draft text on the New Collective Quantified Goal (NCQG), which includes 13 negotiating options with numerous ambiguous clauses, arguing that it creates a dilemma and delays meaningful progress. 

Hoque also highlighted the absence of the principle of Common but Differentiated Responsibilities and Respective Capacities (CBDR-RC), which he believes unfairly forces LDCs to shoulder the financial burden and called for a clear definition of climate finance and a quantified commitment in the negotiations.

He said, "Countries like Bangladesh, with limited capacity to mobilize additional funds, require approximately $3.5 billion annually for climate survival. He stressed that this financial responsibility falls under the Paris Agreement (PA) Article 9.1, as developed countries are primarily responsible for the climate crises and vulnerabilities facing these nations." 

Mrs Lidy said an ambitious NCQG provision and mobilisation quantum of 1.5 trillion is a lifeline for our vulnerable communities. Our quantitative estimates of the financial support needed for implementing our NDCs stand at $1.48 trillion by 2030. 

Mr Ezequiel said, "The NCQG text must clearly make the outline of what does not count as climate finance under the goal from an accounting perspective, including non-concessional loans and export credits which cannot count towards the progress on the delivery of the goal."  

Mrs Patricia says, "We are not to pay any brutal cost of the climate crisis, because the NCQG is exclusively for all developing countries; is aligned with Article 4 of the UNFCCC and Articles 9.1 and 9.3 of the PA and in line with the principles of equity and CBDR-RC."  

"The goal is the sole obligation of developed countries to provide and mobilise climate finance to developing countries. But we don't see any significant text in the draft where it's reflected," she added.