UCS Reacts to Latest Climate Finance Text Released at COP29 This Morning

BAKU, Azerbaijan—The annual U.N. climate talks—also referred to as COP29—have entered the final days of negotiations. New text was released early this morning with many focused on analyzing how it delivers on 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.

Below is a statement by Dr. Rachel Cleetus, the policy director and a lead economist for the Climate and Energy Program at the Union of Concerned Scientists (UCS). She has been attending the U.N.’s international climate talks and has partnered with the international community on climate and energy policies for about 20 years. Dr. Cleetus is currently in attendance at COP29 in Baku, Azerbaijan.  

“The latest text shows nations still alarmingly far apart. Without urgent course correction, countries are careening towards a dismal and unjust COP29 outcome. They must use these final days to bridge harmful trust gaps and secure an ambitious and fair climate finance agreement. The clarion call to rich countries is to lead on providing adequate climate finance to low-income nations on the order of at least $1trillion per year in grants and low-interest loans. The science is clear: this funding is crucial for countries to transition rapidly away from fossil fuels to clean energy, protect people, economies and ecosystems from extreme climate impacts, and cope with mounting loss and damage.”

UCS experts 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.

Additional UCS Resources:

• A UCS statement on the conclusion of week one and what to expect in week two of COP29.
• 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.