Global climate activists on Thursday, November 14, 2024, took over Baku’s Olympic stadium – the venue for the United Nations climate talks – to urge world leaders to commit to a strong climate finance deal this year.
The message “Pay Up!” unfolded across the stadium seats, in perfect sight from the COP29 presidency offices located on the opposite side of the arena. A large swath of seats was converted with massive banners declaring “Pay Up!” demanding world leaders get climate finance done.
The action comes on the COP29 thematic day for finance when the stakes are high for securing financial commitments to support the global transition away from fossil fuels and protect countries from worsening climate impacts.
COP29 has been dubbed the “finance COP” as the new global climate goal is the big battleground issue at this year’s talk. Many call for the new goal to drastically increased from its present $100 billion to at least $1 trillion per year, in order to mitigate and adapt to climate impacts worldwide.
“Finance is the greatest barrier to the resilience of our peoples, but it is also our greatest opportunity. It is the bridge to climate action and climate justice. Finance is not just about arbitrary numbers. It’s about freedom, self-determination, and prosperity, and you can’t put a price tag on that. It’s time for climate culprits to hear our message, take responsibility, and pay up,” said Joseph Sikulu, coalition member and delegate from the Pacific, Tonga.
Global climate policy experts underscore this year’s conference as one of the most critical since COP26 in 2021. Without significant climate finance contributions, new national climate plans from vulnerable countries could fall short of the Paris Agreement’s 1.5°C goal, threatening the efficacy of international climate action.
“There is no time to lose. It’s urgent that developed countries take responsibility and leadership and provide sufficient public finance to attend to the needs and priorities of developing countries, particularly the adaptation needs. Not having a fair, equitable and ambitious NCQG means not having a clear future for most developing countries. But ultimately, the NCGQ is key to keeping 1.5°C alive – which is crucial to all of us. Let’s make the polluters pay for their historical responsibilities,” said Sandra Guzman, coalition member and delegate from Mexico.
Activists are also calling for the funds to be raised through taxes levied on fossil fuel-intensive industries. Last year, three fossil fuel companies made a combined $120 billion in profits from global oil and gas production – which is more than the combined GDP of the 11 poorest countries most threatened by climate disaster.
“As communities in the Global South bear the brunt of climate disasters, it’s past time for the Global North to pay their share – without saddling us with more debt. Real climate action means financing solutions that uplift, empower, and sustain our communities, free from the chains of fossil fuels and debt traps.
“The world needs leaders who are committed to justice and fairness; this starts with honoring climate finance commitments, taxing the super-rich, phasing out fossil fuels, and holding polluters accountable. The climate crisis doesn’t pause for politics or profit; it demands swift, decisive, and equitable action, now,” said Marinel Ubaldo, coalition member and delegate from the Philippines.
