Greenpeace urges COP29 to boost climate financing for developing nations

The international environmental organization Greenpeace is calling for a significant increase in financial support for developing countries to adapt to and recover from the devastating impacts of climate change.

Report informs, citing the press release of the organization that Greenpeace emphasized the urgent need for action in response to record-breaking temperatures and rising emissions.

World leaders must take action in response to the record temperature rise and increasing emissions by agreeing on a new financial goal to support climate action in developing countries, the statement reads.

Jasper Inventor, head of the Greenpeace International delegation, stressed the importance of climate action, stating that action, however, relies on climate finance and holding polluters accountable. Fossil fuel companies and major polluters must finally pay for the losses and damages they have caused. Leaders have the power to ensure justice, and they must act now, the statement reads.

Greenpeace urged COP29 to adopt a new collective quantified goal (NCQG) that would significantly increase funding for developing countries to adapt and recover from climate-related damages, and to make fossil fuel industries and other major polluters pay their fair share.

The organization also called for the implementation of the COP28 agreement on phasing out fossil fuels and for measures to prevent negative consequences for compensation agreements and carbon markets.

Tracy Carty, a climate policy expert, added that the NCQG should create conditions that determine who will pay for the growing costs of climate action over the next decade and whether the countries and communities least responsible for climate change will receive the necessary support.

Trillions of dollars are needed for developing countries' climate action plans, Carty said, adding that the main outcome of the NCQG should be an unambiguous commitment from wealthy developed countries to significantly increase public funding to support developing countries in responding to the intensifying impacts of climate change and transitioning to renewable energy.