Rich countries are trying to turn climate talks into profit venture but this week we expect them to put real finance on the table,” says ActionAid’s Teresa Anderson

At the midway point of COP29, Teresa Anderson, ActionAid’s Global lead on climate justice, says: 

"Frontline countries who have been paying the costs of climate change for years came to COP29 hoping for a new climate finance goal that will help keep them and the planet safe. But so far, rich countries have put zero real finance on the table. Instead, they’re cynically trying to turn the climate talks into an opportunity to profit. Developed countries are trying to switch out a grant-based climate finance goal with investment targets for the private sector. It’s not only outrageous, it’s incredibly dangerous to keep denying the planet’s need for real climate finance. 

Civil servants spent last week wrangling over a sprawling document with competing visions of the climate finance goal. But they weren’t able to make any breakthrough without their bosses’ say so. This week, the documents defining our planet’s future have now been delivered into the hands of the ministerial gods. 

Previous COP decisions about transitioning away from fossil fuels, and setting up a loss and damage fund to recover from disasters, will be meaningless without the money to make these goals a reality. If developed countries are serious about climate action, they need to agree to provide trillions of dollars in grant-based finance each year to the countries on the frontlines.”  

Spokespeople Available:  

Teresa is in Baku and available for interviews, please contact the ActionAid Press Office on media-enquiries@actionaid.org or +254 722780562 / +263776665065 (WhatsApp Only)