Caritas Oceania fights for climate finance and climate justice at COP29

At COP29 in Baku, Azerbaijan earlier this week parties reached final agreement on climate finance targets. While it is good to have an outcome from this COP devoted to climate finance, the final commitment for the finance target (the National Collective Quantified Goal (NCQG) is disappointingly low.

Caritas Oceania research in the new Weathering the Storm report shows that there is already a $1bn shortfall in the climate finance requirements for the Pacific with only $0.4-0.6bn being supplied of a $1.5bn estimated overall need. There are serious questions as to whether the new NCQG target can address this gap, with the consequences being that the Pacific will not be able to properly prepare and adapt to the climate impacts already hitting the region hard, and increasing economic pressure to drive up debt. The international community needs to address these looming issues.

Caritas Oceania Regional Co-ordinator Mena Antonio said “The $300billion goals represents more than one trillion dollars missing per annum from the $1.3 trillion required to address the climate financing needs of the developing world. This is the figure the G77 group of countries were asking for. This represents the impacts and the damage that climate change is already having and the work needed to adapt in areas including the Pacific, Asia, Latin America and Africa. As Weathering the Storm report shows, this will lead to vulnerable countries going into greater debt to properly prepare themselves or failing to adapt and face the consequences.”

Caritas Oceania Vaka Advocacy Group member Dr Damian Spruce said: ”The Paris Agreement is based on an understanding between the Global North and the Global South that in order to work together to address climate change, rich countries who have been responsible for the majority of historical emissions would fund the transition and provide climate finance flows to the developing world to meet their needs for climate adaptation, mitigation and loss and damage. This COP represented the point at which the Global North needed to come good on its promise. The low targets and loss of faith in the process presents an immediate danger to climate vulnerable countries but also undermines the UNFCCC and the global climate compact.”

Caritas Oceania supported the Holy See delegation at COP29, briefing the Papal Nuncio and negotiators on issues of climate and debt vulnerability and the needs of the Pacific. The themes of the Weathering the Storm report were reflected in the remarks of Cardinal Parolin, Secretary of State, to the COP29 plenary where he warned of the dangers of ecological debt and sovereign debt in relation to climate finance. The danger of ecological and foreign debt: “When discussing climate finance, it is important to remember that ecological debt and foreign debt are two sides of the same coin, mortgaging the future” and reiterated Pope Francis’ appeal, in which he asked more affluent nations to “forgive the debts of countries that will never be able to repay them”. Cardinal Parolin then appealed for a new, human-focused global financial system that supports equitable, sustainable development, especially for vulnerable nations and called on COP29 to drive political will toward inclusive growth.

Caritas Oceania recognises the climate leadership of the Pacific at this conference, based on the global advocacy of Pacific leaders over the last four decades. This continued at COP29 where Pacific delegates and members of civil society spoke out for the needs of the region and took strong action in negotiations to keep the needs of Pacific communities, and climate vulnerable communities around the world, at the centre of discussions.