Climate Action Network (CAN) International is calling for world leaders to adopt a bold, ambitious, and equitable climate finance goal ahead of the informal Ministerial Dialogue on the New Collective Quantified Goal (NCQG) taking place in New York on Friday.
CAN is urging developed countries to raise their climate finance commitments and ensure that the new goal is aligned with the principles of climate justice, focusing on delivering the resources necessary to help developing countries mitigate and adapt to the impacts of climate change, as well as address loss and damage (L&D).
Mohamed Adow, Executive Director of Powershift Africa, said: “Climate finance is the key that can unlock a safe and prosperous planet for everyone. It can help the victims of climate breakdown adapt to the inevitable change and fund the needed transition to clean energy of the future. But this finance cannot be in the form of loans from rich polluting nations in the Global North which just pile more debt onto the Global South. That would be like giving a drowning man a life jacket stuffed with coins – it’s going to make them sink even faster.”
Tasneem Essop, Executive Director of CAN International, said: “The NCQG is not just a goal; it’s a moral imperative. The world is facing a climate crisis, and developing countries are bearing the brunt of the impacts. It’s time for developed countries to face their responsibilities and deliver on their promises and obligations to provide the necessary climate finance. We all know the resources exist, but the political will still remains shamefully absent. It’s time to make polluters and the wealthy pay for the harm they have caused. In these last precious weeks before COP29, we need to see developed nations let go of their colonial past, and stop dragging their feet in crucial negotiations. The NCQG is our chance to create a just and equitable future for all.”