“COP29 negotiations on climate finance will be a fork in the road for Planet Earth,” says ActionAid as Bonn talks end 

As the Bonn climate meetings end, the general feeling is that the talks have failed to make progress on the much-needed finance necessary to pay for climate action. 

Commenting on the outcome of the talks, ActionAid International’s Global Lead on Climate Justice, Teresa Anderson, said: 

“Across the board, negotiation tracks nearly ran off the rails with rich countries blocking the finance needed to make climate action happen. COP29 negotiations in Baku on the new climate finance goal will be a fork in the road for Planet Earth. Developing countries have been carrying the costs of the climate crisis, and their patience is now stretched beyond bearing. Right now, it’s the people who have done almost nothing to cause the climate crisis who are paying for it with their lost livelihoods, their hunger, their disappearing islands, and their lives.  

“There’s no getting around the fact that if we want enough climate action to ensure a safe future for everyone, we’re going to have to find a way of covering the costs. The climate bill will be in multiple trillions of dollars, but the good news is that tax justice can be a game-changer for climate action. 

New ActionAid research shows that developed countries can raise USD 2 trillion for climate action by raising their tax-to-GDP ratios by four percentage points, with a range of progressive tax measures that address tax avoidance, and target the wealthiest corporations and individuals.” 

Contact the ActionAid Press Office on media-enquiries@actionaid.org or +263776665065