From a hundred billion to trillions: the stakes at COP29

Reclaim Finance outlines the stakes for COP29, emphasizing that the New Collective Quantified Goal (NCQG) for North-South climate finance should be at least a trillion dollars and provided as grants or grant-equivalents. The organization warns against allowing private finance or carbon offsets to count toward these public obligations, noting that private capital often bypasses the poorest communities and adaptation projects. While acknowledging the role of private finance in tripling renewable energy, the document criticizes the Glasgow Financial Alliance for Net Zero (GFANZ) for its failure to restrict fossil fuel financing and the methodological flaws in Net-Zero Banking Alliance targets. It further highlights the failure of Just Energy Transition Partnerships (JETPs) in South Africa, Indonesia, and Vietnam due to a lack of concessional funding and private sector risk aversion.

• The New Collective Quantified Goal (NCQG) for climate finance is expected to be significantly higher than the previous US$100 billion target, with lower-bound estimates suggesting a need of at least a trillion dollars annually.
• Reclaim Finance argues that the NCQG must be met through public sector grants and grant-equivalents, as private finance tends to prioritize profitable projects, ignores the poorest communities, and increases the debt burden of highly indebted nations.
• Despite the Glasgow Financial Alliance for Net Zero (GFANZ) claiming assets of $130 trillion for climate action, the figure is described as misleading because it represents total assets rather than funds specifically earmarked for net-zero activities.
• Investment in fossil fuels has continued to rise since 2021, with increases of 20% for coal and oil and 29% for gas, partly because few GFANZ members have policies to restrict new fossil fuel projects.
• Just Energy Transition Partnerships (JETPs) in South Africa, Indonesia, and Vietnam have stalled due to institutional crises, a lack of concessional donor funds, and private investor aversion to projects without clear repayment prospects.

APA

Martin, L. (2024). From a hundred billion to trillions: the stakes at COP29. Reclaim Finance. https://reclaimfinance.org/site/en/2024/11/05/from-a-hundred-billion-to-trillions-the-stakes-at-cop29/

Chicago

Martin, Léo. From a hundred billion to trillions: the stakes at COP29. Reclaim Finance, 2024. https://reclaimfinance.org/site/en/2024/11/05/from-a-hundred-billion-to-trillions-the-stakes-at-cop29/.

Wikipedia

{{cite press release |last1=Martin |first1=Léo |title=From a hundred billion to trillions: the stakes at COP29 |publisher=Reclaim Finance |date=5 November 2024 |url=https://reclaimfinance.org/site/en/2024/11/05/from-a-hundred-billion-to-trillions-the-stakes-at-cop29/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martin2024from, author = {Martin, Léo}, title = {{From a hundred billion to trillions: the stakes at COP29}}, publisher = {Reclaim Finance}, year = {2024}, month = nov, url = {https://reclaimfinance.org/site/en/2024/11/05/from-a-hundred-billion-to-trillions-the-stakes-at-cop29/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }