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STATEMENT: Wealthy countries fail to deliver on climate finance at COP29 

Enviromental Defense

When you account for inflation, the new target of $300 billion barely exceeds the previous global commitment that was set in 2009. In 2023 at COP28 , countries agreed to “transition away from fossil fuels” and scale up renewable energy and energy efficiency. We all know that a dollar today does not go as far as it used to.

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All Eyes on Baku: Expectations for Canada at COP29

Enviromental Defense

After 30 years of international negotiations failing to mention the root cause of the climate crisis, the acknowledgement that we must phase out all fossil fuels and massively scale up renewable energy in order to effectively tackle the climate crisis, was both long overdue and extremely significant.

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$18 billion to fossil fuels: Breaking Down the Numbers

Enviromental Defense

Last spring, we released a report – Paying Polluters: Federal Financial Support to Oil and Gas in 2020 – that revealed the federal government announced a minimum of nearly $18 billion to the oil and gas sector in 2020. Companies put their own remediation programs on hold while they waited for the government to pay to clean up their mess.

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With COP29 nearing its end, wealthy countries must deliver on climate finance now

Enviromental Defense

At last year’s COP, world leaders collectively agreed to transition away from fossil fuels – an indication they are ready to stop fueling the fire. Climate finance is like the water needed to put out the fires of climate change – the countries who are facing climate impacts need this tap to start flowing now.

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G20 still paying billions in fossil fuel subsidies

A Greener Life

Two-thirds of the G20’s public finance for energy went to fossil fuels in 2019–2020. The G20 group of nations provided nearly US$200 billion in support of fossil fuels in 2021, despite the worsening impacts of the climate crisis and their pledge in 2009 to phase out “inefficient” subsidies. By Catherine Early.

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China, Climate, and Clean Energy

Legal Planet

However, China will also have to fix problems that have led to an underuse of renewable capacity and a preference for fossil fuel generation on the grid. This is not an accident: the government poured $22 billion into the EV industry starting in 2009. China now accounts for 58% of global EV production, with more than 1.5

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Climate Experts Available to Comment on COP29 from Baku, Azerbaijan and in Canada

Enviromental Defense

Our experts will be able to provide insight on the negotiations at COP29 – including on issues related to climate finance, the energy transition and fossil fuel subsidies. Our team will also be tracking the participation in the negotiations and proceedings by the Government of Canada, provincial leaders, and oil and gas lobbyists.