In the year of climate finance, and a few weeks away from the 29th Conference of the Parties (COP29), where a new collective quantified goal will be approved, the undersigned organisations and people urge ministers and negotiators to design and approve a new objective that takes into account the needs and priorities of developing countries, changing the direction and dynamics of climate financing to increase its fairness, equity and effectiveness.

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Therefore, we urge that the new objective:

 

• Clearly reflects the existing obligations that developed countries have with developing countries; that is, the principles and provisions of the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement. In particular, it is essential to recognize that the new objective is part of Article 9 of Paris and that it must be based on principles such as common but differentiated responsibilities (CBDR).

• Is based on the provision of public finance, which is essential to reach those spaces where the private sector cannot or is not interested in reaching, as is often the case in adaptation. And whose allocation should be given mainly in the form of donations and concessional instruments, especially for adaptation, avoiding more debt to countries, which reduces their fiscal space.

• Ensures closing the gaps between mitigation and adaptation finance, through an increase in adaptation finance and contributing to loss and damage finance, as the resources of the Loss and Damage Fund remain insufficient to address the magnitude of the challenge.

• Ensures greater access to finance, which must not only be more agile and simplified, direct and predictable, particularly for populations living in situations of climate vulnerability, but also improve the quality of finance, guaranteeing the respect of human rights, gender equity and sustainability.

• Takes into account the needs and priorities of developing countries that are more vulnerable to climate change, providing more finance for adaptation and recognizing that the needs have a changing nature, so its review should be done every 5 years with an update that does not exceed the 10 years.

• Promotes equity in the distribution of finance, based on the needs and priorities of developing countries. As well as promoting the inclusion of local communities and Indigenous Peoples, women and youth, among other vulnerable groups, in the corresponding decision-making processes.

• Uses transparency arrangements based on existing ones, especially the enhanced transparency framework established by Article 13 of the Paris Agreement, in whose revision adjustments can be made for the integration of the new objective, avoiding additional burdens on the countries.

• ​Is based on an amount that, although it will not cover all finance needs, must address the most important, immediate and transformative ones. The amount must consider needs valued in at least 5-6.8 trillion dollars (for the implementation of Nationally Determined Contributions up until 2030 according to the Second Needs Report developed by the Standing Committee on Finance, UNFCCC) and the current trends.

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Link to the call in Spanish: https://forms.gle/S7MJPwucL9A4JHi36