Photo of the World Leaders Climate Action Summit at COP29 in Azerbaijan (C.C. 4.0)
A major focus of COP29, which took place over two weeks in Azerbaijan, was climate finance. The goal was to reach a new and ambitious climate finance goal with developed nations taking financial responsibility for mitigation, adaptation, loss, and damages to developing nations. Only 30% of the resources needed and requested by the developing countries at the COP29 were accounted for in the final outcome, $300 billion annually by 2035. And the real question is whether even that much will actually be delivered.
COP29 fails to deliver sufficient climate finance for developing countries, growing case for a Fossil Fuel Treaty to complement Paris Agreement
Another key point of disappointment of the COP29 is the undue influence and presence of the fossil fuel industry. Over 1,770 fossil fuel lobbyists received passes to the COP29: a bigger delegation at the conference than the 10 most climate vulnerable nations combined. (Global Witness)
The COP negotiation processes are continuously blocked by developed countries, the polluters, and the fossil fuel industry. Every failure of these negotiations grows the argument for a Fossil Fuel Treaty which would be able to, like the Nuclear Ban Treaty, circumvent the opposition and establish international law based on the will of the world.
The burning of fossil fuels must stop as soon as possible. And on top of that, trillions of dollars are required for countries to reach net 0 greenhouse gas emissions and protect their lives and land from the worsening impacts of climate change. Far more than the number agreed upon at the COP.
Targeting the banks
The biggest banks in the US continue to finance, invest in, and profit from the burning of fossil fuels, as well as nuclear catastrophe. They continue to shirk their environmental responsibility to invest in a just transition.
Last week, with your help, we took on 5 big US banks: Morgan Stanley, Citi, Chase, Bank of America, and Wells Fargo. These banks enable the continued burning of fossil fuels and the continued waste that is the nuclear weapons industry through billions of dollars of financing. We spread the word on social media to publicly shame these companies for their amoral investments. We wrote urging them to redirect their investments towards renewable energy and sustainable initiatives.
Excerpt from a letter sent to Morgan Stanley:
Right now, at the 29th UN Climate Change Conference (COP29) taking place in Azerbaijan, the world is trying to achieve a fair transition away from fossil fuels and to find the funds urgently needed to support the global transition to a low-carbon economy. Your fossil fuel investments are in direct contradiction to these goals.
Meanwhile, according to the Bulletin of Atomic Scientists, the risk of nuclear war is greater now than at any point during the Cold War. The world has adopted the Treaty on the Prohibition of Nuclear Weapons to outlaw these weapons, and continued investments in this industry directly contradict this goal.
By redirecting investments toward renewable energy and sustainable initiatives, Morgan Stanley can play a pivotal role in fostering a sustainable future and fulfilling its responsibility to the planet we live on. Taking this step would not only enhance your reputation as a socially responsible institution but also align with the growing demand from customers for meaningful action on climate finance and ethical banking practices.
In light of the failures of the COP29, we need to keep pressuring the companies and fossil fuel stakeholders who are maintaining this dangerous industry. In only a few weeks, 100 people signed up to receive our action alerts and join the actions against the companies. Together we can make a real impact against the profiteers of global catastrophe.
Sign up for Action Alerts to get in on the action next time we #PressuretheProfiteers behind nuclear weapons and fossil fuels! Stay tuned as we keep spreading information on how to escalate the financial and social pressure against these institutions.