No matter who we are or where we live, we all share a desire to heal our planet and secure a livable future for all. However, the latest climate finance goal text (proposing a New Collective Quantified Goal of $250 billion by 2035) shows how the world’s wealthiest countries choose to act against this shared goal. Despite having the means to raise trillions—through progressive measures such as taxing extreme wealth, implementing windfall profit taxes, and ending harmful fossil fuel subsidies—wealthy nations are failing to meet their obligations under the Paris Agreement. Instead of committing to robust public financing that aligns with their historical responsibility, they have presented insufficient financial targets that pass the burden onto developing nations.
Dr. Maria Ron Balsera, CESR’s Executive Director, expressed her deep concern over the latest developments:
“The wealthiest nations have the resources and the responsibility to lead us toward a sustainable future, but their refusal to take meaningful action is a betrayal of the world’s most vulnerable communities—and of future generations. At COP29, they’ve shown that maintaining systems of privilege and power takes precedence over preventing planetary catastrophe.”
This reluctance to act boldly perpetuates injustice. It leaves the Global South, which has contributed least to the climate crisis, grappling with escalating impacts and inadequate resources. Solutions exist: taxing just 0.5% of extreme wealth globally could raise $250 billion annually, while a 90% windfall tax on fossil fuel corporations could generate nearly $1 trillion. These actions would not only fund the $1.3 trillion needed annually for climate action but also uphold the principles of equity and climate justice.
Instead, COP29 has seen attempts to expand the contributor base to middle-income countries and an overreliance on loans and private sector financing, perpetuating cycles of debt and inequality. This is a deliberate choice to prioritize short-term economic gains for the few over the long-term survival of people and the planet.
But it’s not too late to change course. By redesigning the world’s economy and centering the voices of those most affected, we can create a future where the health of the planet and the dignity of all people are protected. Wealthy nations must step up to their responsibilities now—not tomorrow—and demonstrate global leadership by funding a livable, sustainable future for everyone. Let’s get a decent NCQG deal done!