Expert Review Co-Chairs react to COP29 outcome

It is not. Most experts, including the members of this Independent Expert Group on Debt, Nature and climate would agree that the amounts promised to low- and middle-income countries to address the consequences of climate change are falling well short of what is needed. There also remain numerous question about how the $300 billion figure would be raised and when and by whom. One may conclude that many delegates were so exhausted that they were content to avoid a complete collapse, as happened during the biodiversity COP in Cali last month. But it’s a pyrrhic victory. The inability to agree on more robust language offering a credible perspective of an exit from fossil fuels is another grave omission.

As Co-Chairs of the Expert Review we consider that the outcome from COP29 fails margin to overcome the vicious circle of debt overhang, climate harm and nature degradation in which far too many poor countries find themselves, as we describe in our Interim Report released last month. We are committed as a group to work on a strategy for a politically and environmentally sustainable framework to overcome the challenges and provide a pathway towards a virtuous circle of investments addressing the challenges of a changing climate and depleting biodiversity, leading towards a model of green and sustainable growth in low- and middle-income countries. 

In our final report, to be launched in April next year, we will provide concrete proposals on how to make progress towards raising the funds required for averting catastrophic climate consequences for poorer countries and rich countries alike. The international community has now one year until COP30 in Belén in Brazil. It must use it wisely. We remain determined to work towards preventing another Baku-style debacle and to constructively provide practical and pragmatic solutions to the current conundrum.

We welcome contributions to our work over the coming months from interested stakeholders. We encourage submissions through the consultation page on our website, where it is also possible to sign up to our mailing list.