26 Nov 2024 – COP29: Talks end with utterly inadequate deal on climate finance and just transition

The global trade union movement expresses profound disappointment at the conclusion of the latest COP29 climate talks.

26-11-2024

Climate Azerbaijan
The agreement reached is woefully insufficient to meet the urgent demands of the climate crisis.

“This so-called deal is utterly inadequate, and an insult to working people and the countries of the Global South. COP29 has failed workers and communities worldwide.

“Rich, developed countries have ignored their responsibility to deliver the finance needed to tackle the climate crisis in the Global South, and they have refused to prioritise the implementation of Just Transition policies.

“Workers are at the heart of climate action, but once again, they have been excluded from the process. There will be no effective climate action without protecting current and future workers. Climate justice is social justice, and this COP has undermined both.” ITUC General Secretary Luc Triangle

The outcomes of COP29 fall short in two critical areas:

Climate Finance: The agreement to mobilise US$300bn from a wide variety of sources, including development bank loans and private finance, over ten years in 2035 is woefully insufficient. This falls far below the minimum US$1.3tn per year required to address the climate needs of developing countries. The lack of a robust commitment to public, grant-based finance exacerbates the crisis, leaving vulnerable nations at risk of deepening debt distress.
Just Transition Work Programme (JTWP): Despite the urgency, meaningful discussions on implementing Just Transition policies were sidelined. The absence of a decision on the JTWP is deeply disappointing for workers and communities on the frontlines of climate impacts.
ITUC General Secretary Luc Triangle added: “Workers, particularly in the Global South, face the devastating effects of climate change now. They urgently need policies that secure a fair and equitable transition to a sustainable future. The erosion of trust and fairness in the negotiation process at this COP has made future progress even more critical.

“Looking ahead, the global trade union movement calls for renewed focus on Just Transition at the international level. We will increase our work to prioritise climate action that supports workers’ jobs and livelihoods, developing countries in building resilient, carbon neutral economies and social justice. We will urge governments and employers to do the same.

“The ITUC remains resolute: climate action must work for all, with no one left behind.”

The ITUC will present these priorities at the UNFCCC negotiations in Bonn, Germany and Belem, Brazil planned in 2025.