By Smith Nwokocha

Starting Sept 13 – Sept 20 Actions

#PayUp for Climate Finance

We will end the week with Climate Finance actions. We
urge groups and people’s movements to flood the streets and declare the need
for Climate Finance as dire and immediate. Governments of the Global
North must heed the people rising, demanding at least $5 trillion per year. The
constant denial of obligations is unacceptable. Adequate, public and non-debt-creating
climate finance is urgently needed for mitigation, adaptation, loss and damage
and a just energy transition.

OUR COMMON DEMANDS

1.
Global
North governments provide at least US$5 trillion per year to the Global South
in public finance. This amount must be revised upwards regularly as needed and
be considered as merely an initial payment toward the much larger total climate
debt owed by the Global North.
2.
Adequate climate finance that covers needs for
mitigation, adaptation, loss and damage and just transition
3.
Climate Finance must be public and should not be
driven by profit intrinsic to private investments and corporations
4.
New and additional climate finance contributions on
top of the existing financial commitments of the Global North such as ODAs,
multilateral and bilateral aids, etc.
5.
Non-debt creating climate finance that will not
lead to further exacerbation of the existing debt burden of the Global South
6.
Predictable climate finance that will ensure that
resources are available when and where they are needed most and avoid further
delays in implementing urgent actio
7.
Climate Finance that is channelled through
democratic, transparent and accountable mechanisms and NOT via the existing or
new structures where the Global North dominates governance and designs policies
favouring their geopolitical and economic interests.
8.
Global North governments to tax the
polluters and profiteers and end public subsidies for fossil fuels in
order to mobilise adequate climate finance

CLIMATE FINANCE ESCALATION CAMPAIGN 2024

BACKGROUND PAPER

for consideration of various CSO constituencies in the
climate justice arena and of the wider social movement.

Why must we escalate our efforts this year?

The frequency and intensity of climate catastrophes are
skyrocketing, causing devastating economic and social impacts, especially in
the most vulnerable regions. Decades of inaction and broken promises by the
governments of the Global North have not only compounded these losses but have
also deepened the gross inequalities and injustices endured by communities,
economies, and ecosystems.

This year is a pivotal year for Climate Finance. At COP29 in
Baku, critical decisions will be made to address the soaring costs of urgent
climate action. This year presents crucial political moments that will either
propel us toward the radical transformation needed in our social, economic, and
political systems or doom us to further climate chaos. Delay is no longer an
option— we need to unite and increase pressure on all fronts to ensure decisive
action.

What is the climate debt the Global North owes to the
Global South?

The Global North has an incalculable climate debt owed to
the Global South, stemming from their historical and ongoing greenhouse gas
emissions that have caused and will continue to cause massive losses and
damages. There is a historical, ethical and legal responsibility of
the Global North to repay this debt with urgency based on their fair shares, as
part of a larger historical and continuing social, economic, and ecological
debt owed to the Global South, arising from centuries of exploitation and
inequity.

What do we want?

To begin addressing this climate debt, we demand the governments
of the Global North to provide at least US$5 trillion per year to the
Global South in public finance. The said amount must be revised upwards
regularly as needed, and be considered as merely an initial payment, toward the
much larger total climate debt that continues to accrue. It is important to
emphasize that the current climate debt is immense and incalculable. This payment
provides a realistic, attainable figure for governments of the Global North to
deliver as a starting point in addressing the urgent and rising climate needs
of the Global South.

What is the basis for the US$5 trillion/year ask?

Several studies suggest that the annual finance needed ranges from US$2.3 – US$10 trillion. For example, using the figure of $192 Trillion until 2050, the annual average from 2023 (when the study was released) to 2025 is over US$6.85 Trillion a year. Recognizing that the amounts are all underestimated, we forward the demand that the Global North collectively deliver US$5 trillion
annually as climate debt. This figure does not include the necessary and
appropriate investments that the private sector must provide as part of their responsibility.

Is US$5 trillion per year attainable?

The Global North’s claim of insufficient resources for
development and climate finance is fundamentally flawed and disingenuous. During the COVID-19 pandemic, these governments mobilized an astounding US$16
trillion in fiscal stimulus to support their economies. Additionally, the
G7 spent over US$1 trillion annually funding wars and conflicts globally. This clearly demonstrates that the resources exist—they are just being allocated based on political will and priorities. If trillions can be found for pandemic relief and military expenditures, the same financial commitment must be made to
address the existential threat of climate change.

Is the US$5 trillion the number we demand for New
Collective Quantified Goal (NCQG)?

No. The US$5 trillion per year is an initial payment towards
the climate debt owed to the Global South and serves as a critical barometer for discussions on the scale of the new collective quantified goal (NCQG) on
climate finance. The climate debt is the moral framing for the new climate
finance goal, which has to be needs-based, with a core of public grant-based finance.

What kind of Climate Finance do we need?

In light of the NCQG discussions, it is important to
emphasize that the delivery of Climate Finance, as part of the payment for
climate debt, must be:

✅PUBLIC and should not
be driven by profit intrinsic to private investments and corporations

✅NEW & ADDITIONAL
to existing financial commitments of the Global North such as ODAs,
multilateral and bilateral aids, etc

✅NON-DEBT CREATING and
must not lead to the further exacerbation of the existing debt burden of the
Global South

✅ADEQUATE & PREDICTABLE
to ensure that resources are available when and where they are needed most and
avoid further delays in implementing urgent action

✅COVERS NEEDS FOR MITIGATION,
ADAPTATION, LOSS & DAMAGE, AND JUST TRANSITION

✅CHANNELED THROUGH DEMOCRATIC,
TRANSPARENT AND ACCOUNTABLE MECHANISMS and NOT via the existing or
new structures where the Global North dominates governance and designs policies
favouring their geopolitical and economic interests.

When do we want to raise this?

We suggest (digitally) launching this piece of the global #PayUp campaign around the Heads of Delegation retreat happening in Baku, from July 25 to 28. We see this as a good opportunity to raise the bar of ambition high and enshrine the negotiations around the future climate finance goal in this moral framing and reflect the responsibility of the Global North to pay its climate debt to the Global South. This milestone of the Finance Escalation
is aimed to be complemented by various other moments of action and campaigns, including a Global Day of Action in September during the period of the UNGA and the Summit of the Future.

In Nigeria, Smith Nwokocha, Coordinator, of Quest For Growth
and Development Foundation will be hosting an in-person Community Event (Townhall Engagement) at Oroworukwu Community Phalga LGA Port Harcourt, Rivers State, Niger Delta, Nigeria on Friday the 20th of September, 2024.

https://payupandphaseout.org/sept20/