Today at COP29 in Baku, a session co-organized by the Center for Economic and Social Rights (CESR), Climate Action Network International (CAN), ActionAid and Christian Aid, brought global leaders and advocates together to discuss “Climate Finance at COP29: Myth Busting and State of Play in Negotiations”. Moderated by Rebecca Thissen from CAN, the discussion featured key speakers, including Harjeet Singh, Teresa Anderson, Mariana Paoli, and Dr. María Ron Balsera, Executive Director of CESR. Together, they highlighted the urgent need for fair climate finance and dismantled persistent myths undermining progress.
Scene setting: why climate finance matters
The panel stressed the disproportionate burden borne by the Global South in addressing climate change. Harjeet Singh warned of spiraling loss and damage (L&D) costs without adequate funding for fossil fuel transitions. Dr. Ron Balsera framed climate finance as a matter of reparations rooted in human rights obligations, emphasizing fiscal reforms to secure grant-based public financing of $1.3 trillion annually—not as charity, but as justice. These insights draw from CESR’s work, including its primer on reparations, which connects human rights principles with climate justice.
Myth-busting the climate finance narrative
Speakers tackled entrenched myths in climate finance:
• “Developed countries met their $100 billion goal.” Mariana Paoli clarified how these figures obscure the reality of unmet commitments.
• “Loans are as effective as grants.” Teresa Anderson explained how loans exacerbate debt crises in vulnerable nations.
• “There’s not enough money.” Dr. Ron Balsera debunked this claim, emphasizing that fossil fuel subsidies amount to $7trillion p.y. Reducing military spending and implementing persuade tax reform, including green taxes, would provide several times the €1.3trillion in public grant- based climate financing demanded by developing countries.
• “Expanding the contributor base solves the problem.” Harjeet Singh stressed the importance of holding historically responsible nations accountable.
As co-organizers of this session, CESR reinforced the critical link between human rights and climate finance. Aligning these frameworks is essential to tackling the climate crisis as a matter of justice, not just environmental necessity. For more insights, explore CESR’s primer on reparations and our vision for rights-based climate justice.
Amplifying demands: the #PayUp action
Representing CESR, Maria Ron Balsera joined the #PayUp action organized by Climate Action Network International. Holding the letter “A” in the action, she symbolized the call for accountability from developed nations to fulfill their overdue climate finance commitments.
The New Collective Quantified Goal (NCQG) negotiations must go beyond incremental edits to ensure robust L&D provisions, prioritize transparent public grants over loans, and deliver meaningful support to the Global South. Wealthy nations cannot delay—this is a moment for fiscal justice and reparations.