Fossil of the Day award presented to the European Union
Fossil of the Day: European Union
Today’s Fossil is awarded to a group of countries that don’t understand the concept of inflation and feign deafness to the calls for ambition. Despite their deep pockets, they are not flashing the cash.
The EU’s high historical emissions and the concept of common but differentiated responsibility means they should be leading with ambition. But word on the street is that EU negotiators are floating a seriously underwhelming quantum of $200-300 billion annually. To put into context, when accounting for inflation, this would mean no additional public finance compared to the $100 billion goal set 15 years ago.
To make matters worse, the EU wants to rely on the private sector to move the trillions, but it’s been proven time and time again that private finance cannot be relied on. The EU likes to pat themselves on the back as the largest provider of international climate finance and for doing their fair share to support vulnerable countries. Yet over half of the EU’s international climate finance is mobilised through non-grant instruments, it’s no wonder many developing countries are facing the worst debt crises since records began.
Yes, we need new sources for climate finance but there are such things as bad ideas. The EU is going rogue – Sweden and Hungary are blurring the lines between carbon markets and climate finance for developing countries but we see through these attempts to spread climate colonialism.
The EU’s objection for the climate finance goal to include clear sub-goals for adaptation and loss and damage is standing in the way of finance reaching those who need it most. We won’t stand for the alternate reality the EU is pushing, they owe a climate debt to the Global South and its time to pay up.
Dishonourable mention: Switzerland
Today’s dishonourable mention goes to Switzerland, a country known for its beautiful landscapes, banks, and high standard of living. Now it is also known for being one of the richest countries globally and the only country that has watered down its commitment to the Glasgow statement signed at COP26.
While their strong engagement on mitigation and gender merits some recognition in the negotiations at this COP, it is their silence on finance which earns them this dishonourable mention. The famed Swiss francs are missing from the Loss and Damage fund and their negotiators are missing in the key discussions around the quantum in NCQG. To round it all off, Switzerland, like the EU, is against sub-targets for mitigation, adaptation, and loss and damage.
It’s time to make polluters pay and the Swiss financial sector is responsible for emissions 18 times higher than Switzerland’s total national emissions, if they were a country, they would rank as the sixth largest global emitter.
As one of the richest countries globally, it’s time to make them pay for the damage they are causing.
Solidarity For Justice: Ukraine
We have witnessed the extraordinary resilience, courage, and commitment of the Ukrainian people to defend their country, upholding democratic values and international human rights. They have demonstrated this strength throughout the 10 years of Russian aggression and now through the more than 1000 days of the full-scale invasion.
While Russia earns billions from fossil fuel exports to sponsor the war and destruction of our climate, the Ukrainians are working tirelessly to rebuild and recover.
Despite the difficulties, Ukrainians have put climate protection as a cornerstone of the recovery process, adopting a climate neutrality target for 2050. All that while working from bomb shelters, subway stations, and hallways, as rockets, drones, and ballistic missiles target and destroy their cities.
Since the beginning of COP29, Ukrainians experienced 435 air raid alarms, with the multiple attacks on cities killing at least 42 people and leaving more than 100 wounded.
We pay respect to climate activists who have paused their fight for climate justice and taken up arms to protect the Ukrainian nation. By standing firm against oppression, Ukrainians embody the principles of bravery and resilience. We recognise them today in their struggle and stand in solidarity with them.
Quote:
“The EU has repeatedly said they want to be the bridgebuilder at COP29. Well, if you want to build a bridge, you need to show something concrete. And on that, concrete numbers or action, it has been deafening silence.
Civil society has trusted that behind the EU’s lack of transparency, there would still be a genuine commitment to finding solutions. Now, we are left questioning whether that trust was misplaced. What is at stake here is not just multilateralism or the credibility of the EU’s international commitments—it is human lives and the health and ecosystems of our planet.
If the EU wants to lead, it must act. The world is watching, and time is running out.”
- Emilia Runeberg, Climate Finance Expert from Climate Action Network Europe.
-ENDS-
Notes to Editors
- The Fossil of the Day awards were first presented at the climate talks in 1999, in Bonn, initiated by the German NGO Forum. During United Nations climate change negotiations, members of the Climate Action Network (CAN), vote for countries judged to have done their ‘best’ to block progress in the negotiations.
- The Fossil award ceremony takes place at 18:00 Baku time in Action Zone 4 (near the entrance to the pavillions)
Contact: Dara Snead, Communications Officer: dsnead@climatenetwork.org/ +44 7356 160136