Side-Event – COP29 / How to make polluters pay for adaptation and loss and damage – a parliamentary view

Link to the livestream: https://youtube.com/live/mRo2xJOI10k?feature=share

Location at the COP29: Parliamentary Pavilion – Blue Zone, Area E, Pavilion G22b, COP29, Baku Olympic Stadium

In this side-event, we bring together Members of the Parliament around the world who bear the responsibility to demand action from their governments and advocate for climate-just solutions. This includes not only effective mitigation action but also implementation and financing of measures to address climate impacts, including targeted financial support for the most affected countries. Together we aim to explore strategies for scaling up finance for climate impact and apply the ‘Polluters-Pay-Principle’ – such as implementing a billionaire tax and a climate damage tax – while also discussing measures on ending fossil fuel finance and subsidies. 

The climate crisis has worsened dramatically – with sincere impacts worldwide. Extreme weather events are happening more frequently and are intensifying, destroying peoples existence and leading to economic losses. With countries from the Global South suffering most existentially – and countries from the Global North being (historically) most responsible. 

Currently, there is a big finance gap for adaptation as well as for loss and damage measures. Also the success of the new “Fund to respond to Loss and Damage (FRLD)” depends on the amount of funding that can be secured, which is closely tied to the current COP29 negotiations around a new climate finance goal (NCQG). 

The global financial needs far exceed existing pledges. The question we face is: how can we scale up finance to deal with climate impacts? And how can we, as Members of the Parliaments, work together to achieve this? 

The event will bring together Parliamentarians from Global South and Global North countries, along with civil society representatives, to discuss concrete options for adequately financing adaptation and addressing loss and damage.

Speakers:

Parliamentarians from Global South and Global North countries

Programm:

12:00-12:05: Welcoming

12:05-12:10: Input from CSO (Germanwatch)

12:10-12:30: Statements/Reactions from the Panel (MPs)

12:30-12:55: Open discussion with audience

12:55-13:00: Wrap up