The International community must emphasize climate justice, advocacy group Amnesty International said Thursday. In a financial mobilization statement issued before the World Economic Forum in Davos, the organization highlighted the shortcomings of existing climate finance strategies, which do not adequately tackle the growing effects of climate change, especially in low-income and climate-sensitive countries.
Amnesty emphasized the urgency for fair and adequate financial mechanisms to confront the climate crisis. During the COP29 talks in Baku, wealthier nations committed to raising $300 billion annually by 2035 to assist poorer countries. However, this pledge falls significantly short of the $1.3 trillion per year by 2030 advocated by African nations and other proponents of climate justice. Experts argue that $5 trillion in annual reparations is necessary to address historical emissions debts by affluent countries, funds critical for adaptation, relocation, and addressing loss and damage caused by climate change.
Reallocating the $7 trillion in annual fossil fuel subsidies is another vital step. These subsidies not only harm the environment but also deplete government resources that could be redirected toward renewable energy, sustainable infrastructure, and social safety nets. The Fund for Responding to Loss and Damage (FRLD), launched at COP27, exemplifies a crucial initiative for addressing climate-induced damage. However, with only $745 million pledged so far, it remains underfunded.
Amnesty also calls for a binding UN Framework Convention on International Tax Cooperation. As emphasized during International Court of Justice hearings on climate obligations, illicit financial flows and weak tax regimes hinder low-income nations’ ability to build climate resilience. Progressive taxation could facilitate a fairer allocation of resources, enabling sustainable growth in these regions.
Amnesty’s statement underscores the need for human rights principles in climate finance governance. Transitioning away from fossil fuels must include comprehensive strategies to support affected workers through retraining, education, and social programs, ensuring that the shift does not exacerbate existing inequalities. The organization’s clarion call aligns with growing frustration from climate-vulnerable nations. As highlighted during the ICJ hearings, wealthier states’ legal and moral obligations to combat climate change remain unfulfilled. Amnesty’s appeal reinforces the necessity of global collaboration and equitable financial contributions to secure a livable future.
The COP29 finance agreement heralded as a step toward climate action, was criticized for being insufficiently ambitious. Representatives from small islands and developing states staged a walkout, frustrated with delays in securing actionable commitments. They emphasized that the existing agreement—while promising in rhetoric—lacks binding mechanisms to enforce financial contributions and prioritize the most climate-vulnerable regions. Amnesty’s statement echoes this discontent, criticizing the failure of high-income nations to deliver on previous commitments. For instance, the 2020 promise of $100 billion annually remains unmet, further eroding trust among nations.
