Justice-Based Climate Finance for COP30 and Beyond

Climate finance is a critical component of achieving the goals of the Paris Agreement and addressing the root causes of the climate crisis. However, COP29’s $300 billion finance agreement fell vastly short of what low-income countries require to meet their climate goals, and is predicated on furthering extractive and colonial financing mechanisms. A justice-based approach to climate finance not only supports the goals of the Paris Agreement, but also addresses deep-rooted inequalities that drive the climate crisis. Just 23 wealthy countries are responsible for fifty percent of historical emissions. Wealthy countries, whose carbon-intensive economic growth is responsible for the bulk of historical greenhouse gas emissions, owe low-income countries at least $5 trillion annually in climate reparations. The report provides a policy analysis of climate finance, offering key recommendations for governments at COP30, and outlines strategies for justice-centered climate finance approaches, including: funding women’s and Indigenous Peoples' climate leadership and programs; integrating the care economy into climate finance; redirecting funds away from climate destruction and false solutions; and financing community-led solutions and a Just Transition.