COP29: Pay up to power forward: finance the transition away from oil, gas and coal

Dear friends of the Fossil Fuel Treaty,

I am writing to you from Baku, Azerbaijan where the 2024 United Nations Climate Change Conference, COP29, has begun against a background of escalating climate impacts. Floods, droughts, severe storms, the Amazon rainforest on fire. We are living through the climate emergency. To add to the evidence of our own eyes, the scientific reports released in the lead up to the 2024 UN Climate Change Summit (COP29) show that the world is off track to confront this crisis - and this is at risk of getting worse with Trump’s return as US President elect.

That is why it is more important than ever that people everywhere step up and show the leadership we need to accelerate the transition and to make it fast and fair. We are building unstoppable momentum and it doesn’t matter who is in the White House.

COP29 in Baku, Azerbaijan follows the historic COP28 agreement to transition away from fossil fuels, confirmed in September this year in the Pact for the Future. Expectations on all governments at this year’s negotiations is to not only uphold this commitment but also advance it with a concrete, actionable plan for the transition in order to address the root cause of the climate crisis - fossil fuels. 

It is clear that our very survival hinges on a firm, global commitment to end the era of oil, gas and coal. COP29 represents a pivotal moment to move past rhetoric and drive meaningful change by setting in motion a clear plan for a fair and fully funded global transition to clean, safe renewable sources. This includes substantial climate finance commitments under the New Collective Quantified Goal, essential for supporting developing countries in the transition, and stronger Nationally Determined Contributions that reflect plans for a fair and equitable phase out of fossil fuels led by historically high emitters.

A Fossil Fuel Non-Proliferation Treaty is a legally binding mechanism that would complement the Paris Agreement and bring this vision to life. A Fossil Fuel Treaty would foster and scale up global collaboration to end fossil fuel extraction, wind down existing production, and manage a just transition to renewable energy for all. At COP29, the growing bloc of progressive nations and allies who endorse the proposal for a Fossil Fuel Treaty will convene and rally political will to build support for this bold initiative. They will not allow big polluting wealthy countries and the fossil fuel lobby, who got us to this crisis, to continue blocking progress and holding us into the past. They are coming together to forge a fossil-free future that does not bend to the dirty, extractivist and colonial capital, and that leaves no single individual, community or nation behind. 

Join us in advocating for COP29 to become a turning point and deliver adequate climate finance, and in pushing for a complementary Fossil Fuel Treaty to protect what we love by accelerating the end of the fossil fuel era for a sustainable future for all!

Rebecca Byrnes

Legal Strategy Director of the Fossil Fuel Non-Proliferation Treaty Initiative

FOSSIL FUEL TREATY EVENTS AT COP29

The push for a financed transition out of fossil fuels: Why we are banking on a Fossil Fuel Non-Proliferation Treaty

14th November, 16:00 - 17:00
Cryosphere Pavilion

Building on the country endorsements for the Fossil Fuel Non-Proliferation Treaty and in connection with the Bridgetown Initiative we will host an event exploring how public and private finance can be mobilised and reformed to support the transition away from fossil fuels, and to strengthen the development of Just Transition pathways in endorsing countries. 

Second Ministerial Meeting of the nation-states forming the Fossil Fuel Treaty Initiative

14th November

The second Ministerial Meeting will give endorsing countries the chance to discuss: the landscape of just transition financing proposals and mechanisms that could be included in a Fossil Fuel Treaty; a work plan, including the support needs to grow the bloc of endorsing countries and better leverage their diplomatic capital; the ongoing work on the legal pathways for a fossil fuel treaty; and the efficient and effective coordination of our Initiative. This meeting is by invitation only and is for representatives of governments. 

Press Conference: Launch of briefing papers on finance and just transition

16th November, 10:30 - 11:00
Press Conference Room 2

Live from Baku we will hold a panel discussion featuring the authors of the two briefing papers on debt and finance that we are launching for COP29:

• “Urgent action to address energy access, debt and climate finance in the Caribbean region”  
• “If it's not Global it's not Just: How a Fossil Fuel Non-Proliferation Treaty can accelerate finance for a global just transition.”

Fossil Fuel Non-Proliferation Treaty Drinks Reception

16th November, 19:00 - 22:00

Join us for a convivial moment with friends and allies from across our network to unwind during the hectic weeks of COP29. We will be offering drinks and light snacks in a relaxed atmosphere where you can network and exchange with Treaty supporters from across the globe.  

You must register for this event as spaces are limited.

Strategy Breakfast for a Fossil Fuel Non-Proliferation Treaty

17th November, 09:00 - 12:00 
Hyatt Regency Baku, Amirov Room

Join us for a breakfast strategy meeting with allies and partners and strategise how we can leverage further support for a Treaty in 2025. This is also an excellent opportunity for networking and meeting allies and we look forward to exchanging ideas and strategies for a successful 2025. You must register for this event.

Press Conference: Assessing final COP29 Outcome

22nd November, 10:30 - 11:00
Press Conference Room 2

As COP29 draws to a close, the Fossil Fuel Non-Proliferation Treaty Initiative hosts experts and campaigners as they share their analysis of the key issues and outcomes and look forward to COP30.

RESOURCES

The Global Just Transition Pillar of the Fossil Fuel Treaty

Briefing for Policymakers

New Collective Quantified Goal (NCQG) Brief

If it's not Global it's not Just: How a Fossil Fuel Non-Proliferation Treaty can accelerate finance for a global just transition

Advisory Memo: Fossil Fuel Commitments in Nationally Determined Contributions under the Paris Agreement

How a Fossil Fuel Treaty will accelerate the goals of the Paris Agreement