The total amount of climate finance provided and mobilized so far is a pittance compared to the trillions required to finance the climate needs and priorities of the people and countries of the Global South – for mitigation, adaptation, loss and damage, and a just and equitable transition. There are no acceptable reasons for such failures. It is well within the power of governments of the Global North to raise public funds to meet their obligations. They should tax their polluters and profiteers, stop subsidizing fossil fuels, and stop spending for military arms and operations.

Despite the agreed climate goals and mass warnings from climate scientists Global North governments are instead colluding with tax-dodging elites and polluting corporations to expand fossil fuel extraction and production. In 2022 alone, the profits of the oil and gas industry soared to at least $4 trillion from an average of $1.5 trillion in recent years. The continued dangerous extraction and production of coal, gas and oil is incompatible with global commitments to limit warming to under 1.5°C and ensure a livable planet. The world needs a rapid, equitable, and just transition to renewable energy systems and reach real zero by 2050. A huge share of this responsibility to make this happen lies with the governments of the Global North.