GFC’s UNFCCC COP28 Press Conference | The Illicit World of Climate Finance: Promoting False Solutions To Deny Real Solutions

2 Dec 2023

 Saturday, 2 December, 14:00 – 14:30 Gulf Standard Time (GMT+4)

It is with deep concern that we acknowledge the imminent breach of Code Red, and the urgent need for rapid and immediate emission reductions. In a context where there is no room for false solutions, let alone offsets, there is a noticeable surge in climate finance flows supporting these misleading strategies.

As vulnerable communities grapple with the increasing impacts of climate change, they find themselves left to navigate these challenges alone. Meanwhile, the global north continues to channel public finance towards perilous and unsustainable solutions that perpetuate business as usual. The influence of corporations over global policymaking and UN negotiations has created an environment where real solutions seem remote, unrecognised, and inadequately supported.

The Global Forest Coalition stands in staunch opposition to the corporate-government nexus. Owing to this concerning alliance, Indigenous Peoples, local communities, and women in all their diversities—who are the true agents on the ground—are deprived of both policy and financial support. This deprivation occurs while vast sums are spent on promoting false solutions and subsidising big polluters.

As advocates for equitable, gender-just and rights-based climate policies, we call for an immediate redirection of financial allocations to ensure that the real actors on the front lines receive the support that they urgently require. 

Title: The Illicit World of Climate Finance: Promoting False Solutions To Deny Real Solutions

Date: Dec 2, 2023

Location: Press 2, Press Conference Room 2, Zone B6 – Building 77 , and Live Webcast via this link on the UNFCC COP28 Website

Time: Saturday, 2 December at 14:00 – 14:30 Gulf Standard Time (GMT+4)

Key Points:

1. Exposing the staggering global financial flows into false climate solutions, with more than $1100 billion tied to monoculture plantations, including the African Forest Restoration Initiative 100, the Bonn Challenge, and similar pledges.
2. Using public finance to support REDD+ and propping up carbon markets through financial and policy support from UNDP and countries like Norway, UK and others.
3. Spending billions to subsidise bioenergy generation which does not reduce emission.

Call to Action:

1. Divesting public finance from promoting false solutions; and
2. Redirect such investments to support real climate actions and communities.

Panellists: 

Kwami Kponzo, Africa Focal Point, Global Forest Coalition

Maureen Santos, FASE, Brazil 

Dil raj Khanal, FECOFUN, Nepal

Souparna Lahiri, Global Forest Coalition

Moderator: Chithira Vijayakumar, GFC

CONTACT: Chithira Vijayakumar +91 96339 90688 (WhatsApp, Signal) chithira.vijayakumar@globalforestcoalition.org

Ismail Wolff +33 7 88 85 28 59 (WhatsApp, Signal) ismail.wolff@globalforestcoalition.org