Youth urge countries to rapidly phase down all fossil fuels and step up for climate finance

Petersberg Climate Dialogue: International Youth Demands Accelerated Climate Action

Youth urge countries to rapidly phase down all fossil fuels and step up for climate finance

Berlin, 3. May 2023

YOUNGO, the Children and Youth Constituency to the United Nations Framework Convention on Climate Change (UNFCCC), is on the ground to pressure countries to deliver on their promises and speed up their climate actions immediately. On the 2nd and 3rd of May, the Petersberg Climate Dialogue is taking place in Berlin to discuss, negotiate and decide on the agenda for climate ambition at the 28th United Nations Climate Change Conference, also known as COP28. Shreya K.C. , co-Contact Point of the Nationally Determined Contributions (NDCs) working group, shares her expectation: “The IPCC report highlights the significant disparity between fossil fuel investments and climate action, resulting in increased losses and damages. A drastic shift towards large investments in climate solutions is crucial to reverse this trend.”

Justice and Well-being at the Center of Climate Action

Climate action is not a self-fulfilling purpose, the actual goal is the well-being of all people in respect to our human rights and intergenerational equality for a healthy planet. Collaborative efforts among nations should focus on the equitable distribution of goods and resources with a particular emphasis on aiding low-income countries. A lack of insufficient financial access and provisions or interest rates should not obstruct mitigation and adaptation efforts and the upscaling of renewable energy. Financial capital exists and therefore, the redirection of finance will be crucial to ensure that. As the basis for this justice, the climate debt of countries in the Global South must be canceled. The inclusion of youth and marginalized groups in the decision-making processes on climate finance is paramount to ensure fair and effective measures.

Global Goal on Renewable Energy

In addition to mitigation targets, a global renewable energy goal, and a global energy efficiency goal will be key in enabling a rapid phase-out of fossil fuels. Goals on renewable and efficient energy can shift the focus from withdrawing fossil energy sources to building a sufficient, cheap, and clean energy system for all. These goals can constitute an important part of a clear action plan for an equitable phase-out of all fossil fuels and a concrete roadmap for national supporting infrastructure development, but they always need to be complementary to mitigation and emission reduction targets. Concrete targets with peak emissions and ambitious timelines are crucial for achieving this transformation.

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No More Fossil Fuel Subsidies

YOUNGO urges governments and private stakeholders to withdraw investments in and stop subsidies for fossil fuels immediately. This is a question of political will. Frequently, fossil fuel subsidies benefit the wealthiest and undermine the effectiveness of carbon price signals. We demand that not only national governments but also cities, subnational governments, banks, and business people make the right decisions. Some are leading by a good example having endorsed the fossil fuel non-proliferation treaty. Join them and keep your promises!

Shifting Trillions

To achieve a just energy transition, climate finance needs to be scaled up. Therefore, YOUNGO is pushing for a fundamental reform of the International Finance Architecture to guide financial flows in line with the Paris Agreement and promote equitable burden sharing for Global South countries. This especially includes a new structure for the International Monetary Fund, the World Bank, and other Multinational Development Banks. At the Petersberg Climate Dialogue, countries also have to take steps to enable innovative mechanisms for scaled-up climate finance and holding the private financial sector accountable. With the huge success at COP27 in establishing a fund for Loss and Damage, it is crucial to keep up the effort and deliver applicable solutions with equity and justice considerations until COP28. Right now, the countries must pave the way for common ground on Loss and Damage finance and operationalise the new fund so that it delivers for those most affected. This rapid mobilization of finance is possible as the Covid-19 pandemic has shown.

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Romie Niedermayer , a YOUNGO Contact Point for the Finance Working Group, stresses the urgency of a financial transformation: “We are only able to hold to the Paris Agreement if we shift the trillions to provide needs-based, accessible, and additional climate finance for mitigation, adaptation and loss and damage. Efforts must be taken this year to tackle the debt crisis and put the financial needs of the Global South in the center of action“

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Our future depends on the actions we take today. The Petersberg Climate Dialogue, as well as every multilateral process ahead, needs to deliver concrete action on the climate crisis. We don’t have the time to delay action, while injustices are omnipresent already and ever increasing.

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Press contact

If you have any questions, please reach out to our communications team ([email protected] ) or our media contact on the ground, Romie Niedermayer ([email protected]).