COP29: Indigenous leaders, campaigners want wealthy nations, billionaires to fund climate solutions through tax

At a powerful press conference on Wednesday at COP29, Indigenous leaders and climate campaigners launched two critical campaigns to underscore the urgent need for wealthy nations and billionaires to take responsibility for funding climate solutions through the launch of The Tax Their Billions Dossier and the Energy of the People campaign.  The press conference coincided with finance day at COP where country negotiators will be discussing how to deliver the trillions needed from wealthy countries to fund the just transition and tackle the climate crisis.

Energy of the People is a community-led, decolonial campaign for energy justice in the Brazilian Amazon. It  advocates for policies that increase access to clean, reliable energy while ensuring Indigenous rights are respected and protected. The campaign highlights how Indigenous and traditional people are pioneering renewable energy solutions in the region, offering a model for a just energy transition that prioritizes the needs and rights of those most affected by the climate crisis. In the Amazon, many communities still rely on diesel-powered generators for just a few hours of electricity each day.

At the same conference, campaigners launched the Tax Their Billions Dossier, calling out eight billionaires for their extreme wealth and the disproportionate role they play in the climate crisis. The Tax Their Billions Dossier targets ultra-wealthy figures such as Bernard Arnault, the Batista Brothers, and the heirs of the BMW fortune, who are accused of paying far less in taxes than their fair share while profiting from industries that fuel the climate emergency. According to the dossier, progressive taxes on extreme wealth could unlock trillions of dollars to help governments in the Global North finance both domestic and international climate efforts, with a focus on supporting vulnerable communities in the Global South.

The press conference coincided with actions taking place in different locations across the globe including Rio de Janeiro, Germany, the UK and France. Photos from Brazil are available here, and photos from Germany, the UK and France are available here as actions unfold.

Speaking at the press conference Nicolas Haeringer, Associate Director of Movement Support at 350.org said: “Global North governments here in Baku are reluctant to pay their fair share, pretending that doing so would burden ordinary people in their countries. This couldn’t be further from the truth. The problem is a lack of political will.

There is a very simple yet efficient way to get there – by taxing the super rich. It’s a great way to achieve climate justice, not just because of resources they have available, but because they are directly responsible for social ecological destruction and climate change. We have launched the Tax Their Billions Dossier to show how and why this would work.”

Ilan Zugman, Director for Latin America and the Caribbean at 350.org, added:  “The Brazilian Amazon provides one third of the electricity in Brazil, but one million majority Black and Indigenous people still don’t have access to electricity, and the people that do have access still rely on old and dirty diesel generators and power plants. On top of that, oil and gas exploitation continues to advance in the region, and climate impacts like fire and extreme droughts are ravaging communities in the Amazon.

In partnership with Indigenous people in Brazil we are launching Energia Dos Povos – Energy of the People. In the world’s largest rainforest the renewable energy revolution is about more than just installing solar panels. It’s about human rights, inclusion, and systemic change to enable communities to make their own decisions about their energy choices. We know that money exists and we must ensure that COP29 delivers on this new climate finance goal, and next week’s G20 in Rio de Janeiro to provide support for taxing billionaires.”

Mariana Paoli, Global Policy Lead, Christian Aid said: “The NCQG is a unique opportunity to keep 1.5 alive and deliver climate justice to communities, those based in the glocal south, most affected by climate change and who have done the least to contribute to it. It is about fairness and justice.

We need to judge the outcomes of these climate finance negotiations on precisely the quality of finance. It is really important that this COP delivers on what the Paris Agreement is all about. We know the money is out there, and that’s what this report is showing. I want to underscore this is about political will. We have another 9 or 10 days to go, and we’ll be campaigning and advocating for this to happen.”