Allied for Climate Transformation by 2050 (ACT2025) has called on G7 nations to prioritize COP29's successes.

The G7 nations are being urged to mobilize resources strategically, avoid exacerbating debt, lead by example in ending fossil fuel financing, increase adaptation and loss/damage funding, and present ambitious climate plans, while setting a high standard for global climate action.

ACT2025, a coalition advocating for ambitious and equitable climate outcomes, urges the G7 to support annual targets aligned with the UNFCCC's Needs Determination Reports, totaling $6 trillion for 2021-2030. This includes prioritizing public grants, concessional finance, and enhanced access to climate finance, as well as scaling up private sector investment, to achieve low-carbon and climate-resilient prosperity for all.

"This goal should contain clear sub-targets that address the needs of developing countries for mitigation, adaptation, and addressing loss and damage, and it should be designed to enable timely, transparent, and comparable public tracking (as countries already do for Official Development Assistance)."

In an open letter, ACT2025 urged G7 countries to prioritize long-term global interests over short-term political gains and electoral considerations, recognizing that true multilateralism requires building policies that benefit all nations and future generations, and that COP29's success depends on this collective approach.

According to various estimates, developing countries will require a significant investment of between $5.8 trillion and $13.6 trillion by 2030 to fund their climate change mitigation and adaptation efforts.

ACT2025 urges the G7 to explore innovative financing solutions, including international taxes, to increase grant funding and highly concessional support for climate action in the most vulnerable countries.

They called for debt restructuring and relief measures to enable developing countries to allocate resources towards climate action and achieving the Sustainable Development Goals.

"And we ask that you ensure that the new climate finance goal is equitable and does not perpetuate a system that puts millions of dollars into climate action loans in developing countries, only to burden them with billions of dollars in repayments to creditors, further indebting already vulnerable countries. The approach of combining sources of finance must make the best use of different sources and instruments for greater climate action and justice, with a commitment to providing coordinated, programmatic funding in support of developing countries’ development and climate priorities."

ACT2025 calls on developed countries, particularly the G7, to take the lead in climate action, setting a strong example by turning their commitments into tangible actions. This includes phasing out fossil fuel subsidies by 2025, ending all fossil fuel financing, and redirecting those resources to support climate resilience in developing countries. While mitigation is crucial, adaptation and addressing loss and damage must not be overlooked. ACT2025 urges the G7 to provide immediate, increased, and additional funding for these efforts, including a historic financing package for International Development Association (IDA) countries in the next replenishment cycle.

"This finance must respond to the urgent needs of vulnerable countries suffering from escalating impacts of climate change," the open letter said. 

As G7 countries revise their Nationally Determined Contributions (NDCs) by early 2025, ACT2025 urges them to seize this opportunity to send a strong signal that will put the world on a decisive track to rapid and deep GHG emissions reductions. This requires setting ambitious economy-wide targets, sector-specific goals to phase out all fossil fuels, and committing to reduce emissions by at least 43% by 2030, 60% by 2035 (from 2019 levels), and achieving net-zero emissions by 2050 at the latest.

"Vulnerable nations and communities worldwide are looking to the G7 for leadership in addressing the climate crisis. We urge you to seize this opportunity to make a meaningful impact by adopting ambitious climate finance goals, thus demonstrating unwavering commitment to climate action and solidarity with vulnerable countries. The stakes couldn't be higher, and now is the pivotal moment for you to once again demonstrate unrivaled global leadership and to invest accordingly for the future we all envision."

ACT2025, a consortium of experts and thought leaders from vulnerable developing countries and regions, is working to address critical gaps in global climate action during this pivotal decade. As climate change impacts intensify, ACT2025 is pressing G7 leaders to prioritize the fulfillment of their commitments, ensuring swift and effective action to protect the most vulnerable populations and regions.