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COP29 in Azerbaijan exposed a stark failure to address the global climate crisis, delivering inadequate and unjust climate finance solutions. Despite urgent calls for trillions in reparative funding for frontline communities, Global North countries limited the agreement to a mere $300 billion by 2035, deepening inequities and prioritizing corporate interests. Loss and Damage discussions fell short, with voluntary commitments reinforcing climate colonialism. This is the ESCR-Net reaction statement of what we witnessed at COP.

The UN General Assembly is expected to approve the terms of reference for negotiation of a Framework Convention on International Tax Cooperation (UNFCITC) in November. This will be the latest milestone in an historic initiative to shift global standard setting on tax cooperation from the Organisation for Economic Cooperation and Development (OECD), which only represents the interests of the 38 most industrialized nations, to the UN, where all countries have a voice.