‘Make Big Oil pay’ campaign takes over COP29 website as report projects record fossil fuel emissions in 2024

NGO Global Witness has launched a campaign to make fossil fuel companies pay for climate damages on a COP29 website, as a new report reveals that fossil-related emissions are nowhere near reaching their peak.

The campaign, called #PaybackTime, is hosted on the cop29.com web address, as a way to gain attention during this year’s UN climate summit – whose official website is cop29.az – and to denounce the hypocrisy of holding climate talks in a petrostate.

It seeks to “unite the millions of people demanding climate justice”, gathering signatures to demand that Big Oil contribute to the Loss and Damage fund created last year at COP28 to help the world’s most vulnerable countries adapt to climate change.

“The US$702 million pledged so far is just a drop in the ocean. Fossil fuel companies rake in billions. They must pay into the fund to help communities rebuild, adapt, and repair some of the damage they've caused,” the NGO states.

Global Carbon Budget: fossil emissions show ‘no sign’ of nearing peak

The call comes at a time when many oil and gas companies around the world are backtracking on their climate commitments, investing in production expansion instead – even as climate researchers and most governments have made it clear we need to transition away from fossil fuels.

According to the latest Global Carbon Budget report, fossil fuel-related CO2 emissions are expected to reach 37.4 billion tonnes in 2024 – up 0.8% from last year – as climate researchers note that there is still “no sign” that these emissions are nearing their peak.

As global leaders gather to discuss climate action in Baku for COP29, the latest Global Carbon Budget report is a reminder of the missed opportunity of recent years. 

“Time is running out to meet the Paris Agreement goals – and world leaders meeting at COP29 must bring about rapid and deep cuts to fossil fuel emissions to give us a chance of staying well below 2°C warming above pre-industrial levels,” said Professor Pierre Friedlingstein, of Exeter’s Global Systems Institute, who led the study.

Land use emissions projected to rise again

Emissions from land use change, such as deforestation, are expected to reach 4.2 billion tonnes this year, rising again after dropping by 20% in the last decade due to recent increases in wildfires and deforestation, exacerbated by droughts.

Still, permanent CO2 removal through reforestation and afforestation projects is offsetting about half of permanent deforestation emissions.

With both fossil fuel and land use emissions on the increase, global emissions could reach up to 41.6 billion tonnes this year, breaking last year’s record of 37.4 billion tonnes.

Carbon dioxide removals through technologies such as carbon capture and storage and direct air capture – both of which are being bet on by polluting companies as a significant decarbonisation lever – only account for about one-millionth of the CO2 emitted from fossil fuels at this time.