Luxembourg should spend €600m annually on climate mitigation, says campaign group

Campaign group Action Solidarité Tiers Monde (ASTM) has said Luxembourg should spend €600 million each year on climate mitigation measures, arguing that the country must step up its “fair share” contribution to global efforts to limit warming to 1.5 °C.

The appeal comes ahead of COP30 in Belém, Brazil, as civil society organisations warn that current emission reduction targets are far from sufficient and that industrialised nations have a moral responsibility to support countries in the Global South most impacted by climate change.

ASTM issued a joint warning along with several other NGOs at a press conference on Monday that current global commitments are far below what the science requires as necessary.

“Limiting global warming to 1.5°C is still possible, but only if countries immediately revise their pledges,” said Raymond Klein, coordinator of ASTM’s climate group. “Right now, existing targets risk locking in a world heated by 2.5°C or more.”

The warning comes following the latest IPCC reports, which stressed that the extreme weather events currently experienced around the globe will multiply if countries fail to meet climate commitments.

Financing the transition

Climate financing is set to be a key issue at the upcoming COP30 summit. Under the Paris agreement, developed countries are legally required to support mitigation and adaptation efforts in the Global South.

Yet the New Collective Quantified Goal (NCQG) agreed at COP29 – $300 billion (€256 billion) per year – falls far short of the $1.3 trillion (€1.11 trillion) per year needed, campaigners have said.

Civil society organisations, such as Climate Action Tracker and Climate Action Network, argue that emission reductions must follow “fair share” principles, taking into account historical emissions and per-capita responsibility.

ASTM estimates Luxembourg’s fair share at €600 million annually. “It’s a matter of justice,” said David Hoffmann, ASTM’s political advocacy officer. “Industrialised countries caused the problem, and yet southern nations bear the greatest costs without the means to respond. Luxembourg must step up its contribution immediately.”

ASTM also warns against the “financialisation” of nature – such as carbon credits or debt-for-nature swaps – which can allow wealthy countries to avoid real emissions cuts while harming biodiversity and local communities.

“We hope Brazil’s presidency will represent the global public interest, not just national priorities,” Hoffmann said. “The world needs leadership that prioritises both ambition and fairness.”