Natalie Milde

📖 NEW REPORT: A fair share of climate finance? The collective aspects of the New Collective Quantified Goal In 2022, 'developed' countries finally achieved the goal of channelling $100 billion per year in climate finance to 'developing' countries. But despite this, nearly half of 'developed' countries failed to contribute their fair share. The US contributed just 32% of its fair share, leaving a $30 billion shortfall. Other countries like Norway and France picked up the slack and contributed over 200% of their fair share. One of the central issues with the $100 billion goal was this lack of accountability. As we build towards COP29 Azerbaijan where the goal's successor will be agreed, in partnership with the Zurich Climate Resilience Alliance, we have dug into what this means for the collective aspects of the New Collective Quantified Goal (NCQG). So what can the NCQG learn from the $100 billion goal? ➡️ The lack of individual accountability potentially reduced the total amount of climate finance provided, which is why many 'developing' countries are calling for a burden-sharing mechanism. ➡️ A burden-sharing mechanism would apportion responsibility for the relevant quantitative element of the new goal among 'developed' countries, holding each to account for their 'fair share'. ➡️ The NCQG should be about enhancing the quality and quantity of climate finance, and there is scope to allow other countries to assess their own capability to contribute. Read our latest 'fair share' report from Laetitia Pettinotti, Tony Mwenda Kamninga and Sarah Colenbrander: https://lnkd.in/eTR7X-37 #ClimateFinance #COP29 #NCQG #UNFCCC

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For the NCQG to be successful, it must include sub-goals for mitigation, adaptation and loss and damage, to address current funding imbalances and ensure that finance for adaptation and loss and damage do not get lost or eclipsed by support for mitigation efforts. Denia Syam, Resilience Program Manager and Advocacy Specialist for Mercy Corps in Indonesia, has been working on climate-related issues in the country for 14 years. “I have witnessed first hand the devastating impacts, particularly in coastal areas. The area of Greater Pekalongan, for example, is frequently affected by severe flooding and sea tides. I welcome the establishment of the Fund for responding to Loss and Damage but it now must be sufficiently filled in order to deliver. This is why I believe that the NCQG must include loss and damage as one of its sub-goals.” More: https://lnkd.in/eUYG9Ef5 

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🌍 In 2024, the stakes for #ClimateFinance are at an all-time high. 🚀 This year, it’s crucial that we ensure ambitious climate goals are both set and met. 💼🌱 🔹 Last year’s UN climate negotiations called for an urgent phase-out of fossil fuels, highlighting the massive investment needed in clean energy. Developing countries require an estimated $2.4 trillion annually by 2030! 💸🌞 🔹 The poorest communities, hardest hit by climate impacts, need our focus. This year, we must reform multilateral development banks, address debt, and initiate innovative taxation. 🌐💡 🔹 With the World Bank’s 80th anniversary, it’s time for a major shift to align with the Paris Agreement and ease access to climate finance. 🏦🔄 🔹 Addressing debt is crucial, as fiscal crises exacerbated by climate change hinder borrowing for climate action. 📉🌪️ 🔹 New taxes on polluters and innovative financial solutions are essential. From taxing fossil fuel profits to levies on luxury emissions, these funds can drive substantial climate action. 🛢️✈️💰 🔹 With COP29 approaching, these steps are vital for a successful outcome. We must learn from history to ensure this time, our goals are backed by effective systems and revenues. 🌍🔗 ⛓Visit CYNK🌍https://www.cynk.io/ #ClimateAction #Sustainability #COP29 #RenewableEnergy #CleanEnergy #GlobalWarming #ActOnClimate #EnvironmentalJustice #EcoFinance #GreenTech #ClimateCrisis #FinanceReform Faith Kilimo ACCA, Yussuf H., Chinma George, Ure Utah, Fadekunayo Adeniyi, PhD, Julia Conrad, William Holden, Justus Njeru, Humphrey Waweru ( BSc., MSc), CHUMA (MC) MANNERS (CGMA, MBA), ELVIS PAUL Nfor TANGEM MIEnvSc, CDPM 2, CEnv. Chevineng scholar, Zeph Kivungi, Peter Karichu, CFA, George O., Joyce Oginde, Jeremiah Williams, Ọlasunkanmi Abioye, CFA, Henry Sseggujja, Kofo M. Oduntan, Michael K., Esohe Braimah, Collins Otieno, Ingwell Kuil, Diana Muthike Thomas, Pedro Anglaze Chilambe, Julie Brown, Wilson Ibikunle, ACIB, MCILRM, Patrick Nganga, Wilfred M., Amisa M., Helimah Kemboi, Adewole Lawal, Wanjohi Theuri, Jeremy Riro, Davy Rutajoga, Victor O., Eve K., Millicent Omala, Kennedy Lamwenya.

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$250 billion per year in #ClimateFinance by 2035 as proposed in the latest #COP29Baku draft is woefully inadequate. The #Adaptation Gap Report shows $400 billion is needed annually just for adaptation alone. This shortfall jeopardise our planet’s future. The draft also Invites developing country parties to make additional contributions. The world deserves real ambition, not diluted responsibility.

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🚨 NEW Report!🚨 This year, the New Collective Quantified Goal on climate finance (NCQG) will finally be agreed. Among the many elements still to be discussed are the goal's 'access' features - that is, how and via what channels recipients can actually access this finance. This has been a long standing issue for international climate action, and the NCQG offers an opportunity to course correct and embed the enhancement of access to climate finance into the new goal. To support the enhancement of access under the NCQG, ODI present a series of recommendations, including: ➡️ Formalise the concept of access to climate finance and its processes. ➡️ Establish timeframes for all access features within the timeframe set for the NCQG ➡️ Provide for a periodic independent evaluation of all climate finance channels, in particular bilateral ones, including from an access perspective. Read the full report from ODI Research Fellow Michai Robertson at the link below https://buff.ly/3TonfW2.

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We are rapidly approaching the deadline for the #ParisAgreement, yet progress remains far from sufficient. This year's COP will be crucial for shaping future discussions on #climateaction, particularly in the realm of finance. Especially the topics such as new climate finance goals, the current international financial framework, and strategies for designing Nationally Determined Contributions (#NDC) that facilitate investment in climate-resilient infrastructure. Having recently participated in the Petersberg Climate Dialogue (PCD), I had the privilege to shared Indonesia's perspective on how the Ministry of Finance can play a proactive role in supporting the development, financing, and implementation of NDCs. It is disheartening to note that only 29% of respondents in a 2021 survey conducted by Coalition of Finance Ministers for Climate Action reported actively contributing to NDC development in their countries. I shared the stage with other prominent speakers including, HE Svenja Schulze, HE Marina Silva (Minister of the Environment and Climate Change, Brazil), Amar Bhattacharya and Warren Evans. The discussion at the PCD also brought to light contrasting views on the responsibilities of developed versus developing countries in financing climate action. While emerging nations advocate for greater support from historical emitters, developed countries hold a different perspective on this crucial issue. I am proud to stand in solidarity with other developing nations in advocating for a fair and inclusive approach to designing the new climate finance goals. It is imperative that the specific needs and priorities of developing countries, such as the imperative for a #justtransition, are taken into consideration in these discussions. Addressing the $1.6 trillion investment gap required to shift from brown to green energy is essential for achieving sustainable growth and climate resilience. Indonesia is committed to leading by example in mobilizing transition financing through initiatives like the Just Energy Transition Partnership (JETP) and the Energy Transition Mechanism (ETM) Country Platform. Additionally, we are actively updating our Indonesia Taxonomy for Sustainable Financing and supporting the development of the ASEAN Taxonomy for Sustainable Finance Version 2 to promote transition activities. On a global scale, Indonesia is playing a significant role in various climate forums as the Co-chair of CFMCA and actively participating in the #G20 Sustainable Finance Working Group and G20 TF-CLIMA. As we navigate the complex challenges of #climatefinance, cooperation and collaboration among nations will be paramount in achieving our shared #climategoals.

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As climate impacts intensify and hit the world’s poorest, The Adaptation Gap Report 2024: Come hell and high water finds that nations must dramatically increase climate adaptation efforts, starting with a commitment to act on finance. The report finds that progress in adaptation financing is not fast enough to close the enormous gap between needs and flows, which contributes to a continued lag in adaptation planning and implementation efforts.  International public adaptation finance flows to developing countries increased from US$22 billion in 2021 to US$28 billion in 2022: the largest absolute and relative year-on-year increase since the Paris Agreement. This reflects progress towards the Glasgow Climate Pact, which urged developed nations to at least double adaptation finance to developing countries from US$19 billion (2019 levels) by 2025. However, even achieving the Glasgow Climate Pact goal would only reduce the adaptation finance gap, which is estimated at US$187-359 billion per year, by about 5 per cent.  The report calls for nations to step up by adopting a strong new collective quantified goal for climate finance and including stronger adaptation components in their next round of climate pledges, or nationally determined contributions, due in early 2025.  Given the scale of the challenge, bridging the adaptation finance gap will also require innovative approaches to mobilize additional financial resources. Strengthening enabling factors is crucial to unlock innovative adaptation finance. An investment in strategic and transformational adaptation that is harder to finance will also be needed. Adaptation financing needs to shift from reactive, incremental, project-based financing to more anticipatory, strategic and transformational adaptation.  In addition to finance, there is a need to strengthen capacity building and technology transfer to improve the effectiveness of adaptation actions. The report provides recommendations to improve efforts, which are often uncoordinated, expensive and short term.  Overall, increased efforts will be needed to meet the global goal on adaptation through the eleven targets of the UAE Framework for Global Climate Resilience. Report https://lnkd.in/gWMHKEk7

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🌱💸 Is there enough money to finance #ClimateAction? A #COP29 timely question! The latest Global Landscape of Climate Finance 2024 report by Climate Policy Initiative supported by #Norway and #UK shows progress, but we’re far from where we need to be: 📈 Climate finance doubling isn’t enough: From $674B in 2018 to $1.5T in 2022, but it must increase fivefold to reach the $7.4T needed through 2030. 🌍 Climate adaptation falling short: Only one-third of the the volume required by EMDEs each year from 2024 to 2030 to minimize the impact of climate change on their population is received and allocated. 💳 Debt-based funding: Debt accounted for nearly 60% of total climate funding in 2021/2022, impacting the financial sustainability of already indebted climate-vulnerable countries. ⚡ Underfunded high-impact sectors: Key sectors like energy, industry, AFOLU, and waste hold massive potential for emissions cuts but lack the funding. So, how do we get there? Four priorities are identified in the report - #GenderFinance is part of them! 1- Scale up climate finance through a fit-for-purpose financial architecture and an innovative financial mix, 2- Target climate funding, including for women and girls, 3- Support countries in developing and funding their climate plans, and 4- Drive transparency through data-sharing and harmonized frameworks. Looking forward to the outcomes of #COP29, including the New Collective Quantified Goal on Climate Finance that should help bridge the Climate Finance gap.🌱💪 #ClimateFinance #Sustainability #ClimateAction #ImpactInvesting #COP29 #Innovation #Climate #ClimateChange #GenderFinance #Finance #Investment #Money #Gender #Leadership #Inspiration #Emploi #SDGs More in the below presentation and related report 👇 Climate Policy Initiative | Department for Energy Security and Net Zero | Klima- og miljødepartementet | COP29 Azerbaijan

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Our latest FAQ, released in cooperation with Transport & Environment (T&E) and WWF European Policy Office, explains all you need to know about the EU’s Social Climate Fund (SCF) The SCF has been developed with the explicit purpose of alleviating energy and transport poverty arising from the new EU Emissions Trading System covering buildings and transport Our guide answers these need to know questions: 🤔 What is the Social Climate Fund? 💁‍♀️ Why was it established? 🤷‍♂️ Where does its money come from?  💶 How do member states receive funding? 💚 What can it be spent on? 🧐 Is there enough funding? To understand even more about the SCF and our policy recommendations to make it even more effective check out the full FAQ here: https://lnkd.in/ejiWWMEm Eleanor Scott Bernardo Galantini Mags Bird

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The EU has a €86.7 billion Social Climate Fund to make its Green Deal work for the people. Together with WWF European Policy Office and Carbon Market Watch, we explain the basics of how this fund works. To get the most out of it, we are also urging the European Commission and member states to support a just transition by: 1️⃣Extending loans to member states as of 2025, which can be later recouped from future ETS2 (carbon market) revenues. This should enable the rolling out of low cost EV ‘social leasing’ programmes across member states ASAP (as in France); 2️⃣Prohibiting investments in so-called ‘transition’ fossil fueled technologies, which only lock EU citizens longer into carbon pricing. Low carbon ≠ zero carbon;  3️⃣Disbursing part of the SCF money as direct income support or ‘climate dividends’. This can help to build broad support for climate measures and serve as the essential bridge low-income families need while investments in cleantech are kicking in; 4️⃣Increasing the funds available for the SCF through a new 1bn EU Climate and Social Investment Plan. #GreenDeal #SocialClimateFund #SCF #ETS2

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What does the Trump victory in the US mean for #climateaction globally? That's up to the rest of us to decide now. My advice: Let's fight even harder, and smarter! In another valuable contribution, Carbon Brief asked scientists. Most call for other countries and non-state actors to step in and step up. And of course they are right. It is easy to despair right now, for scientists and activists (this one included). What makes things particularly difficult is the fact that those most affected are those least #responsible. But giving up is simply not an option. Too much is at stake. For all species. Lets abuse Trump's win to turbocharge #action everywhere else. However: Important now is to REALLY step up the fight - and to realise that more of the same will not get us anywhere near our targets in the time. Particularly with Trump in the white house. One key step-up opportunity is the #border - and with it, a focus on consumption-based emissions. The Trump administration has already announced how they plan to fight with #tariffs. Let's give them that fight by adjusting for GHG. The EU has provided the groundwork with #cbam. Others can and must go further. The right implementation will strengthen developing countries as the pricing of consumption-based emissions by rich importing nations will create the mechanism needed to #finance the global transition. Let's start tomorrow, at #cop29 and everywhere else. #wto #climate #policy #advocacy #borderadjustment #emissionpricing #climateincentive https://lnkd.in/dhzKwEeF

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The recent UN Climate Change talks in Bonn, Germany, ended with countries still divided on how to shape a new climate finance goal. This matters because climate finance is about funding much-needed transitions and to help countries deal with the effects of climate change. Right now, there's no clear agreement on who should pay, how much, or what types of financing should be used. “The sheer number of unresolved issues currently sets us up for a fraught two weeks in Baku. We urge countries to use every opportunity in the months ahead of COP29 to lay the ground for an ambitious yet realistic new climate finance goal that responds to the needs of developing countries", says Gaia Larsen, Director of Climate Finance Access, World Resources Institute. The lack of progress means that vital funding needed to help vulnerable countries prepare for severe weather events, like the recent floods in Brazil and Kenya or heat waves in India, is still uncertain. Strong climate finance agreements are crucial for helping countries transition to cleaner energy and make bold climate commitments. As we move towards COP29, it's more important than ever for negotiators to work together and develop a clear, ambitious financial goal that can make a real difference for people and the planet. Read WRI’s statement about the UNFCCC climate talks: https://lnkd.in/ewz5iVbX Image correction: We Need A Robust Fund To* Fight Against Climate Change. #climatefinance #climateaction #justtransition WRI Climate

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Climate negotiators are currently meeting in Bonn (#SB60) to discuss climate finance. Debt distress is restricting the ability of countries to scale up climate action. 21 former finance chiefs call for revamping the G20 Common Framework for Debt Treatment and beyond so that countries can focus on development and climate change. #COP29 #climatefinance https://lnkd.in/dW5PRiiU

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The Bonn Climate Conference is underway, offering a crucial opportunity for further discussions on climate finance ahead of #COP29. When it comes to climate change, the buck stops with the financial flows that are fuelling the crisis. It’s absurd that so much of the world’s money is still being poured into the causes of climate change. #FixTheFinance https://lnkd.in/eeYapC_C

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📢 NEW Report! 📚 The interim report from the Expert Review on Debt, Nature, and Climate has just been released, drawing attention to the alarming ‘triple crisis’ of 📈soaring debt, 🌱declining nature, and 🔥increasing climate impacts. Commissioned by Colombia, Kenya, France, and Germany, this report highlights how vulnerable low- and middle-income countries are caught in a vicious circle of rising debt and intense climate shocks, hindering investments in climate resilience and sustainable development. 🌟 Ultimately, this 'vicious circle' means there is no addressing the climate crisis without addressing the debt crisis 📊 Key Findings include: ➡️ Nations are forced to borrow more for disaster recovery, worsening their debt situation.  ➡️ The current Debt Sustainability Frameworks of the World Bank and IMF fail to address the interconnectedness of debt, climate, and nature loss.  ➡️ Urgent reforms are needed to create a more sustainable fiscal environment. The report emphasizes that a ‘virtuous circle’ of inclusive and environmentally sustainable growth is achievable, but it requires strong domestic policies and international financial support. Vera Songwe and Moritz Kraemer, co-chairs of the Expert Review, urge the global community to unite in addressing these pressing challenges. 📚 Read the full interim report here ⬇️ 🔗 https://lnkd.in/dnCiCP_w #ClimateCrisis #DebtSustainability #SustainableDevelopment #WBGMeetings

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Setting targets and then delivering on them is crucial for #responsiblebanks looking to amplify their positive contributions to societal goals. Aligning these targets with the goals outlined in the SDGs, the Paris Climate Agreement, Kunming-Montreal Global Biodiversity Framework (GBF) and other relevant frameworks ensures they drive meaningful change.   UNEP FI supports banks by offering training, peer learning opportunities, guidance, and tools to help set impactful targets and address significant societal, environmental, and economic impacts.     Looking back on the action of 292 Principles for Responsible (PRB) banks as they strive towards creating a sustainable banking sector, we see that leading responsible banks are showing clear ambition. As we near #5yearsofthePRB, they are strategically:   • Target setting across multiple impact areas such as climate, nature, and healthy inclusive economies • In the case of climate mitigation, setting interim targets around decarbonisation, for 2030 or earlier, for example • Allocating resources and responsibilities to ensure that the targets can be met.   Explore our resources for target setting and implementation here: https://ow.ly/8vgb50Tge61

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How to enhance permanence of nature-based projects? At NatureRe, we understand that the key to impactful climate action lies in the permanence of carbon removal projects. But why is permanence so crucial in the Voluntary Carbon Market (VCM)? Permanence is the basis of carbon removal/avoidance estimations and plays a crucial role in determining the market’s integrity. Scientifically, “permanence” is a guarantee against reversals into the indefinite future. Anything less than that is not “permanent.” However, on the offset market, permanence refers to the long-term sequestration of CO2 from the atmosphere. A standard convention is that captured carbon should stay out of the atmosphere for 100 years (Carbon Offset Guide). Nature-based carbon removal projects, such as reforestation and afforestation, inherently face challenges related to permanence. Risks such as wildfires, disease, and illegal logging can lead to the re-release of stored carbon, undermining the project’s effectiveness. However, there are strategies to enhance permanence despite these risks, which NatureRe is committed to implement. 1️⃣ We proactively engage with local communities from the start. By sharing the benefits of nature regeneration versus inefficient cattle ranching, we ensure that the projects are not only accepted but also actively protected by those who know the land best. By hiring local individuals, we are able to implement a coherent project, capitalising on knowledge about the land, and its potential issues, including flooding or fire risks. Communicating with neighbours, we set up corridors that act as fire breaks on the areas we are restoring. 2️⃣ Our unique method, Assisted Natural Regeneration (ANR), supports the natural regrowth of native tree species, which are more resilient and diverse, mimicking natural forests and increasing the chances of long-term carbon storage. High-quality methodologies, such as ANR, positively impact water sources, biodiversity, and local communities. 3️⃣ Rather than leasing the land we restore, we purchase it to guarantee that there will not be a sudden change in land use which could reverse the carbon removed. To safeguard the future of our reforested areas, we register them as natural reserves under Colombia's scheme Resnatur. This ensures that the land remains protected and the carbon remains sequestered indefinitely. While technology-based carbon removals, such as Direct Air Capture and biochar, promise greater permanence, they are not yet scalable and require significant investment to become viable. In the meantime, nature-based solutions are ready and effective now. They need urgent financing to enhance their impact and bridge the gap until tech-based solutions can take over. By investing in nature-based solutions today, we can ensure a more stable and sustainable climate future. Invest in Nature, Restore Biodiversity, Remove Carbon at Scale. #CarbonRemoval #NatureBasedSolutions #Permanence #VoluntaryCarbonMarket

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