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Last month, COP29 president-designate Mukhtar Babayev sent out his first communication as head of the United Nations climate conference in November. His July letter urged governments to start negotiating over how to break the deadlock on finance to help developing nations tackle #globalwarming. In a climate action plan addressed to about 200 nations, Babayev described the new collective quantified goal (NCQG) on #climatefinance – the first climate finance goal after the Paris Agreement – as the upcoming conference’s “top negotiating priority”. Mid-year negotiations in Bonn, Germany in June 2024 had ended in stalemate, as rich countries started ducking their commitments to provide more finance. Part of the deadlock was due to a possible return of Donald Trump to the White House a few days before COP29, according to some negotiators. Read more about the tensions surrounding the climate finance debate: https://lnkd.in/giRBX23Y

COP29 closes with carbon market agreement and ‘abysmally poor’ climate finance texts via edie https://bit.ly/3Z5N0MJ #COP29 #climate #ClimateAction #GHG #Collaboration #loss and #damage #mitigation #finance PowerShift Africa ICLEI USA Climate Action IFC Climate & Sustainability Climate-KIC UK & Ireland

#ClimateFinance is a hot topic in the #UNFCCC negotiations this year as the member states are supposed to agree on a new global mobilisation target at #COP29 in November. Three weeks ago, I attended the UNFCCC intersessional in Bonn to follow the negotiations on the new climate finance goal. While the negotiations reflected some common ground, several divisive issues still remain that need to be resolved over the next six months to have a successful outcome at COP29. In this blog post for project adjust, I discuss the current state of the climate finance negotiations. #NCQG

As COP29 negotiations progress in Baku, Azerbaijan, several key issues are at the forefront, with varying degrees of progress and challenges: Current Status of Negotiations 1. Climate Finance: A major focus of COP29 is the new collective quantified goal (NCQG) to replace the existing $100 billion annual climate finance target. Negotiations on this topic have been slow and contentious, with countries struggling to find common ground. The UN climate chief has urged negotiators to prioritize solutions over theatrics as the talks enter their final week. 2. Mitigation Work Program: After a stalled first week, the COP29 Presidency has intervened to revive discussions on the Mitigation Work Program, which aims to provide guidance on reducing emissions. This program will now continue under the Paris Agreement framework, offering a renewed opportunity for consensus on climate action. 3. Loss and Damage Fund: Operationalizing the loss and damage fund remains a critical issue, particularly vulnerable countries, which are disproportionately affected by climate change. These nations are advocating for sufficient, predictable climate finance to address their unique vulnerabilities. 4. Youth Involvement: Young activists have made their voices heard at COP29, calling for greater inclusion in climate decision-making processes. They emphasize the need for urgent action to protect their futures from the impacts of climate change Challenges Ahead - Political Will: There is a pressing need for major economies to demonstrate leadership and commitment to ambitious climate finance goals. The UN Secretary-General has highlighted that failure to act is not an option, stressing the urgency of the situation. - Consensus Building: The ongoing divisions among negotiating parties pose a significant challenge. The UN climate chief has warned against brinkmanship and has called for parallel discussions to facilitate progress on both climate finance and emissions reductions. Conclusion As COP29 has entered its final week, the urgency for decisive action is palpable. The outcomes of these negotiations will be crucial for addressing the climate crisis, particularly for vulnerable nations and future generations. ----- Gloria Kasang Bulus Bridge That Gap Initiative

Did you know that new global climate goals are currently under deliberation? 👇 Before this year’s COP29 in Azerbaijan, countries are working towards a “new collective quantified goal on climate finance” (NCQG). This is following the Paris Agreement, where countries set the goal of $100 billion a year – a number that is now being updated… It is worth noting that the initial international pledge to mobilize $100 billion per year to support developing countries' climate action was only met for the first time in 2022 (2 years after the deadline). Now, countries are developing a new finance goal to: 💹 channel even more funds towards climate action in developing nations. This means boosting “low-carbon, climate resilient solutions in energy, transport, agriculture” and more 🚀 This should catalyse more ambitious Nationally Determined Contributions (NDCs) by 2025 Deliberations have been slow and members have yet to reach consensus on some key points… 💵 The amount of money that goes towards developing countries should be need-based. But what is that number? Estimates range across trillions of dollars annually, by 2030… 🔥 Which developed countries should pay, and how is this determined? Should the ability to contribute be based on historic emissions or modern per capita emissions? (This creates a very different looking list) ⏱ What should the time frame to meet these new goals be? 5 years? 10 or 20 years? Will there be points for revision? 🌊 While the funding will cover mitigation and adaptation, there is debate as to whether it will cover loss and damages as well. 💵 How can progress be monitored and how will countries be held accountable? A more robust framework, like the Enhanced Transparency Framework (ETF) may help. What do you think of these main points in the negotiations for international climate finance? Let us know! COP29 will be held in Baku, Azerbaijan 🇦🇿 Dates: 11 Nov 2024 – 22 Nov 2024 Read the World Resources Institute’s article about this topic here: https://lnkd.in/eAdiVfhB 👉 Enjoy this kind of content? Follow our page and visit our website for more thought leadership related to the carbon market, climate finance, and sustainable development!

COP29 in Baku has a strong focus on Climate Finance, a crucial issue in the fight against climate change. In this article, Forvis Mazars Consulting Director Niamh Doyle, CFA explores the new goal to raise $1 trillion annually by 2030, how public funding alone won't meet these targets and the importance of strong financial commitments in green investment. #COP29 #ClimateFinance #Sustainability #GreenInvestment #ClimateAction https://lnkd.in/ekvN-8Qi

As of November 13, 2024, the 29th United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, has seen several significant developments: 1. Establishment of a Global Carbon Market Framework: Negotiators have ratified a framework for trading U.N.-backed carbon credits among countries, marking a pivotal step in global carbon markets. This agreement pertains to Article 6.4 of the Paris Agreement, enabling the assessment and utilization of carbon-credit programs, potentially unlocking substantial climate finance. (The Wall Street Journal) 2. Enhanced Climate Finance Commitments: Multilateral development banks, including the World Bank and European Investment Bank, have pledged to increase climate-related lending to $120 billion annually for developing nations. Additionally, the Asian Development Bank plans to allocate an extra $7.2 billion for climate projects, supported by the U.S. and Japan. (Reuters) 3. Ongoing Climate Finance Negotiations: Delegates are negotiating a new climate finance deal to support global climate initiatives, with the previous $100 billion annual pledge expiring this year. Key discussions focus on determining the size of the new target and identifying contributing countries. Developing nations advocate for a larger, specific amount to meet their significant climate needs, estimated at over $1 trillion per year. (Reuters) 4. Proposals for Innovative Funding Mechanisms: To meet new global funding targets, proposals include taxes on oil companies, flights, and shipping. These measures aim to assist poorer countries in addressing climate change, with estimates suggesting that carbon taxes on aviation and shipping could raise $200 billion annually by 2035. (The Times) 5. Host Nation’s Defense of Fossil Fuel Industry: Azerbaijan’s President Ilham Aliyev has defended the country’s oil and gas industry against Western criticism, asserting that Azerbaijan is the victim of a slander campaign. This stance highlights ongoing tensions between fossil fuel-dependent nations and global climate objectives. (Reuters) These developments underscore the complexities and challenges in advancing global climate action, particularly concerning finance and equitable responsibility among nations.

🆓 FREE TO READ 🆓 COP29 : In the early hours of Sunday morning countries agreed  a New Collective Quantified Goal on Climate Finance to triple public finance to developing countries, from the previous goal of $100bn to $300bn a year by 2035. Its size and the emphasis on private finance to find further funding have been roundly criticised. The climate summit was “not a success, but at best the avoidance of a diplomatic disaster”, said Ottmar Edenhofer, climate economist and co-director of the PIK - Potsdam Institute for Climate Impact Research. Read more analysis below. #COP29 #climatefinance #climatefinancegoal https://lnkd.in/ebPBjy8w

Thanks Voice of America for the interesting discussion! Below my 2 cents on what we could expect on climate finance at #COP29 Finance @ Utrecht University School of Economics WU Institute for Ecological Economics WU Institute for Ecological Economics

📖 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