Business Day’s Post

🌍 COP29 Begins Today in Baku, Azerbaijan! 🌍 As COP29 kicks off on 11 November, world leaders and stakeholders are turning their focus to climate finance goals. Mukhtar Babayev, Azerbaijan's environment minister, emphasized the importance of government and private financing to support their own countries' climate initiatives. With the recent U.S. elections resulting in President Trump's win, there is an expected decrease in U.S. involvement, making it more crucial for other countries to take strong, proactive steps toward their own climate goals. 🌱 Actions speak louder than words! Forge new frameworks, set guidelines, and commit to climate goals! 💡 Did you know? Under the Paris Agreement, Singapore is classified as a developing country, meaning it’s not legally obligated to provide financial resources to other developing nations for climate action. However, Singapore has voluntarily contributed through blended finance initiatives, supporting green projects in Asia. 👉 Read more on Singapore’s role in global climate finance here -https://lnkd.in/gxp-2qX4 #COP29 #ClimateAction #ClimateFinance #GlobalGoals #Sustainability #GreenFinance

COP29 is positioned as the 'finance COP'. While Singapore is not obligated under the Paris Agreement to provide funds for climate action, Singapore has committed US$500 million as concessional capital to support a blended finance initiative to combat and adapt to climate change in lower-income countries. This US$500 million serves as a catalyst to raise funds in commercial capital and other sources of finance to accelerate capital flows to support Asia green transition. #cop29 #cop29sgpavilion

🌍 Important update on Singapore's climate finance stance ahead of #COP29! As shared by Minister Grace Fu, while Singapore isn't obligated to contribute climate resources as a developing nation under the Paris Agreement, they're taking voluntary leadership in global climate action! ✨ Key Highlights: 🔹 Launched a US$5B blended finance initiative to support green projects across Asia 🔹 Pioneering transition credits to incentivize early retirement of coal plants in Southeast Asia 🔹 Supporting the New Collective Quantified Goal (NCQG) on Climate Finance 🔹 Facilitating Article 6 negotiations with New Zealand at COP29 Singapore's position demonstrates how nations can contribute meaningfully to climate action regardless of their development status. Proud to see this nation leading by example in innovative climate finance! 🇸🇬 Can't or don't want to travel to the upcoming #COP29 in Azerbaijan? Let's discuss all these issues in Singapore during AlterCOP ! Join the list of the already more than 2000 people registered : www.alterCOP.com #ClimateAction #Sustainability #GreenFinance #COP29 #ClimateChange #Singapore #LeadershipInAction #SustainableFuture #ClimateActionNow #GreenFinance #CarbonMarkets #ChangeMakers #YouthForChange #EcoEducation #SustainabilityWorkshop #ImpactLearning #ClimateSolutions #FutureOfFinance #LeadTheChange #GreenInnovation Anne Thibaut Nga (Mimi) Rachel Olivier

Sat down with The Straits Times for an interview on COP29. We discussed a broad range of issues including the New Collective Quantified Goal and Article 6 of the Paris Agreement. Read my interview here: https://lnkd.in/gM3PsZzm #COP29 #COP29Azerbaijan #ParisAgreement #NCQG #ClimateFinance #Article6

It's been 15 years since COP15 in Copenhagen, where the USD 100 billion climate finance pledge was made - and it was only realized in 2022... Now, in the last moments of #COP29, the New Collective Quantified Goal (#NCQG) will set a figure not ambitious enough for the needs of developing countries. But the question isn’t just about the money. It’s also about the deep practical and stuctural barriers that make scaling up climate finance a complex challenge that WILL take years to overcome. A streamlined compilation of proposals from CMA.6 (21.11.2024) for a draft decision during COP29 (added in the comment below) highlighted these obstacles, but their detailed mention was reduced to a paragraph in the Presidency's later text on 22.11.2024. These issues remain critical and must be addressed and it's better having them elaborated in the decision. These include: 🌐 Developing countries face systemic barriers. High debt, fiscal constraints, and high CoCs make climate investments nearly impossible without interventions like concessional finance, debt forgiveness, and innovative tools like climate-resilient debt clauses. 🌐 Developed countries' public budgets and fiscal policies need to be reformed to align with the new global climate financing goals. Let’s not forget, developed countries’ budgets will also be under pressure from growing domestic challenges, making significant public climate finance harder to implement. 🌐 Private sector entities, including institutional investors, require de-risking mechanisms to engage in high-risk markets. Unlocking private capital will depend on regulatory reforms(!!!), carbon pricing(!!!), and global levies. 🌐 MDB must scale up concessional lending, adopt more tools like debt swaps, and prevent further debt burdens on developing countries. MDBs in my opinion need to rapidly adapt to higher volumes of financial flows (their reform is a different topic). 🌐 Redirecting financial flows away from fossil fuels and building robust pipelines for climate investments will take time, as fossil investments continue and investors seek returns. Even if Article 6 mechanisms could support financing flows under the NCQG, it requires time to operationalize and integrate into national systems effectively. 💡 So, my point is that while pledges are important, we will not see their realization anyway if we don't address the barriers and bottlenecks. 💡 I hope these barriers do appear in the final decision on the NCQG at COP29 Azerbaijan. 📸 COP15 plenary in Copenhagen #ClimateFinance #Sustainability #DevelopingCountries #ClimateAction #ParisAgreement

With climate finance weighing heavily at the UN Climate Change Conference (COP29) in Azerbaijan, Singapore announced on Nov 12 that it will commit up to US$500 million (S$669 million) to a national initiative to channel financing to decarbonise Asia. The US$500 million from the Government will come in the form of concessional funding, such as grants and loans provided at more favourable terms and below market rates. This funding will match, dollar for dollar, concessional capital from other partners, including other governments, multilateral development banks and philanthropic institutions. Funding from these bodies can help to soften investors’ risks in financing green projects, which can often be deemed too risky or unprofitable.

#Net Zero Value Chain #Development At #COP29, held in Baku, Azerbaijan, a significant milestone was achieved with the agreement on a $300 billion annual climate finance deal aimed at supporting poorer nations in mitigating and adapting to the effects of climate change. This new target will replace the #previous $100 billion annual goal set in 2009, which was widely acknowledged as #insufficient. #Key highlights include #Scope and #Implementation The $300 billion target includes #public and #private #investments to address mitigation, adaptation, and climate resilience needs. It aims to help developing countries #transition to #cleaner energy systems, adapt to extreme weather events, and recover from climate-related damages. #Timeline and #Challenges #Developed nations #committed to achieving this target by #2035, though many developing countries advocate for more #immediate financial flows starting in 2025 to address escalating climate impacts. #Equity #Concerns The agreement reflects tensions over climate justice, as developing nations most affected yet least responsible for climate change pushed for higher funding commitments. #Counter #argument #Insufficient #Funding The $300 billion annual commitment falls short of the $1 trillion climate finance goal advocated by experts to meet the actual needs of developing countries. #Lack of #Specificity The deal does not provide clear mechanisms for fund allocation, raising concerns about equitable distribution among vulnerable nations. #Implementation #Challenges #Historical delays in delivering #pledged funds suggest that the full amount may not be disbursed effectively or on time. #Adaptation vs. #Mitigation Imbalance: The deal may prioritize mitigation projects over adaptation, leaving the most vulnerable regions inadequately supported. #Private Sector #Dependence: #Overreliance on private sector contributions could reduce accountability and exclude #marginalized communities from #decision-making. Despite the #frustrations, the deal is seen as a #foundational step for future global climate action.It aims to keep clean #energy initiatives going, #create #newjobs, and help to get #sustainable #cleanenergy worldwide. #innovation #technology #futurism #venturecapital #motivation #sustainability #education #design #construction #leadership #artificialintelligence #ai #COP29 #energy #Solar #wind #lowcarbon #emission https://lnkd.in/gZWx4kUv

Insightful summary of #COP29 outcomes by Jodi-Ann Jue Xuan Wang - finance deal of $300 billion annually to poorer nations by 2035, but this falls short of developing countries' demands and lacks the necessary grant-based funding. - disagreement persist on how to define "climate finance" within the UNFCCC, with developed countries favoring a mix of public and private funding, including loans and debt swaps. - Developed countries, responsible for most historical emissions, are urged to provide financial support to developing countries to address climate impacts and transition to clean energy. - While market-based mechanisms like the Clean Development Mechanism have been used, they often rely on private finance and government incentives, which do not fully address the needs of developing countries. https://lnkd.in/eAiRvb3r

The first week of COP29: What have we learned, and what’s next for climate action? As COP29 continues in Baku, critical conversations have emerged around climate finance, decarbonization, and the need for equitable global commitments. The $100 billion climate finance pledge remains a key talking point, with nations grappling over how to close gaps and ensure accountability. Similarly, progress on the Global Stocktake has highlighted the urgency for stronger commitments, while leaders across Africa are emphasizing the continent's unique challenges and opportunities. Last Monday, our CEO, OLAPEJU IBEKWE , published a thought-provoking op-ed in BusinessDay calling for bold reforms to the global financial architecture to reflect Africa’s realities and needs. In her piece, titled “Reforming Climate Finance for Africa’s Energy Transition”, she opined that climate finance must prioritize resilience and adaptation alongside mitigation, empowering Africa to secure its energy future. As the summit moves into its next phase, these issues remain more relevant than ever. The importance of equitable financing mechanisms and Africa’s role in driving practical solutions cannot be overstated. If you haven’t already, read the full piece here: 👇 https://lnkd.in/d7CRgwks #COP29 #ClimateAction #ClimateFinance

🌍 #COP29 Update: Azerbaijan’s Climate Fund Put on Ice & Diplomatic Tensions Rise. COP29’s anticipated “finance day” saw a surprising delay in the launch of Azerbaijan’s Climate Finance Action Fund (CFAF). Initially billed as a $1B fund for developing countries, it faced setbacks over concerns of donor dependency and debates over fair contribution frameworks. The fund, proposed by fossil-fuel-producing countries, drew skepticism from climate advocates, who feared it might greenwash ongoing fossil fuel expansion. 🔹 Fund’s Core Issue - Complexity in establishing the fund and potential overlaps with the New Collective Quantified Goal (NCQG) have led to a temporary deprioritisation. 🔹 Diplomatic Clash - Tensions spiked between Azerbaijan’s President Ilham Aliyev and the EU. Aliyev criticised the EU’s “hypocrisy,” prompting strong responses, including France’s Environment Minister canceling her COP29 trip. 🔹 Finance Talks Continue - Negotiators struggle to streamline the new post-2025 finance goals, with discussions on transparency and access ongoing. 📢 As climate action remains at the forefront, COP29 highlights the importance of global collaboration for sustainable and fair climate finance solutions. Read more below. #COP29 #ClimateFinance #SustainabilityNews Sustainable Futures Group | SFG