Caroline Bertram’s Post

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

On the way to COP29, climate diplomats have concluded another round of negotiations in Bonn. The two weeks of discussions yielded limited progress, indicating challenging months ahead. Key topics included climate finance, loss and damages, adaptation, mitigation, just transition, and NDC ambitions. Here are some highlights from the Bonn 2024 discussions: :: Climate finance was at the top of the agenda - developing countries requested between US$1.1 tn-US$1.3 tn in financial support from developed nations to meet their climate targets. By the end of COP29, parties must agree on a “new collective quantified goal” to guide the provision of climate finance. This will replace the current US$100 bn target post-2025 that was achieved in 2022 according to a recent OECD - OCDE report (https://lnkd.in/d7vvTFk7.); :: Adaptation talks focused on the recognition of differentiated responsibilities - among the major adaptation-related issues discussed at Bonn was the UAE-Belém work programme on “indicators”. Also, there was some progress in developing a text to be forwarded to talks in Baku, which includes a reference to the importance of equity and common but differentiated responsibilities between developed and developing countries in this agenda; :: Article 6 remains with uncertainties, but managed to decide on avoidance credits - parties have decided that emissions avoidance would not be eligible to generate credits under the future UN Global Carbon Markets (Article 6.2 and 6.4). But, in 2028, this could be reconsidered, when parties reassess the mechanism in its entirety. In the UN context, "emissions avoidance" means producing credits by not undertaking an activity that produces emissions, such as extracting fossil fuels. This discussion also highlighted the need for global taxonomies for carbon credits to ensure all parties have a clear understanding of credit types. Check the full analysis of the key outcomes from Bonn discussion by Carbon Brief here:  https://lnkd.in/d6eYdSBF #climatechange #ParisAgreement #UNtalks Clarissa Lins Bruna Mascotte Guilherme Ferreira Tamara Fain Pedro Paes Guedes Bernardo Corrêa

Critical political decisions on the future of climate are made at COPs, but not all negotiations will occur during its two weeks in November. Check out the key advances made during the Bonn Climate Change Conference on the road to COP29 Azerbaijan in the latest Catavento post!

📖 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

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.

The recently concluded COP29 in Baku highlighted the persistent divide between developed and developing nations. Despite reaching a $300 billion climate finance target for 2035, the deal falls short of addressing urgent climate issues. Developing nations, led by India, criticised the inclusion of their contributions in the target, reflecting the inequity in burden-sharing. Donald Trump's return to the U.S. presidency and its implications for global climate policy added to the summit's challenges. While technical advancements like a carbon credit rulebook were achieved, the lack of decisive action to phase out fossil fuels underscores the challenges of consensus-driven diplomacy. Read more: https://lnkd.in/dhUmjn-U #COP29 #ClimateCrisis #ClimateFinance #GlobalSouth #RenewableEnergy #NetZero #ClimateJustice #Sustainability #FossilFuels #CarbonCredits #GlobalWarming #EnvironmentalPolicy #DonaldTrump #India #ClimateLeadership #SustainableDevelopment #EnergyTransition #GreenEconomy #GlobalCooperation #ParisAgreement

At COP29, delegates are duking it out over the New Collective Quantified Goal (NCQG). Their negotiations could have major consequences for global climate adaptation efforts. In today's Climate Proof, I parse the latest draft text for an idea of how adaptation finance is faring in the back-and-forth debate. My takeaways: ⚬ Negotiations are moving away from the idea of “thematic sub-goals”, which could lead to countries skimping on contributions for adaptation ⚬ A battle over whether the new goal should consist mainly of public finance could also leave adaptation behind ⚬ The latest draft text sees a role for blended finance in the NCQG, though scaling this for adaptation remains challenging ⚬ Non-UN actors are plowing ahead with their own efforts to promote adaptation finance, including the OECD and Atlantic Council Thanks to Sabrina Nagel, Ana Mulio Alvarez, Joe Thwaites, Robin Ivory, and (via today's OECD webinar) Dr Nicola Ranger for your comments. https://lnkd.in/e5UsCzSN #adaptation #resilience #climatechange #COP29

🌍 The Climate Finance Gap: Insights from Executive Director Michael Wilkins 🌍 As global leaders gather at COP29 to tackle the urgent need for climate finance, recent insights from Michael Wilkins (Centre for Climate Finance & Investment, Imperial College Business School) bring to light a crucial disconnect in funding allocations. Since 2022, climate finance has reached nearly $1.5 trillion—yet only 3% of that funding is reaching the world’s least developed countries. Why does this gap matter? These countries often face the greatest climate risks with the fewest resources, and without substantial support, they lack the means to adapt or mitigate effectively. 💬 “The Global South has been repeatedly let down by unmet pledges and commitments.” Bridging this funding gap could be a game-changer for global climate action. For those in business, finance, and academia, the path forward calls for innovative solutions that unlock finance for the regions that need it most. Whether through public-private partnerships, impact investment, or scalable sustainable finance models, it is a complex issue that requires many factions to work together. Read the article: 🔗 https://lnkd.in/eb9pMsxa #ClimateFinance #COP29 #GlobalInvestment #SustainableFinance #ClimateAction Imperial College London Grantham Institute - Climate Change and the Environment

The COP29 Presidency from Azerbaijan has set out its plan for the November climate change conference, which lead negotiator Yalchin Rafiyev has billed as a “litmus test for the Paris Climate Agreement”. At the Bonn Climate Change Conference on June 12, COP29 President-Designate Mukhtar Babayev led Azerbaijan’s delegation to briefings and consultations on the broad conference agenda. Earlier this week, the COP29 Presidency unveiled its two-pillared plan to “enhance ambition and enable action. This involves supporting the parties, or countries, to “raise their ambition” through their Nationally Determined Contributions (NDCs) and National Adaptation Plans (NAPs), among others. Rafiyev says the COP29 Presidency also aims to broker a “fair and ambitious new climate finance goal, finalise Article 6, strengthen global financial institutions and ensure the private sector commits to climate action”. When parties signed the Paris Agreement in 2015, the deal introduced a new collective quantified goal on climate finance (NCQG). The NCQG is meant to replace the existing climate finance goal of US$100 billion per year, a blunt move to kickstart fundraising among developed nations. The NCQG is meant to be adopted this year at COP29 in Azerbaijan. The Bonn conference is an “important moment” in creating a “substantive framework” for a draft text on the NCQG, says Rafiyev. Rafiyev says the COP29 Presidency aims to set the stage for parties to “agree [on] a fair and ambitious NCQG, taking into account the needs and priorities of the developing country parties”. “Our efforts on climate finance should represent progression beyond previous efforts, delivering multiples, adequate to the scale and urgency of the problem.” COP29 Azerbaijan will take place in Baku, Azerbaijan, from Nov 11 to 22. Read the full story on The Edge Singapore.

Here's all you need to know about the summary of #COP29 negotiations this year!