Centre for Science and Environment, New Delhi’s Post

We need to get a climate deal in #Baku at #COP29 including financing for worldwide #climateaction. State secretary Jochen Flasbarth spoke to The Guardian about what is at stake: https://lnkd.in/egXYH7Wu

As the annual climate change summit entered the fourth day Brazil, South Africa, India and China (BASIC) also reiterated the need to fully implement the Paris Agreement 2015, a legally binding international treaty COP29: BASIC countries ask rich nations to honour commitments for climate finance rather than ‘diluting obligations’ - https://lnkd.in/gYp5y9i4, For the best experience read this on The Hindu App. https://bit.ly/THNewsApp

“The increased dependence on multilateral development banks to deliver climate finance, agreed at COP29, is a diversion that will enable private sector profit-making out of the climate crisis and allow developed countries to dodge accountability.” “MDBs are still promoting fossil fuels in climate-vulnerable countries, offering mostly debt-distressing loans, and cannot effectively deliver on adaptation or loss and damage, meaning that this outcome is set to take climate finance even further away from the people who need it the most.” 📣 Alison Doig, Clean Energy Campaign Manager at Recourse #COP29 #NCQG #ClimateJustice

For folks trying to decipher the coverage in major papers of the recent climate conference, here's the right headline. Developing countries need, starting now--or better yet, years ago--around $1 trillion per year to transition to a net-zero future and adapt to climate change. These are not resources these countries, who by and large have *not* contributed much to climate change, have. On the other hand, wealthy countries, who *have* caused climate change and benefited in the past from unlimited use of fossil fuels and overconsumption, do have these resources. But they've only committed to $300 billion per year...and won't even get to that level until 2035.

Draft text released today on new #ClimateFinance package for developing world rejected by every signatory to the UN climate convention #COP29, developed nations still dodge question: how much will they give developing countries every year starting 2025?

On the road to UN climate negotiations in Baku (https://unfccc.int/cop29) the issue of climate finance remains front and centre. At COP 29 the new climate finance goal needs to be agreed and established (https://unfccc.int/NCQG). The Technical expert dialogues and meetings held this year on the New Cumulative Quantitative Goal (NCQG) have been useful in airing the probable landing zones and the fault lines among developed and developing countries. But this quintessentially will be a political determination. The pre COP slated later this month will signal to what extent Ministers are willing to make the grand political bargain for the new climate finance goal. Among the several issues that are on the table including the numerical target, the time frame, quality of finance etc,  the role of the global financial system to reform, gear up and change tack for enhanced investments in climate has gained currency. Also, there is a growing clamour around expanding the contributor base beyond the traditional donors i.e. the developed countries. The World Resources Institute has published two interesting articles recently to shed light on the two aforementioned issues. https://lnkd.in/eW_73Uyc https://lnkd.in/eHHvA65F Congratulations Shuang Liu, Valerie Rouxel-Laxton for leading the charge on these articles. Zaheer FakirFiona GilbertAna ToniMohamed NasrHelen M.Iain KeithSARA JANE A.Sarah MillarJosué TanakaRajasree RayUlka KelkarAvinash PersaudBarbara BuchnerChristian EllermannGabrielle SwabyMohamed AdowAlejandra Lopez CarbajalAlexia KellyMark BynoeAntonio Gabriel La VinaChukwumerije OkerekeNataniel "Nate" WarszawskiAthena Ronquillo-BallesterosManjeet DhakalManjeev Singh PuriRed ConstantinoMadhavi GaneshanCharlene WatsonBernice Lee OBE

🌍 At COP29 in Azerbaijan, the EU is championing global action to meet the Paris Agreement goals and limit temperature rise to 1.5°C. With €28.6 billion in public climate finance provided in 2023, the EU is driving efforts to align global financial flows with climate goals. This year’s focus? The adoption of a New Collective Quantified Goal (NCQG) on Climate Finance to unlock investments and accelerate climate action. Discover how the EU is leading the way in climate finance at COP29! 👇 #COP29 #ClimateAction #ParisAgreement #Sustainability #ClimateFinance #GlobalLeadership #EUClimateLeadership European Commission European Union Union for the Mediterranean

I will say something, probably provocative. But this is why the South should not deindustrialize in the name for a green capitalist ploy to tackle the climate crisis. The North, the continuously failed The South a north that has not reckoned with its colonial past a North that moves to the extreme right because it’s unable to help every day people. The North does not get to tell the South what to do how to build a political system or what type of economy it should have in any way at all period. It on the South to build an economic program based on capacitating the productive forces instrumentalizimg the market in favor of peoples needs instead of the profits and building a Geopolitical landscape that is based on mutual respect and reciprocity not coercive unilateral measures. The future of the world is in the South.

The recent Bonn climate talks have imperiled the 1.5°C goal as rich nations backtrack on climate finance pledges. With COP29 in Baku looming, stronger leadership is urgently needed to avoid derailing global climate action. ⬇️ https://lnkd.in/dGTGbRjj #climatefinance #bonn #sb60 #cop29

The #COP29 climate finance agreement is a step forward in admitting the financial needs but does not provide what is needed to address the unprecedented worldwide crisis by the right means My Opinion 👇 https://lnkd.in/dKSPfeSK