Climate Policy Initiative’s Post

Seeing $1.5T/year of Climate Finance for '21 and '22 makes me hopeful. Especially knowing that number likely accelerated in '23 and '24. At the same time, we need to catalyze more private finance if we want to stay below +2C°. Even at $2T/year we know that number needs to more than double.

💰 #FinanceFriday for Day Eight of the #ClimateClicks series. It’s no secret that COP29 Azerbaijan is a crucial turning point for climate finance. It’s being called ‘the Finance COP’ for a reason. Research estimates it will take trillions of dollars for the world to reach net zero and adapt to the growing impacts of climate change. Where will that money come from? How much exactly is needed? What should it be invested in? In short: high-emitting developed countries must take responsibility for the role they’ve played in climate change. Those who have contributed most to the crisis we’re facing must also contribute most to the solutions. At COP29, for the first time, negotiators aim to agree on a new collective climate finance goal. The details of that will be tricky to navigate, but mobilizing significantly more money for global climate action is critical. /// ICYMI – this is a ten-part, micro-learning series for the ten-day countdown to #COP29. By the end of the series, we’ll have covered 30 COP and climate-related terms in everyday language. This isn’t for the climate experts, it’s for those of us who want to learn and understand more but may not have hours to dive into the complexity and nuance. Hopefully this series will make some of these concepts ‘click’ more for those reading them. 📚 Catch up here: Day One: https://lnkd.in/eKvJrbc3 Day Two: https://lnkd.in/ergCYNDj Day Three: https://lnkd.in/ePWxQd3f Day Four: https://lnkd.in/edcyJbRU Day Five: https://lnkd.in/dg-Cf5cy Day Six: https://lnkd.in/eZwbKK2P    Day Seven: https://lnkd.in/ec5y7a6v #ClimateFinance #NCQG #GreenClimateFund

As COP29 approaches, the push for a clear, robust climate finance plan is critical. India and other developing nations are calling for $1 trillion in annual support to meet climate goals, stressing that previous pledges aren’t enough. This summit offers a last-minute chance to solidify a fair, rules-based finance system that empowers vulnerable countries to adapt, transition to clean energy, and make real progress toward limiting global warming to 1.5°C. COP29 needs to turn promises into action for a truly effective climate response. https://lnkd.in/d_Xk8K5p #COP29 #ClimateChange #ClimateFinance #Global

🌐IMF at COP29 📊 The IMF is sharing a pavilion at COP29 this year with the World Bank Group and the Financial Times to create opportunities for dialogue and knowledge sharing. The IMF will continue to promote economic and financial sector policies that can help our members and the wider international community reach shared climate goals such as reducing emissions, increasing climate finance, boosting resilience, and easing the transition to low-carbon economies.

#COP29 | With new financing targets and an increased commitment to adaptation, it will be essential that scaled up climate action is informed by evidence of what is working, why and for whom. #E4CA brought together development practitioners, researchers, and evaluators to discuss the latest evidence on effective climate action and to tackle questions at the heart of the COP29 agenda: - How much climate finance is provided, where does it go, who can access it, and why is measuring its impact so important? - How do we measure and finance resilience? Watch the replays: - How do we measure resilience? https://lnkd.in/eRy6QAbi - How much climate finance is provided, where does it go, and who can access it? https://lnkd.in/eRCjexi3 Below: Thomas Wencker (DEval - German Institute for Development Evaluation), Jo Puri, Ph.D (Columbia | SIPA), Joseph MOUANDA (African Development Bank Group), Neha Sharma (Adaptation Fund)

🌳 💰 The multilateral system is under pressure to deliver on ambitious climate goals! This paper from the International Peace Institute (IPI) discusses the establishment of a Loss and Damage Fund and Funding Arrangements at COP27 and COP28, with the World Bank’s involvement highlighted. Find out more on this link --> https://lnkd.in/gmfg_vJu What kind of political leadership and resource mobilization would you say is the most beneficial? What role do you see for climate-resilient debt clauses? #climatechange #crdcs #COP29 #lossanddamage #WorldBank

🌱 ECDPM will be at COP29! Here are our key messages ahead of the conference. This year's COP has been dubbed the ‘Finance COP’ for its focus on climate finance and the attempt to establish a new collective quantified goal (NCQG) to address the current funding gap. However, merely focusing on and suggesting a target is not enough. Decarbonisation and climate resilience in African countries are critical to the success of global climate action but present a major financial challenge. Developing countries, excluding China, need to invest an estimated $2.4 trillion annually by 2030 for effective climate action, with approximately 40% of that funding required from external sources. Current climate finance flows to these countries fall far short of this need. Read more and find our work on climate finance 👉 https://bit.ly/3ZPjkFJ