The Climate Reality Project Philippines’ Post

“COP29 is about the new climate finance goal to unlock climate action in the Global South. Without finance, talk about climate action will remain just that – talk. They say there is no such thing as a free lunch – well there’s no such thing as a free climate target either. If we’re serious about climate action, we have to pay for climate action. Sticking the Global South with an escalating climate bill is not only unfair, it’s a recipe for certain planetary breakdown. This is why climate-hit countries desperately need COP29 to agree a new climate finance goal that delivers real worth trillions of dollars in grants each year.  We can’t avert planetary meltdown by spending less on climate finance than we spend on ice cream.” ActionAid's Climate Justice Lead, Teresa Anderson, calls for climate finance at a media briefing for the kick-off of COP29👇 https://lnkd.in/eBzi6Utp

At the Global Environment Facility we continue to push ahead with our #jointagenda with the friends at sister #climatefunds - the Adaptation Fund, Green Climate Fund and Climate Investment Funds - to work better together and simplify access for developing countries to vital finance for climate action. Our Heads explain how in this OpEd, published today on the websites of all 4 Funds. #UNFCCC #COP29 #climatechange #climatefinance #climateaction #GEFatCOP29

#DYK that the world achieved the $100 billion #ClimateFinance goal that was agreed on during the 2009 @United Nations Framework Convention on Climate Change by counting finance that wasn’t exclusively for climate or that wasn’t new? Words matter, and as policymakers discuss the new collective climate finance goals, they should ensure that the new standards they present during #COP29 are clear, detailed, and achievable. I found this perspective on the @Center for Global Development blog interesting as it provides suggestions on clear metrics and measuring progress toward them. To meet our climate goals, the world needs for new funding streams and transparency. I look forward to a new framework that provides that transparency and created accountability for global leaders to truly supports #ClimateAction for #SustainableDevelopment: https://ow.ly/JEMF30sEOwO

This week at #COP29, climate leaders are making large climate-finance commitments. But the #NCQG is only the starting point: we also need a more concerted effort to ensure that this funding reaches those who need it the most and enables truly global climate action. #Inclusivefinance is an obvious part of the solution that could achieve so much more than it is today! Read my oped in Project Syndicate: https://lnkd.in/dDiYstsp

Climate finance 🤝 climate justice UNFCCC Executive Secretary Simon Stiell has called for SB60 negotiators to produce "real options for a new collective quantified goal on climate finance". With COP29 in Baku just six months away, Steill warns that "serious progress on climate finance" must be made beforehand. 💰🌏 It's clear that serious funding commitments are essential for reaching global climate targets. This is as much the case for philanthropy as it is for governments. 👀 The Climate Justice Map is a tool to help philanthropies shift more power and resources to organisations working on the frontlines of the climate crisis in the Global South.📍 Join our upcoming training session that is especially dedicated to funders, philanthropies, and advisors - designed to teach you how to utilise the Climate Justice Map in your work. 💪 📅 Monday 17th June ⏰ 5pm BST / 6pm CEST / 12pm ET 📍Online, Zoom 🔗 RSVP here: https://lnkd.in/gSwkCzGq #SB60 #Bonn #climatefinance #climatephilanthropy #climatejusticemap https://lnkd.in/ebU8H5Sp

💰 “As Jerry McGuire says, ‘Show me the money,'" Manuel Pulgar-Vidal, global climate and energy lead at WWF, said of the importance of climate finance at the talks. "The amount of climate finance, along with who pays and who receives it, are central to unlocking negotiations and securing a strong outcome at COP29." READ MORE ➡️ https://lnkd.in/gFVG9btk #climate #COP29 #energy #finance #climatechange

Recent studies indicate that the world will need $10 trillion annually between 2030 and 2050 to avoid the worst impacts of climate change. That’s a lot — but the world has the money. As the Intergovernmental Panel on Climate Change (IPCC) explains, ”there is sufficient global capital to close the global investment gaps … but there are barriers to redirecting capital to climate action.” The challenge, then, is not necessarily raising additional finance for climate change mitigation and adaptation, but how to align all the world’s capital towards climate action. #parisagreement #ipcc #climatefinance #vcm #carbonfinance Edward Rumsey Gerry Elias https://lnkd.in/eWgcu-ec

“The unresolved issues regarding funding reliability, governance and integration with broader climate strategies highlight the need for further negotiation and innovation. Ensuring that the fund meets its transformative potential will require sustained political will, transparency and a clear commitment to addressing the systemic injustices of the climate crisis. These funds should not come with strings attached or in the form of debts. Owing to continuous climate extremes, developing countries, already vulnerable, are not in a position to navigate through such arrangements.” My reflections on COP29 and finance https://lnkd.in/ejNuRhPH

As #COP29Baku gets underway, my colleague Inge Brees discusses learnings from #SHEWINS - how can a funding model for local women's groups be applied to climate financing? What can the climate sector learn from peacebuilding sector in terms of supporting small-scale local action?

As developed countries set new #ClimateFinance targets at #COP29, they should also devise more inclusive financial services and products to ensure that resources reach vulnerable communities, according to CGAP CEO Sophie Sirtaine’s latest opinion article in Project Syndicate. Read more about the benefits to be unlocked from developing more inclusive #FinancialServices, and why more effort is still needed to ensure that climate finance reaches those that need it the most 👇 https://lnkd.in/d_nJMAtR.