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Looking forward to COP29, Day 4 | COP29 Azerbaijan 🇦🇿 Actions are back on in the venue, after being paused during the World Leaders Summit. 📑Late on Wednesday a new climate finance text dropped, cut from 35 to 33 pages. It’s not fast enough, and all eyes are on the co-chairs and presidency to try and sort this out. While wealthy nations are hesitant to back a $1.3 trillion figure directly, they’re suggesting a multi-layered approach. 🎤 Major economies, the biggest historical emitters, must commit to providing substantial, accessible funding to help nations most affected by climate change. 🇦🇷 Argentinian President Milei pulled Argentina's entire COP delegation from the conference. Milei once called climate change a “socialist lie,” which might be a clue for the reason. Meanwhile, Azerbaijan’s President accused France of its ‘brutal suppression’ in the Pacific, leading France’s top climate official to skip COP29 entirely. 🎤 No country will gain from walking out of negotiations. Everyone has a stake in talks where trillions of dollars of global finance are being discussed, and not taking part is simply unwise. 🔎 NDCs check: We’ve got three NDSs this far. The analysts' verdicts are as follows: UAE—poor, UK—decent, Brazil—average but we expected more. 🌼 While this is “The finance COP”, new research also underscores the need for better frameworks that address the non-economic loss and damage. Climate change threatens cultural heritage, with Indigenous and local communities particularly vulnerable. Despite consensus the international community that Indigenous and local knowledge is vital for meaninful action, implementation gaps persist. 🎤 Global climate policy must protects cultural heritage by centering traditional, indigenous and local knowledge in adaptation strategies. We can only reach equitable and sustainable solutions by reflecting varied values, knowledge, and relationships with nature.

COP 28: Good COP - Bad COP 🌍 COP 28 has concluded with a pivotal agreement marking the "beginning of the end of the fossil fuel era." Here are some key highlights: • The global stocktake acknowledges the urgent need to slash global greenhouse gas emissions by 43% by 2030. However, it's evident that parties are falling short of their Paris climate agreement targets. Including fossil fuels in the GST is a crucial step forward, paving the way for discussions on the path ahead, emphasizing funding and fairness. • Despite efforts, countries failed to adopt rules under Article 6.2 (Global Carbon Markets), which addresses bilateral actions to mitigate GHG emissions. • On a positive note, the loss and damage fund commenced operations on day one, amassing $792 million to date. It's disappointing to note that the US, the largest historical emitter of GHGs, contributed only $17.5 million to this vital fund. COP 28 was a beacon of hope for addressing the existential threat of climate change. However, my biggest expectation was for governments to transcend their narrow national interests and unite for Our Common Future. It's imperative for the world to stand together and act as one to combat this pressing challenge. #COP28 #ClimateAction #GlobalUnity #sustainability #esg 🌱🌎

COP 29, like previous COP conferences, is likely to face scrutiny regarding the achievement of the Paris Agreement’s central goal of limiting global temperature rise to well below 2°C, preferably to 1.5°C, above pre-industrial levels. It is important to note that despite repeated commitments, global emissions have continued to rise, with many countries missing or underdelivering on their emission reduction targets. COP 29 may still be characterized by pledges rather than immediate, large-scale emission cuts, delaying the actual reductions needed to keep 1.5°C within reach. To add on, to the Paris Agreement calls for significant financial support, especially for developing nations, to fund both mitigation and adaptation. However, previous COPs have shown that wealthy nations often fall short of their financial promises. At COP 29, if financial commitments remain low or largely unmet, developing countries may struggle to make necessary climate adaptations, hindering overall progress. It is therefore evident that without significant shifts in policy implementation, increased funding commitments, and urgent, concrete actions rather than distant pledges, COP 29 may struggle to deliver the acceleration in climate action needed to meet the Paris Agreement’s goals in time. COP29 Azerbaijan Sustainable Energy Access Forum Kenya (SEAF-K) kenya climate youth corps #ClimateJustice #ClimateFinance #COP29

Both the COP 29 annual meeting dedicated to climate action, and its biodiversity counterpart COP 16, take place in the coming weeks. In a year when politics and the impacts of climate change have sometimes conflicted, accelerating global coordination and finance is increasingly urgent. Expectations for both meetings are low, but the potential is huge. Key takeaways: - COP 29 and its biodiversity counterpart COP 16 come at a time when new global temperature records have reinforced the urgency of climate action. - COP 29 is being billed as the “finance” COP, but expectations of meaningful progress appear modest. - Clarification on financing the transition, climate pressures on health, and the role of technology will be key topics. - The conference will set the tone for the next wave of sovereigns’ climate action plans. By Matt Christensen, Global Head of Sustainable and Impact Investing at Allianz Global Investors #AchievingSustainability #Sustainability #COP29 #COP16

Chapter Zero Fellow, David Carlin, explores the outcomes of COP29 for Forbes, arguing that "incremental progress" in climate finance commitments, carbon market structures, and transparency is "no longer enough" and looking ahead to what is needed between now and COP30. #climateaction #netzero

🌍 𝗖𝗢𝗣𝟮𝟵: 𝗔 𝘀𝘁𝗲𝗽 𝗳𝗼𝗿𝘄𝗮𝗿𝗱, 𝗯𝘂𝘁 𝗻𝗼 𝘃𝗶𝗰𝘁𝗼𝗿𝘆 𝗹𝗮𝗽 𝘆𝗲𝘁 🌍 After two weeks, COP29 wrapped last Sunday. A lot has been going on, so we've got you covered with a short summary:   💰 𝗖𝗹𝗶𝗺𝗮𝘁𝗲 𝗳𝗶𝗻𝗮𝗻𝗰𝗲 is set to triple from $100 billion to $300 billion annually by 2035. While this is progress, it's far from meeting the needs of developing nations, demanding $1.3 trillion per year by 2035.   🌱 After a decade of debate, countries agreed on 𝗰𝗮𝗿𝗯𝗼𝗻 𝗺𝗮𝗿𝗸𝗲𝘁 rules under the Paris Agreement, including a centralized system that benefits developing nations with funding and support. Clear, transparent standards will now guide carbon credit trading worldwide!   📝 Transparency made strides with the first-ever 𝗕𝗶𝗲𝗻𝗻𝗶𝗮𝗹 𝗧𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝗰𝘆 𝗥𝗲𝗽𝗼𝗿𝘁𝘀 rolling in, as 13 trailblazing countries submitted reports on their climate change impacts and adaptation efforts.   🧒 As a reminder that this fight belongs to every generation, COP29 marked the first 𝗬𝗼𝘂𝘁𝗵-𝗹𝗲𝗱 𝗖𝗹𝗶𝗺𝗮𝘁𝗲 𝗙𝗼𝗿𝘂𝗺 – with a 10-year-old moderator stealing the show!   💡 𝗧𝗵𝗲 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆? Big promises, crucial progress, but no room for complacency. As Simon Stiell, Executive Secretary of UN Climate Change, concluded, "No country got everything they wanted, and we leave Baku with a mountain of work to do."   It's clear that the road to COP30 in Belem will be a long and winding one, so let's do what we can to accelerate the shift! 🌍✊   #COP29 #ClimateAction #SustainableFuture #FinanceForClimate

🌍 COP29: A Step Forward or Just More Talk? The COP29 UN climate summit in Baku has concluded. Here’s a run down of the key outcomes: 1️⃣ Carbon Trading Framework: A framework for Article 6 of the Paris Agreement was agreed, paving the way for a global carbon removal (CDR) market. This is major news: Countries will be able to create export markets and revenue streams for carbon removal. 2️⃣ Climate Finance: Developed nations committed to $300B annually for developing countries by 2035—far below the $1.3T many had hoped for. 3️⃣ Fossil Fuels: Agreement on phasing out fossil fuels was deferred to COP30 in Brazil, leaving critical decisions unresolved. The Takeaway The Article 6 framework is sending a clear message: There will be a global market for carbon dioxide removal (CDR), finally providing some certainty around global carbon markets and the direction policy makers are going to swing, but some of the execution remains uncertain and this year's COP has ended with a fair share of controversies, forced outcomes and disappointments. #COP29 #ClimateAction #Sustainability #NetZeroFuture

COP29 Day 1 Highlights: The "Finance COP" Begins in Baku Yesterday [Nov 11, 2024] marked the start of COP29 in Baku, Azerbaijan, with a strong focus on financing and cooperation to address the climate crisis. Key takeaways include: 👉 Carbon Market Rules Adopted: COP29 advanced the framework for the UN's global carbon market under Article 6.4, a step toward transparent and efficient emissions trading to support climate finance. 👉 Warming Concerns: The WMO reported 2024 is on track to be the warmest year ever, with the last decade being the hottest on record. 👉 Climate Finance Focus: Securing the $100 billion pledge and addressing climate adaptation remain top priorities. 👉 National Commitments: The U.S. reaffirmed its commitment to emissions reduction, while Brazil announced its ambitious 59-67% emissions cut target by 2035. 👉 Global Cooperation Needed Now: Leaders emphasized the critical need for global cooperation to prevent surpassing the 1.5°C threshold. #COP29 #ClimateAction #Sustainability #GlobalGoals

Reflections on COP29 🌍 As COP29 unfolds in Baku, it’s clear that the stakes couldn’t be higher - and the world is watching. While there have been important breakthroughs, the slow pace on critical issues reminds us how far we still have to go. ➡️ A major win so far has been the approval of international standards for a global carbon market under Article 6.4 of the Paris Agreement. This long-awaited framework could drive billions in investments and foster international cooperation on emission reductions. However, concerns over fairness and transparency in negotiations show that trust-building remains essential. ➡️ On the flip side, the lack of progress on the New Collective Quantified Goal (NCQG) for climate finance is alarming.💰 Developing countries urgently need up to $1.8 trillion annually by 2030 to address climate impacts, but disagreements over contributions and structures are stalling action. This delay risks leaving the most vulnerable communities unprotected in the face of a worsening climate crisis. ➡️ Geopolitics, too, is complicating matters. The potential withdrawal of the US from the Paris Agreement casts a shadow over global unity. Yet, there is hope: countries like the UK are stepping up with bold commitments, including its new NDC to slash emissions by 81% by 2035. 🇬🇧⚡ Such leadership is a reminder that ambition is possible even in the face of uncertainty. ➡️ We need bold, urgent action now—not just promises. The world cannot afford more delays, and leaders must rise to this moment with courage and conviction. This is a pivotal time for humanity. Whether COP29 delivers meaningful agreements will determine the future of our planet and history will judge us by the choices we make today. 🌎 #COP29 #ClimateActionNow #ClimateFinance #CarbonMarkets #ClimateJustice

💚🌊COP29: Was it really that bad?Despite the negative press about COP29 in Baku, was there a silver lining? Did anything sparked optimism? We decided to ask readers of The GreenWave Gazette for their thoughts. Amid critiques, are there underreported successes? After nearly a decade, COP29 launched global carbon trading markets, offering a new way to offset carbon footprints. Countries agreed on rules to avoid double-counting emissions cuts, enhancing transparency. The market could fund climate finance for poorer nations. Azerbaijan pushed for adopting initial elements. Share your insights on progress. Has COP29 fostered new strategies to address climate challenges? Are there innovative solutions that could catalyze global efforts? COP29 Questionnarie: https://lnkd.in/dH7w89QH However, concerns remain. Some fear carbon trading may not lead to actual carbon removal, raising greenwashing concerns. The "buyer beware" approach with loose rules could allow bad practices. Including hypothetical CO₂ credits might reduce incentives for real emission cuts. The deal isn't fully aligned with net-zero goals, leaving too much trust without strict oversight. Let's highlight positives and challenges, fostering dialogue. By focusing on progress and examining shortcomings, we encourage engagement. Your perspectives are vital in shaping a balanced understanding of COP29. Looking forward to your insights! #COP29 #ClimateAction #Sustainability #Baku #GreenWaveGazette #ClimateChange #EnvironmentalPolicy #RenewableEnergy #SustainableDevelopment #EnvironmentalJustice #GlobalCollaboration #ClimateSolutions