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The confernce of Parties of the UN Framework convention on Climate Change (UNFCCC), COP29 deal aims to scale up climate finance. However, its inadequacies highlight a persistent divide between developed (the Global Northe) and developing countries (the Global South). The failure to adequately address loss and damage, ensure sufficient public funding, and include the voices of vulnerable nations underscores the urgent need for more equitable and transparent global climate governance. Critics have called for revisiting the commitments to align with science-based goals and the principles of climate justice

🌍 Just returned from the Bonn Climate Conference (SB60), where I’ve followed the negotiations of a new climate finance goal and the discussions around Article 2.1c of the Paris Agreement, which aims to make finance flows “consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.” 💸 In 2009, high-income countries committed to mobilise $100 billion per year by 2020 to support the Global South’s climate action. According to the OECD - OCDE this target was finally met in 2022, two years past the original deadline. And now, negotiators are working on an even more ambitious goal. 🥅 When the Paris Agreement was signed in 2015, countries agreed to set a "new collective quantified goal” on climate finance (NCQG) to replace the $100 billion per year target. This NCQG is slated for adoption at COP29 in Azerbaijan this year. 🌱The new finance goal is crucial for directing greater funds towards the urgent climate action needed in the Global South. By boosting financial support, it should enable these countries to enhance their climate ambitions in the next round of national climate plans (NDCs), due in 2025. 💬🗣️However, progress has been slow. In Bonn, negotiators struggled to reach a consensus on key issues, including the total amount of the goal, its configuration (what to include and what not), and the donor base. ⏳For those looking to the UNFCCC process for answers, the outcomes from this meeting are disappointing. It seems unlikely that positions will align before Baku; they appear too cemented and polarised at this moment. However, I sincerely hope so for the planet’s sake, but especially for the people living in climate-vulnerable countries that are already experiencing extreme weather events, food insecurity, governance instability and a much more uncertain future. #BonnClimateConference #UNFCCC #ParisAgreement #COP29

🆓 FREE TO READ 🆓 COP29 : In the early hours of Sunday morning countries agreed  a New Collective Quantified Goal on Climate Finance to triple public finance to developing countries, from the previous goal of $100bn to $300bn a year by 2035. Its size and the emphasis on private finance to find further funding have been roundly criticised. The climate summit was “not a success, but at best the avoidance of a diplomatic disaster”, said Ottmar Edenhofer, climate economist and co-director of the PIK - Potsdam Institute for Climate Impact Research. Read more analysis below. #COP29 #climatefinance #climatefinancegoal https://lnkd.in/ebPBjy8w

Content from COP29 Azerbaijan... As COP29 negotiators push for a breakthrough on global climate finance, the spotlight is on actionable solutions that drive transparency, accountability, and impact. Jochen Flasbarth, an influential figure at the summit, called for collaboration to address the financing gaps for developing nations while ensuring measurable outcomes. RS Metrics' AssetTracker and ESGSignals products can empower stakeholders with geospatial insights to evaluate climate risks, track emissions, and monitor progress — aligning with the principles of precision and accountability vital for climate finance. #ClimateFinance #COP29 #GeospatialData Explore more at: https://hubs.li/Q02YRjwG0

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

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

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.

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

BETRAYAL IN BAKU: DEVELOPED COUNTRIES FAIL PEOPLE AND PLANET Climate Action Network wholeheartedly rejects the outcome of COP29 in Baku. The linchpin of the climate talks was public finance, and developed countries did not deliver despite their historic responsibilities. The figure for the climate finance goal is wholly inadequate, the quality of finance is missing with no equity or justice reflected in the text, and the direction of finance from developed to developing countries did not come through. The goal completely missed the mark in responding to the needs of developing countries. Developed countries are to blame – they have used the US election result as an excuse to push through this weak outcome. The US has been trying to dismantle the Convention and the Paris Agreement for years, Trump or no Trump. Two years of progress on Just Transition, where Parties were starting to shape a common vision, were trashed due to bad process, showing dismay for the millions of people concerned about their lives, jobs, livelihoods. In COP29, justice was not served on any front. https://lnkd.in/eW2y39Rf