Fidele Niyigaba’s Post

CLIMATE FINANCE: Without the funding there won’t be any climate action. This is why we develop bankable projects to help bridge the gap in financing nature-based climate projects.

“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

1. A new global climate finance target needs to be set 2. Countries must boost ambition and set up expectations for the next cycle of national climate plans 3. Prepare the Loss and Damage Funds to deliver impact 4. Drive adaptation action by guiding countries from planning to implementing their adaptation plans 5. 2024 is a COP year focusing on linkages between climate, nature, land and cities

After CoP 29 in Baku, the need for considerably greater volumes of public climate finance ( which will attract commensurate quantities of private finance) is a problem that has not yet been properly addressed by the international community. We are told that the trillions of climate finance urgently needed to support climate mitigation and adaptation activities around the world cannot be made available for these purposes. The rules of the dominant economic global model appear to “trump”the serious, current, existential requirement for vast quantities of ( largely) public funding to allow humanity to have some hope of avoiding the spectre of catastrophic global climate change and the possible extinction of the human race. So what stops the international community from acting collectively to generate a massive, multi- year programme of climate finance that could be distributed equitably amongst all countries of the world to support urgent climate action on their part? Oh yes- I forgot! The current rules of the global economy do not allow for such large volumes of finance to be agreed by the international political community, even though - if the idea had the backing of the governments of all countries around the world - the finance generated could be considered quite stable and risk- free as long as all countries using it were willing to abide by clear and agreed rules. The additional finance generated would need to be “ debt- free” rather than adding to the mountains of pre- existing debt carried by both developing and developed countries at present. The additional, debt- free climate finance could be put into circulation and drawn down by all countries on an agreed, timed, basis so that the risk of inflation arising could be mimimised. This additional, debt- free international climate finance would be best issued in the form of a new international reserve currency linked to global decarbonization efforts. While this would certainly have a potentially negative impact on the American dollar ( the current international reserve currency) , such action would represent a prudent move by the rest of the international political community, given how unpredictable and “ America First” in its political and economic/ monetary orientation the new Trump Administration is likely to be. A new international reserve currency linked to global decarbonization efforts is likely to promote much greater international political stability than the American dollar will do in the hands of Donald Trump, Elon Musk and others in the incoming US Administration. So what are we waiting for? Will the international political community consider the many political, economic and climate benefits of generating large volumes of debt- free climate finance at the international level and act accordingly, or will it continue to procrastinate and to avoid taking such action for fear of being in breach of the existing rules of the global economy.??

The New Collective Quantified Goal (NCQG) on climate finance sparked significant discussion at SB60 this year, but unfortunately, substantial progress was elusive, and a firm foundation was not established. A draft negotiating document was created and is scheduled for further refinement at COP29 in Azerbaijan later this year. However, it remains burdened with unresolved aspects, particularly in the realm of climate finance and other related matters. Efforts will likely continue to address these complexities as the negotiations progress towards COP29. https://lnkd.in/dMAhyxUQ

UN Chief Simon Stiell calls for urgent action on climate finance and global cooperation to tackle the climate crisis. 🔗 Read more here: https://lnkd.in/guRiPDQZ #climatefinance #COP29 #climateaction #globalcooperation #sustainability #climatecrisis #emissionsreduction

NCQG seems to be the new buzzing acronym in the climate space. If you are familiar with climate change jargons, you are likely familiar with COP, L&D, MDBs, UNFCCC, CSA. So what is NCQG and what does it mean? This piece by World Economic Forum provide some answers. https://lnkd.in/dr82_dau

How about developed nations forgive developed nations debt? 🦗 🦗 🦗 🦗 🦗 As world leaders converge on New York for the annual United Nations General Assembly, the spotlight should be on a critical aspect of the climate crisis: finance. While the talks in New York are not a formal climate summit, the discussions taking place this week are pivotal for our planet’s future. Ministers attending the UN General Assembly are engaging in high-level discussions, both formal and informal, as parties push their positions forward in anticipation of COP29 in November. These meetings present a crucial opportunity to increase climate ambition and commit to mobilizing larger amounts of climate finance. The urgency of scaling up climate finance cannot be overstated. It is the key that unlocks effective climate action across all fronts. From enabling developing countries to transition to clean energy to funding crucial adaptation measures in vulnerable communities, finance is the lifeblood of global climate efforts.

UN climate chief Simon Stiell has highlighted the necessity for a revamped global climate finance target, positioning it not as an act of charity but as a crucial investment in worldwide stability. In his address, Stiell underscored that effective climate finance is essential for fostering global cooperation and resilience against climate change impacts. He urged nations to collaboratively develop new financial goals that reflect the urgency and scale of the climate crisis. Stiell’s call for action at COP29 emphasized the interconnectedness of global economies and the mutual benefits of supporting climate initiatives. This approach seeks to drive a transformation in how climate finance is perceived and implemented globally. The emphasis is on proactive investment for a sustainable future rather than reactive measures. #ClimateFinance #GlobalStability #COP29 [Read more](https://lnkd.in/eBhDPHTu)

Once again, the countries most responsible for the climate crisis have failed. COP29 closed without an ambitious climate finance goal, without concrete plans to limit global temperature rise to 1.5°C, and without the comprehensive support desperately needed for adaptation and loss and damage. A summary of the fail AND the betrayal: ● Ambition is absent – The New Collective Quantified Goal (NCQG) falls woefully short of addressing the climate emergency’s scale and urgency. ● The most at risk excluded – It ignores the needs of LDCs and SIDS, offering no minimum allocation for these nations. ● Loss and Damage dismissed – The plan lacks meaningful support, leaving nations to suffer without recourse. ● Access denied – Weak and vague commitments fail to improve access to climate finance for LDCs and SIDs. ● Undefined Climate Finance – A lack of clear definitions undermines transparency, leaving the door open for manipulation and inaction. ● Established mechanisms sidelined - There are no guarantees of finance flowing through trusted entities under the Convention and Paris Agreement. 😭Cry my Beloved Islands🥵 https://lnkd.in/d8sC9mdc