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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

The recent UN Climate Change talks in Bonn, Germany, ended with countries still divided on how to shape a new climate finance goal. This matters because climate finance is about funding much-needed transitions and to help countries deal with the effects of climate change. Right now, there's no clear agreement on who should pay, how much, or what types of financing should be used. “The sheer number of unresolved issues currently sets us up for a fraught two weeks in Baku. We urge countries to use every opportunity in the months ahead of COP29 to lay the ground for an ambitious yet realistic new climate finance goal that responds to the needs of developing countries", says Gaia Larsen, Director of Climate Finance Access, World Resources Institute. The lack of progress means that vital funding needed to help vulnerable countries prepare for severe weather events, like the recent floods in Brazil and Kenya or heat waves in India, is still uncertain. Strong climate finance agreements are crucial for helping countries transition to cleaner energy and make bold climate commitments. As we move towards COP29, it's more important than ever for negotiators to work together and develop a clear, ambitious financial goal that can make a real difference for people and the planet. Read WRI’s statement about the UNFCCC climate talks: https://lnkd.in/ewz5iVbX Image correction: We Need A Robust Fund To* Fight Against Climate Change. #climatefinance #climateaction #justtransition WRI Climate

Last month, COP29 president-designate Mukhtar Babayev sent out his first communication as head of the United Nations climate conference in November. His July letter urged governments to start negotiating over how to break the deadlock on finance to help developing nations tackle #globalwarming. In a climate action plan addressed to about 200 nations, Babayev described the new collective quantified goal (NCQG) on #climatefinance – the first climate finance goal after the Paris Agreement – as the upcoming conference’s “top negotiating priority”. Mid-year negotiations in Bonn, Germany in June 2024 had ended in stalemate, as rich countries started ducking their commitments to provide more finance. Part of the deadlock was due to a possible return of Donald Trump to the White House a few days before COP29, according to some negotiators. Read more about the tensions surrounding the climate finance debate: https://lnkd.in/giRBX23Y

🌍 At COP29 in Azerbaijan, the EU is championing global action to meet the Paris Agreement goals and limit temperature rise to 1.5°C. With €28.6 billion in public climate finance provided in 2023, the EU is driving efforts to align global financial flows with climate goals. This year’s focus? The adoption of a New Collective Quantified Goal (NCQG) on Climate Finance to unlock investments and accelerate climate action. Discover how the EU is leading the way in climate finance at COP29! 👇 #COP29 #ClimateAction #ParisAgreement #Sustainability #ClimateFinance #GlobalLeadership #EUClimateLeadership European Commission European Union Union for the Mediterranean

Rich individuals in all countries must pay more to tackle the climate crisis, whether through taxes or charges on consumption, one of the architects of the Paris agreement has said. There is a growing consensus on the need for some kind of global wealth tax, with Brazil, which will host the Cop climate summit next year, an enthusiastic Global rich must pay more to tackle climate crisis, says architect of Paris deal https://lnkd.in/eUDt8mw2

What actually happened at the climate finance talks in Bonn? Sehr Raheja of CSE's Climate Change programme gives us a detailed account from the negotiations she attended last week. ➡️ Co Chairs presented an input paper for discussion ➡️ Developed countries called for expanded contributor base and the NCQG as a "broad goal" ➡️ Developing countries put a demand of $1 trillion per year on the table ➡️ The final text was imbalanced, leaving a long list of issues to be ironed out before COP 29 https://lnkd.in/gSuNjnk3 #COP29 #NCQG #climatefinance

🌍 Heading to the Bonn June Climate Meetings, our team includes Katherine Browne, who will join the tenth Technical Expert Dialogue (TED10) to discuss the New Collective Quantified Goal on Climate Finance (NCQG) – a process she has been actively shaping for a year. This goal, negotiated by all countries under UN Climate Change, aims to determine the total amount of financial support wealthy nations must provide to poorer ones for their climate change efforts. “How much money is needed and where should it be allocated? The short answer is: a lot; and current funds are nowhere near,” Browne said, providing the following estimates based on UN data: • $2.1 trillion for mitigation • $387 billion for adaptation • Between $290 billion and $580 billion for loss and damage The success of COP29 Azerbaijan next November, and the urgent global shift in climate finance hinge greatly on the NCQG. Browne has been advising governments to ensure that scientific insights shape these crucial political deliberations. In her view, it is crucial to have a goal that matches the challenge's magnitude while also transforming our entire financial system to confront climate change. She aims to see a focus on reprioritizing investments, defining appropriate language for the framework, and addressing issues of accountability. Stay tuned for the full story on our team's activities in Bonn. We will be sharing insights from our experts including Katy Harris, Mikael Allan Mikaelsson MBE, Maximilian Bruder, Zoha Shawoo, Maya Rebermark, Kate Williamson and Rosie Witton. 🔗 And learn more on Browne's hopes and expectations in our Q&A: https://buff.ly/4c0WCNL #Bonn #JuneClimateMeetings #NCQG #TED10 #COP29 #ClimateFinance

"A report by The G20 Taskforce on a Global Mobilization against Climate Change (TF-CLIMA) on Thursday, lists five “myths” blocking climate action, including that it will slow economic growth and that governments lack the resources to fix climate change and should leave it to the market. It recommends that G20 governments should implement green industrial strategies, reform the global financial system and scale up financing for climate projects." #G20 #ClimateFinance #ClimateAction Read the full article here ⬇

Many in the climate policy world are enjoying some summer downtime, knowing September will plunge them back into the usual diplomatic frenzy leading up to COP. But there's no rest for those working on the thorny issue of climate finance. The question of how to raise more for poorer countries is an all-consuming issue that will be centre-stage at the COP29 negotiations in Azerbaijan in November, tasked with agreeing the "New Collective Quantified Goal" (or NCQG as it's snappily known). It's a challenge that has become extremely politicised as wealthy countries met the previous $100-billion goal two years late amid accusations that too much of it came as loans. For the NCQG, rich nations don't want to start talking about higher amounts without getting more countries to cough up. They say the world has changed since the original contributors' list was defined in the 1990s and that some big emerging economies, like China and the Gulf states, have become more polluting and prosperous. So they want them to pay into the pot too. But developing countries think this is a slippery slope and could upset the underlying principle of global climate action: that those who are most responsible for global heating due to their historically high emissions should bail out those less to blame. At the mid-year Bonn talks, this difference of opinion led to an impasse in the negotiations - which the COP29 hosts must unblock if the summit is to land an NCQG as promised. Matteo Civillini reports for Climate Home News on a recent proposal from Switzerland with new criteria that could redefine the donor pool - and another from academics that would allow some countries both to give and receive. One thing is clear: it can't remain a taboo topic.

As always a sharp analysis by the PIK - Potsdam Institute for Climate Impact Research how to judge the #COP29 results and what effective and transformative action we need to take in addition if not instead.