𝗖𝗢𝗣𝟮𝟵: 𝗣𝗿𝗼𝗴𝗿𝗲𝘀𝘀 𝗼𝗿 𝗮 𝗺𝗶𝘀𝘀𝗲𝗱 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝘆? 🌏 The dust has settled on COP29, but the debates rage on. Developing nations have reluctantly accepted a $300bn annual climate finance deal by 2035, but many argue it’s a "paltry sum" given the scale of the climate crisis. The bitter negotiations have highlighted deep divisions, with wealthier nations accused of last-minute dealmaking and relying on loans rather than grants. ▪ China steps forward: For the first time, China has agreed to voluntarily contribute to the global climate finance pool, positioning itself as a potential climate leader in the absence of U.S. leadership under Trump ▪ COP under scrutiny: Host nation Azerbaijan faced criticism for its oil-driven economy and accusations of undermining the summit's purpose. A growing chorus of voices, including senior climate leaders, are calling for COP reform ▪ Activism on the rise: Campaigners and NGOs took a more confrontational stance, challenging compromises and amplifying frustrations about slow progress This COP shows some progress, but the divisions between rich and poor countries and a lack of ambitious commitments leave critical questions unanswered. Can the global community bridge these gaps? Stay updated: https://illuminem.com/ #COP29 #Climateaction #Sustainability
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🌍 Key Outcomes from COP29: Progress or Missed Opportunity? 🌱 The COP29 climate summit in Baku, Azerbaijan, ended with some pivotal but polarizing outcomes: 💰 New Climate Finance Goal: Developed nations committed to raising climate finance to $300 billion annually by 2035—a significant step, yet far below the $1.3 trillion requested by developing countries for 2030. This gap has drawn sharp criticism, particularly from nations in the Global South. 🌏 Global Discontent: India’s delegation rejected the deal, labeling it “abysmally poor” and insufficient to address equity and common but differentiated responsibilities (CBDR), principles crucial to effective global climate action. ⚖️ Negotiation Challenges: The summit’s closing hours were fraught with disputes over procedural fairness, leaving many nations feeling sidelined in the adoption of the New Collective Quantified Goal (NCQG). 📉 Trust at Stake: Critics argue that COP29 highlights a growing trust deficit in international climate negotiations. Developed nations' historical emissions responsibility has raised questions about the adequacy of their financial leadership. 📈 What’s Next: While the agreement provides a framework for future discussions, more ambitious funding and stronger national climate plans (NDCs) are essential to meet the escalating climate crisis. #COP29 #ClimateFinance #Sustainability #GlobalCollaboration
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Recap on COP29 The event brought a mix of triumphs and disappointments as global leaders worked to tackle the climate crisis. While some historic agreements were reached, significant gaps and delays highlighted the challenges ahead. Wins: 🌱 Wealthy nations commit to raising $300 billion to support developing countries in climate action. 🌱 After nearly a decade of discussions, global carbon market rules are finally approved. 🌱 Mexico pledges to achieve net-zero emissions by 2050, calling on others to match its ambition. 🌱 China signals its willingness to increase voluntary contributions to climate finance. 🌱 Exxon CEO Darren Woods publicly urges the U.S. to remain in the Paris Agreement. Losses: 🍃 The agreed funding falls far short of what climate-vulnerable nations urgently need. 🍃 Experts express concern that the carbon market rules lack safeguards against ineffective offsets. 🍃 The contentious debate on phasing out fossil fuels is postponed until next year. 🍃 Global temperatures are on course to surpass the critical 1.5°C threshold. 🍃 UAE’s much-lauded $30 billion Alterra fund, announced at COP28, has made minimal progress in disbursing funds. Source: https://lnkd.in/eRScqH7U
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COP29: A turning point for global climate finance? Since the first Conference of the Parties (COP) in Berlin in 1995, we've seen 29 years of dialogue on climate change—but in the last decade, global consensus has been slipping. Countries remain divided on their commitments, and COP29 in Baku might be our last chance to close that gap. This summit, billed as "Finance COP," holds the promise of pushing climate funding towards developing nations. Yet, the lead-up to COP29 has raised doubts. Key world leaders—including the heads of the US, China, and India—have opted out of speaking roles. And, earlier this month, European Commission President Ursula von der Leyen canceled her attendance. With climate politics intensifying, the divide between the Global North and South will take center stage. A critical question looms: who will finance the action that developing nations urgently need? To complicate things further, the potential return of climate-skeptic leaders like Trump may alter the landscape even more. All eyes will be on each country's statements, as COP29 could redefine the path to global climate finance—or mark yet another missed opportunity. #COP29 #ClimateAction #ClimateFinance #GlobalNorthGlobalSouth #SustainableFuture
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If you’re struggling to understand what happened at #COP29, I don’t blame you. The UN climate summit in Baku involved a furious two-week negotiation over a new global finance goal, with a blizzard of competing proposals involving vast numbers. In today's FT Moral Money newsletter, I explained the key angles you need to understand on this crucial subject, and where it could go from here. One important takeaway: Developing nations were right to call at COP29 for a big increase in the quantum of international climate finance. But the flow of funds, as well as being bigger, will also need to be much more smartly and strategically deployed, with a far greater focus on using public funds to catalyse private-sector investment. Even as wealthy nations increased their bilateral and multilateral climate finance provision between 2013 and 2022, the amount of private capital they crowded in for every dollar provided shrank from 51 to 24 cents.
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CEO and Founder, Resilience Capital Ventures LLC
Now For Ecosystem Strengthening I was relieved that the histrionics in the media during COP29 were less muted than last year during the conference hosted by the United Arab Emirates. It’s funny that Western commentators seem immune to seeing their hypocrisy and complicity, and often use this period to condemn the COP process without acknowledging that a weakened underresourced UN system is almost completely of the making of the wealthy countries. But, I digress. The $1.3 trillion dollars or the $300 million of North-South financing is not going to be delivered by fairy dust 🧚 So, let’s continue to design structures, deploy all forms of capital and transform dysfunctional systems, cause that’s what is required. I am not above reminding Simon Mundy and all the other commentators who systematically do not profile or amplify the folks doing this work. We are engaged, before, during and after the meetings. Onwards! #systemschange #TripleBFramework
If you’re struggling to understand what happened at #COP29, I don’t blame you. The UN climate summit in Baku involved a furious two-week negotiation over a new global finance goal, with a blizzard of competing proposals involving vast numbers. In today's FT Moral Money newsletter, I explained the key angles you need to understand on this crucial subject, and where it could go from here. One important takeaway: Developing nations were right to call at COP29 for a big increase in the quantum of international climate finance. But the flow of funds, as well as being bigger, will also need to be much more smartly and strategically deployed, with a far greater focus on using public funds to catalyse private-sector investment. Even as wealthy nations increased their bilateral and multilateral climate finance provision between 2013 and 2022, the amount of private capital they crowded in for every dollar provided shrank from 51 to 24 cents.
Making sense of the COP29 outcome
ft.com
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COP29 Day 11: Key Highlights Day 11 of COP29 in Baku saw intense discussions on climate finance, fossil fuels, and equitable action, with leaders urging decisive commitments to tackle the climate crisis. 1. Climate Finance Focus A central issue was setting a global climate finance target. Simon Stiell, UN Climate Change Executive Secretary, stressed, “Climate finance is not charity—it’s an investment in our collective future.” Developing nations demanded at least $1 trillion annually by 2030, urging clarity from wealthier nations. 2. Fossil Fuel Debate Haitham Al Ghais, OPEC Secretary-General, described oil and gas as "gifts from God," advocating for emissions reduction over phasing out fossil fuels. This sparked criticism from climate advocates pushing for decisive transitions. 3. Developing Nations’ Advocacy António Guterres, UN Secretary-General, called for action, stating, “Failing on climate finance is failing on climate justice.” Developing nations highlighted the dire need for financial support to adapt and mitigate climate impacts. 4. Progress on Loss and Damage Fund Discussions advanced on operationalizing the fund to ensure transparency in aiding vulnerable nations. Day 11 highlighted both challenges and opportunities for global cooperation. As COP29 nears its conclusion, the stakes are higher than ever. #COP29 #ClimateAction #Sustainability #ESGAP #NetZero
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MULTIDISCIPLINARY SCIENTIST, CONSULTANT & GLOBAL DIRECTOR at AFI GLOBAL MARINE
#COP29 DAY DREAM? Let's be realistic beings. Since the first COP1 Climate Summit in Berlin, Germany in 1995 the world began mandate negotiations with goals and deadlines for beyond 2000, then transversed through the Kyoto Protocol in 1997 with the agreement to reduce greenhouse gases emissions (#GHG) and slow #climatechange and then through the iconic UN Climate Change Paris Agreement in 2015 to limit the global temperature to 1.5 deg C, most of these yearly objective-agreements until now have failed Over the past continuous 13-14 months we had consecutive global temperatures over the 1.5 deg C ceiling and 2023-24 have seen record fossil fuel-related emissions with CO2 reaching a record at the most important landmark, the Keeling Curve measured in Hawaii, which started at 313 ppm in 1958 to reach 423 ppm today (most scientists were already afraid when it would cross the 400 ppm CO2 boundary) The history of our agreements, mandates, protocols, goals, and deadlines are disappointing, to say the least, and as the UN's General Secretary Antonio Guterres alerted "we are playing Russian roulette with the climate" This shameful track record must change radically and right now as the future of our civilization is at risk No money in the world usurped by the fossil fuel industry, institutional/hedge funds/pension funds etc that invest in them and other Nature damaging industries is not worth it if we all will live in hell on Earth Regarding the "Rich" countries helping (loaning) money to the "impoverished" countries, as it is said in the text, they are already "cash-strapped" that besides other investment needs are paying for their #climatecrises catastrophes (e.g., Hurricanes Helene and Milton, and Spain flash floods) and are concerned with the upcoming #climate disasters which will come sooner or later The parallel alternative of using funds from "rich" private Banks and Institutions will not come for free and, to be honest, they could care less for the peoples of the developing countries (however they indeed would care for their natural resources) Even if at a lower than the global market interest rates, the loans have to be paid back and these less fortunate countries, in which the majority do not have enough funds to cover their present-day citizens's and infrastructure basic requirements will have a hard time to pay the #climateloans. Especially yet if they keep being hit by weather extreme events Worse yet, we have to take into account a very serious #weather event, the "Trump Storm" which has the potential to challenge already fragile Tipping Points The worldlings truly hope that the 200 attendants of the #COP29 sew sincere and realistic bonding understandings that are readily accessible and feasible in#climatefinance because what is at stake is the survival of our civilization in which #climatecatastrophes have no boundaries and the families of the top 0.1% of the lending side will suffer equallyCOP29 DAY DREAM. Let's be realisti
Aligning financial flows with a low carbon, climate resilient future | Views expressed here are my own
Negotiators at the UN climate summit need to find trillions of dollars — and they’re increasingly turning to private capital, rather than governments, writes Natasha White. Over the next two weeks, nearly 200 countries participating in United Nations climate talks in #Azerbaijan will negotiate a new, possibly multi-trillion-dollar annual finance goal to help the world’s poorest economies decarbonize and adapt to rising temperatures. But even though nations are doing the talking, much of the money isn’t going to be coming from governments. Developed countries, feeling cash-strapped these days, are already telegraphing at the start of the #COP29 summit that a large part of any finance promised through these negotiations will need to come from sources out of their direct control. That includes the private sector through loans and other “innovative” finance structures. The complicated and costly proposal to deploy more private finance is already being opposed by highly indebted developing nations, which are pushing for a narrower goal that places emphasis on delivering publicly financed grants. The strategy also raises a fundamental question: How can nations commit third parties, which aren’t a part of the UN process, to mobilize hundreds of billions of dollars? The answer will be crucial in determining the credibility of any new pledge made in #Baku this year. In the diplomatic jargon of COP29, the main focus for the summit is to agree on a New Collective Quantified Goal on #climatefinance, which will replace a previous goal that promised $100 billion per year from rich nations to the developing world by 2020. Already there is distrust in the process. Developed countries came through two years late on their initial commitment, and some dispute whether the $100 billion per year milestone has in fact been met. Countries at this summit will be negotiating a much larger goal — currently placed at up to roughly $2 trillion per year.
Countries Are Pledging Money They Don’t Control at COP29
bloomberg.com
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COP29 in Azerbaijan: Progress or an Exercise in Futility? This year’s UN Climate Summit (COP29), hosted by Azerbaijan—a major natural gas producer—has raised eyebrows and highlighted some hard truths about global climate diplomacy. Key leaders are notably absent, including U.S. President Joe Biden, China’s Xi Jinping, and European Commission President Ursula von der Leyen. The lacklustre turnout from major players is a setback, especially as the summit aims to advance a global carbon credit market and establish a $1 trillion climate finance fund to help vulnerable nations transition to greener economies. Yet, despite these ambitions, scepticism remains high: 1. Carbon Credit Market: While a positive step, critics argue it could allow high emitters to avoid reducing emissions at home. 2. Climate Finance Fund: A $1 trillion target is ambitious, but reaching this goal seems unlikely without backing from top economies. As we confront the realities of climate change, the big question is: Has COP lost its effectiveness, or is it time to reform? 🌱 #ClimateAction #COP29 #Sustainability #ClimateFinance #CarbonCredit #UNClimateSummit
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Climate pledge "donations" are not working so only profit-driven financial solutions are likely to attract investors, such as #China's #renewables, #batteries and #EV sales. In the future, I think the real energy showdown will be China and #cities vs. #OPEC, with the #UN, #COP and other agencies as educators, bystanders, debaters and cheerleaders.
Aligning financial flows with a low carbon, climate resilient future | Views expressed here are my own
Negotiators at the UN climate summit need to find trillions of dollars — and they’re increasingly turning to private capital, rather than governments, writes Natasha White. Over the next two weeks, nearly 200 countries participating in United Nations climate talks in #Azerbaijan will negotiate a new, possibly multi-trillion-dollar annual finance goal to help the world’s poorest economies decarbonize and adapt to rising temperatures. But even though nations are doing the talking, much of the money isn’t going to be coming from governments. Developed countries, feeling cash-strapped these days, are already telegraphing at the start of the #COP29 summit that a large part of any finance promised through these negotiations will need to come from sources out of their direct control. That includes the private sector through loans and other “innovative” finance structures. The complicated and costly proposal to deploy more private finance is already being opposed by highly indebted developing nations, which are pushing for a narrower goal that places emphasis on delivering publicly financed grants. The strategy also raises a fundamental question: How can nations commit third parties, which aren’t a part of the UN process, to mobilize hundreds of billions of dollars? The answer will be crucial in determining the credibility of any new pledge made in #Baku this year. In the diplomatic jargon of COP29, the main focus for the summit is to agree on a New Collective Quantified Goal on #climatefinance, which will replace a previous goal that promised $100 billion per year from rich nations to the developing world by 2020. Already there is distrust in the process. Developed countries came through two years late on their initial commitment, and some dispute whether the $100 billion per year milestone has in fact been met. Countries at this summit will be negotiating a much larger goal — currently placed at up to roughly $2 trillion per year.
Countries Are Pledging Money They Don’t Control at COP29
bloomberg.com
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🌍 COP29 reminds us of a fundamental principle: the success of ecological transition relies on a new alliance between private and public sectors. The climate finance question at #COP29 highlights a crucial challenge: how to mobilize up to $2 trillion annually for ecological transition? The answer lies in a virtuous cycle: 1️⃣ Private sector kickstart is essential: bringing the agility and innovation capacity needed to initiate projects. 2️⃣ Public support then steps in to consolidate and sustain these initiatives, ensuring their long-term impact. The real challenge? Rebuilding trust between these two worlds. Developing countries, already heavily indebted, express legitimate concerns about this model. 💭 "Sustainable Value Distribution (SVD) was designed precisely for this purpose - to create a bridge between private initiative and public redistribution. It's not just about financing; it's about ensuring that initial private investments catalyze long-term public benefits, creating a self-sustaining cycle of ecological and social progress." 💡 The solution? A new trust pact where: - Private sector commits to concrete, measurable objectives - Public sector ensures a stable and fair framework - Innovative financing mechanisms are adapted to local realities Rebuilding this trust is key to creating a true redistribution economy, capable of addressing climate challenges while ensuring equitable development. It's time to move beyond the traditional public-private divide and embrace a new model of collaborative climate finance. The future of our planet depends on it. #ClimateFinance #EcologicalTransition #Sustainability #COP29 #FinancialInnovation #PublicPrivatePartnership #SVD
Aligning financial flows with a low carbon, climate resilient future | Views expressed here are my own
Negotiators at the UN climate summit need to find trillions of dollars — and they’re increasingly turning to private capital, rather than governments, writes Natasha White. Over the next two weeks, nearly 200 countries participating in United Nations climate talks in #Azerbaijan will negotiate a new, possibly multi-trillion-dollar annual finance goal to help the world’s poorest economies decarbonize and adapt to rising temperatures. But even though nations are doing the talking, much of the money isn’t going to be coming from governments. Developed countries, feeling cash-strapped these days, are already telegraphing at the start of the #COP29 summit that a large part of any finance promised through these negotiations will need to come from sources out of their direct control. That includes the private sector through loans and other “innovative” finance structures. The complicated and costly proposal to deploy more private finance is already being opposed by highly indebted developing nations, which are pushing for a narrower goal that places emphasis on delivering publicly financed grants. The strategy also raises a fundamental question: How can nations commit third parties, which aren’t a part of the UN process, to mobilize hundreds of billions of dollars? The answer will be crucial in determining the credibility of any new pledge made in #Baku this year. In the diplomatic jargon of COP29, the main focus for the summit is to agree on a New Collective Quantified Goal on #climatefinance, which will replace a previous goal that promised $100 billion per year from rich nations to the developing world by 2020. Already there is distrust in the process. Developed countries came through two years late on their initial commitment, and some dispute whether the $100 billion per year milestone has in fact been met. Countries at this summit will be negotiating a much larger goal — currently placed at up to roughly $2 trillion per year.
Countries Are Pledging Money They Don’t Control at COP29
bloomberg.com
