Jovi Ho’s Post

#COP29 came to a close in the early hours of Sunday, November 24, as a new #ClimateFinance goal was adopted: one that is three times higher than previously, but less than a third of what developing countries need every year to manage the climate crisis. Rich countries will "take the lead" in channeling US$300 billion per year to the Global South until 2035, from “a wide variety of sources” including public, private and multilateral finance. This falls short of the US$1.3 trillion climate finance experts estimate that vulnerable countries need to receive annually by 2035 to help them mitigate and adapt to #ClimateChange. As such, it has been described as "not enough" and a "bitter disappointment" by the likes of the World Resources Institute and Greenpeace. One glimmer of hope is the launch of the ‘Baku to Belém Roadmap to 1.3T’, which will see the COP29 and #COP30 presidencies work together over the next year to scale up climate finance flows to US$1.3 trillion by 2035. https://lnkd.in/e-j65Rr6 #NCQG #ChiefSustainabilityOfficer

🌍 Climate Finance and the G20 at COP29: Progress or Missed Opportunity? 🌱 As the COP29 summit unfolds in Baku, Azerbaijan, the G20 leaders convened in Rio de Janeiro to address a pivotal piece of the climate puzzle—finance. Representing over 80% of global emissions and 85% of the world economy, the G20's decisions have outsized influence on our planet's future. But are we making strides, or just treading water? Key Takeaways from the G20 Climate Finance Meeting: From Billions to Trillions The G20 committed to scaling up climate finance dramatically, aligning with negotiations for a New Collective Quantified Goal (NCQG) under the Paris Agreement. A hopeful sign, but will the dollars follow the declarations? A Fossil Fuel Reality Check Here’s the contradiction: while pledging climate action, G20 nations spent $1.1 trillion in fossil fuel subsidies in 2022 and an estimated $945 billion in 2023. The declaration sidestepped the critical conversation about phasing out fossil fuels—a glaring omission that climate negotiators won't overlook. The 1.5°C Challenge UN Secretary-General António Guterres reiterated the urgency of aligning national commitments with the 1.5°C target. His call to triple renewable energy capacity by 2030 and halt deforestation stands as a reminder of the tangible actions needed. Tackling Climate Disinformation In a promising move, Brazil announced a joint initiative with UNESCO and the UN to combat climate disinformation. This effort will be pivotal in fostering informed public engagement as the world gears up for COP30 in Brazil. What’s Missing? While the commitments to escalate climate finance are commendable, the absence of explicit plans to phase out fossil fuels looms large. The world cannot afford to ignore this elephant in the room, especially when fossil fuel subsidies remain at staggering levels. The G20’s actions—or inactions—send a ripple effect across global climate negotiations. As COP29 progresses, the fragile trust between nations hangs in the balance. Will these talks lead to actionable steps, or will we see more unfulfilled promises? Why This Matters The path to a sustainable future lies in bold decisions. Finance is the lifeblood of climate action, but without addressing the root cause—fossil fuel dependency—progress will remain elusive. Let’s keep the conversation going. What are your thoughts on the G20’s role in global climate commitments? Is this a step forward or a missed opportunity? 👇 Share your views in the comments! Let's spark a dialogue that drives action. 💬 #ClimateFinance #COP29 #Sustainability #RenewableEnergy #G20 #ClimateAction #arewedoingenoughtosaveourplanet

The ongoing COP29 Azerbaijan summit is a crucial platform where countries unite to address the pressing issue of climate finance, essential in combating climate change effectively. What is COP? COP, short for "Conference of the Parties," signifies the countries that have ratified the UNFCCC UN (United Nations Framework Convention on Climate Change) treaty, signed by nearly 200 countries in 1992. Each year, the leaders convene to negotiate the best strategies to address the root causes of climate change. COP29, the 29th Conference of the Parties to the UN Framework Convention on Climate Change, is currently taking place in Baku, Azerbaijan, from November 11-22, 2024. This gathering brings together leaders from governments, businesses, and civil society to propose tangible solutions to the critical issue of climate change. The success of the United Nations climate summit heavily hinges on countries' agreements on funding commitments. It is imperative for wealthier nations, development institutions, and the private sector to pledge annual funding to combat climate change. As reported, economists stress that developing countries need a minimum of $1 trillion annually by the end of the decade to effectively confront the challenges posed by climate change. At the core of COP29 is a focus on finance, as trillions of dollars are essential for countries to significantly reduce greenhouse gas emissions and safeguard lives and livelihoods from the escalating impacts of climate change. Kate Abnett, Olesya Astakhova and Virginia Furness Reuters وزارة التغير المناخي والبيئة Ministry of Climate Change and Environment Masdar (Abu Dhabi Future Energy Company)

This month's U.N. climate summit - COP29 in Baku, Azerbaijan - has been dubbed the "climate finance COP" for its central goal: to agree on how much money should go each year to helping developing countries cope with climate-related costs. That discussion could be tough following Tuesday's re-election of former U.S. President Donald Trump, a climate denier whose campaign vowed to remove the top historic greenhouse gas emitter and leading oil and gas producer from the landmark 2015 Paris Agreement to fight climate change for a second time. Negotiations So Far Articles 2 and 9 of the Paris Agreement are central to climate finance discussions, underscoring the need to align financial flows with pathways that support low-carbon, climate-resilient development. Originating from the 2009 Copenhagen Accord, developed countries committed to providing $30 billion in "new and additional" financial resources for 2010-2012 and agreed to mobilise $100 billion annually by 2020. Building from a $100 billion floor, the NCQG was set for establishment ahead of 2025, reflecting the needs and priorities of developing countries. Despite the guiding principles of predictability, effectiveness, additionality, fairness and intergenerational equity, reaching a consensus on the NCQG remains challenging. After 11 technical expert dialogues and three ad hoc meetings, deep divisions persist on key issues. Some countries support a single, unified target, while others propose a layered approach with annual targets across various climate action areas. This debate, alongside differing preferences for five- or 10-year timelines and alignment with Nationally Determined Contributions (NDCs) and Biennial Transparency Reports (BTRs), adds layers of complexity. Ambition for the New Goal The NCQG must reflect the growing needs of developing nations and surpass the $100 billion benchmark, which represents more of a political compromise than actual financial needs. As financing requirements are projected in the trillions annually, the NCQG should address this scale, with specific targets for mitigation, adaptation, and loss and damage. This would also help redress the current imbalance, where mitigation receives the majority of funding, leaving adaptation and loss and damage underfunded.

Disheartening news from #COP29 as critical negotiations over a new climate goal continue into the weekend. Teresa Anderson, ActionAid’s Climate Justice Lead, voices the frustration of many: “The wealthiest nations most responsible for this climate emergency have abandoned those bearing the brunt of its impacts. The current draft fails to promise real, grant-based finance for vulnerable communities on the frontlines. Instead of ensuring accountability from developed countries, it unfairly shifts the burden onto developing nations and private actors.” Once again, the voices of those most affected seem sidelined in favor of vague commitments and inadequate solutions. 💔 Where is the justice for those who need it most? #ClimateJustice #COP29 https://lnkd.in/d69X5ttD

As COP29 in Baku draws to a close, it does not seem to even hit newspaper headlines as much as earlier UN Climate Conferences. Yet it is critically important that this so-called finance COP leads to credible funding targets for rich countries to support developing countries in tackling climate change and cutting emissions. As pointed out by Patrick Bolton and Alissa M. Kleinnijenhuis supporting developing countries with grant finance is in rich countries' economic interest. Below are links to their paper which is garnering a lot of attention in Baku as well as to the FT article discussing their paper. #COP #COP29 #climatechange #climatefinance #publicfinance #energytransition https://lnkd.in/eDCSKavb https://lnkd.in/e_mnN43i

#COP29 officially ends tomorrow, but after nearly two weeks of negotiations, countries still can’t agree on the details – and amount – of a new #ClimateFinance deal. The latest draft of the New Collective Quantified Goal (#NCQG), published in the early morning hours of November 21, has been received with concern by climate experts – as the 10-page document still does not specify the amount of funding rich countries will be expected to mobilise to help poorer economies deal with #ClimateChange. The text also offers “two vastly different options for the design of the NCQG”, according to Stephen Cornelius, Deputy Global Climate and Energy Lead at WWF: one placing the finance burden clearly on developed countries based on historical emissions; the other opening the door for "all types of finance" to count towards the goal. Read out full analysis here: https://lnkd.in/e_ktUwXz #ChiefSustainabilityOfficer #ClimateAdaptation Climate Action Network International World Resources Institute

Day 1 and 2 Update from CoP29 Baku Azerbaijan: Day 1 (November 11th, 2024): Procedural hurdles: The opening plenary was temporarily suspended due to disagreements on meeting agendas, causing delays. However, all agendas were eventually adopted. - Article 6.4 Mechanism: A decision was adopted on the Paris Agreement's Article 6.4 Mechanism, which focuses on creating a framework for international carbon markets. This is a significant step towards operationalizing this part of the Paris Agreement. - Emphasis on ambition: COP29 President Mukhtar Babayev stressed the urgency of the climate crisis and called for ambitious outcomes, particularly regarding the new collective quantified goal (NCQG) on climate finance and a just transition away from fossil fuels. Day 2 (November 12th, 2024): - World Leaders Climate Action Summit: The summit brought together around 100 national leaders to discuss raising ambition and translating climate pledges into concrete actions. - Focus on Finance: Discussions centred on the need for increased climate finance, with calls for a strong outcome on the NCQG to replace the current USD 100 billion per year goal. - Press Conference: Key figures, such as UN Climate Change Executive Secretary Simon Stiell and COP29 Lead Negotiator Yalchin Rafiyev, addressed the media, highlighting the importance of COP29 and its expected outcomes. - Key expectations for the remaining days: New collective quantified goal (NCQG) on climate finance: A key expected outcome is an agreement on a new, more ambitious climate finance goal to replace the current USD 100 billion target. - Operationalization of the Loss and Damage Fund: Guidance is expected on how the new Loss & Damage fund will operate, including eligibility criteria for accessing funds. - Global Stocktake: Discussions will continue on the outcomes of the first Global Stocktake, which assessed progress towards the Paris Agreement goals. This will inform the next round of nationally determined contributions (NDCs). - Mitigation and Adaptation: Negotiations will focus on enhancing ambition and action on mitigation (reducing emissions) and adaptation (building resilience to climate impacts).

The week 1 round up of COP29: A new recap by Forbes covering the first week of COP29 in Baku has illuminated the critical role that finance plays in addressing global climate challenges. The conference has underscored the pressing need for unprecedented financial mobilization alongside political will to combat climate change effectively. As countries, businesses, and stakeholders convene at COP29, the focus on climate financing has taken center stage. Here are the key highlights from the report: 🌿 The conference discussion revolves around the New Collective Quantifiable Goal (NCQG), a framework aimed at meeting the increasing demand for climate financing, compensation for loss and damage, and support for adaptation efforts. The $100 billion annual climate finance target, established during the Copenhagen Accord, was achieved in 2022, with $115.9 billion mobilized, albeit two years later than the original 2020 deadline. 🌿 However, concerns have been raised by developing countries regarding how these funds are calculated and whether they truly represent new and additional support. Estimates suggest that $1 trillion per year will be required by 2030, underscoring the accelerated timeline necessary to address climate change's financial and human toll. 🌿 Early discussions at COP29 have proposed solutions such as solidarity levies, which could generate $200-$400 billion annually by imposing small taxes on environmentally harmful activities. The shift from grant-based financing to investment-based approaches indicates a growing emphasis on economic returns over altruism, reflecting the complex landscape of climate finance. 🌿 While promising initiatives like the Global Energy Storage and Grids Pledge and the Hydrogen Action Declaration have emerged to boost renewable energy integration and production, the financial challenge remains immense. The necessity of innovative, scalable financing solutions cannot be overstated in achieving the ambitious targets set forth at COP29. 🌿 As negotiations continue at COP29, the need for a robust financial roadmap is evident. Delegates must focus on realigning their efforts to secure credible financing mechanisms to drive down emissions and address the escalating economic costs of climate inaction. The time for action is now. The urgency highlighted during COP29's first week serves as a stark reminder of the critical need for global cooperation and financial commitment in combating climate change. Read the full report by Forbes here. https://lnkd.in/esNnyreb

The recent United Nations midyear climate talks in Bonn grappled with key issues crucial for ambitious implementation of the Paris Agreement ahead of COP29 in November. While modest progress was made, significant differences between countries persisted across five major themes: 1: Climate Finance: Negotiations on defining a new global climate finance goal faced roadblocks, with developed and developing nations clashing over the sources, recipients, and nature of funding. 2: Mitigation: Discussions on updating the mitigation work program to urgently scale up emissions reduction efforts stalled amid disagreements on the program's scope and linkages to other processes. 3: Nationally Determined Contributions (NDCs): With a new round of enhanced NDC commitments due in 2025, questions remain on how countries, especially developing nations, will integrate finance needs and sectoral targets into their climate plans. 4: Article 6: While some progress was made on establishing rules for international carbon markets under Article 6, concerns persist over transparency and ensuring real emissions reductions. 5: COP29 in Azerbaijan: As the talks shift to Baku, the venue's reliance on fossil fuels and civil society participation raise concerns about advancing the transition away from fossil fuels and upholding human rights. Despite the challenges, U.N. climate chief Simon Stiell urged parties not to leave the "hardest work to the eleventh hour," emphasizing that "business-as-usual is a recipe for failure" in humanity's climate fight. #COP29 #climatechange