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.
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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
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#COP29 week 2 is underway and the frantic pace of negotiations means .... yep, some of yesterday's Climate Proof is already out of date. However, the meat of the New Collective Quantified Goal (NCQG) on climate finance section is still relevant. #G20 leaders may have helped grease the wheels by saying that developing countries could make "voluntary contributions" to climate finance goals. This could pave the way to broad agreement in Baku over the contributor base to the new goal. Read about all this and more in yesterday's Climate Proof👇 https://lnkd.in/ekYfSiCN #adaptation #resilience #finance #climatechange
G20 Boost to New Finance Goal, Adaptation Fund Shortfall, Progress on Indicators, and More
climateproof.news
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🆓 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
COP29: agreement based on ‘vague words and spurious language’
sustainableviews.com
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At COP29, nations agreed on a $300 billion climate finance target to help poorer countries tackle climate change. This deal, which replaces the previous $100 billion annual goal, has faced criticism from developing countries, who argue it is insufficient to address the worsening climate crisis. Key Highlights: New Target: $300 billion by 2025, with the broader objective of raising $1.3 trillion annually by 2035 from both public and private sources. Criticism: Developing nations and island states contend that the deal does not adequately address the damages caused by increasingly severe storms, floods, and droughts. Global Warming Outlook: The world is on track for up to 3.1°C of warming by 2100, far exceeding the Paris Agreement’s target of limiting warming to 1.5°C. Challenges: Funding Gaps: Developed nations, burdened by tight budgets and geopolitical tensions, are struggling to meet the growing demands from climate-vulnerable countries. Contributors Debate: Wealthy nations are calling for greater contributions from major economies like China and oil-rich Gulf states, though the agreement only "encourages" their involvement. Geopolitical Tensions: The participation of the U.S. under a potential Trump administration remains uncertain, raising concerns about fulfilling climate finance commitments. Opportunities: Carbon Markets: The agreement on global carbon credit rules could unlock additional funding for reforestation and clean energy initiatives. Building Momentum: UN Secretary-General Antonio Guterres referred to the deal as “a base to build on” in preparation for next year’s summit in Brazil, where a comprehensive climate action plan will be developed. https://lnkd.in/gkvvpzme
Cop29 climate finance deal criticised as ‘travesty of justice’ and ‘stage-managed’
theguardian.com
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As of 20 November 2024, the 29th United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, is approaching its conclusion, with critical negotiations intensifying. Climate Finance Negotiations A central focus has been establishing a new climate finance target to succeed the previous $100 billion annual commitment. Developing nations have advocated for substantial increases, with proposals ranging from $440 billion to $900 billion annually. In contrast, developed countries have suggested lower figures, with the European Union proposing a starting point of $100 billion. Debates over the proportion of grants versus loans and the inclusion of emerging economies like China as contributors have marked the discussions. The complexity of these negotiations has led to a stalemate, prompting interventions from high-level ministers to facilitate progress. Carbon Market Developments Ratifying a framework under Article 6.4 of the Paris Agreement, establishing international carbon credit trading standards, was a significant milestone. This development is anticipated to unlock substantial climate finance, benefiting developing countries by providing a regulated mechanism for carbon trading. Controversial Gas-Swap Agreement A contentious proposal emerged involving a gas-swap deal to maintain Russian fuel supplies to Europe through alternative routes. Critics have labelled this arrangement a “Trojan horse” for Russian influence in Europe, raising concerns about its alignment with the conference’s climate objectives. National Commitments and Contributions Australia has pledged $50 million to the global compensation fund for climate-related loss and damage, positioning itself as the sixth-largest contributor to this initiative. This fund is designed to assist developing nations in recovering from climate-induced disasters. G20 Influence The recent G20 summit in Rio de Janeiro reaffirmed commitments to the Paris Agreement and urged a consensus on climate finance at COP29. However, the absence of explicit obligations to phase out fossil fuels has drawn criticism from environmental advocates, highlighting ongoing challenges in aligning global economic policies with climate goals. Outlook As COP29 enters its final days, the urgency to resolve outstanding issues, particularly regarding climate finance and emission reduction commitments, is paramount. The outcomes of these negotiations will significantly influence global climate action trajectories in the coming years. Source: AP, Reuters and The Times
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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
Countries must set aside differences and agree climate finance deal, says Cop29 negotiator
theguardian.com
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Ahead, of COP29, a quick overview on three sticking points of negotiating the new climate finance goal (NCQG) in the Lowy Institute Interpreter: https://lnkd.in/gncZVivh 1. The contributor base: realities, economic circumstances and green house gas emissions have changed since the establishment of the climate change convention (UNFCCC) in 1992. Developed countries want this to be reflected in the goal, potentially expanding the contributor base. 2. The quantum: developed countries have not brought forward a figure yet while some developing countries suggest an annual goal within the trillions. The new goal needs to be ambitious and a serious step up from its predecessor of 100bn annually but also has to be achievable to be meaningful. 3. The time frame: countries have diverging opinions on when the new goal should be achieved by. A goal to be reached too far in the future could potentially mean limited financial flows now and delay urgent action. Georgia Hammersley Michai Robertson Roland Rajah Alexandre Dayant Ryan Neelam
It’s the politics, stupid: Three key reasons for slow progress on the new UN climate finance goal
lowyinstitute.org
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We are concluding Week 1 of COP29 Azerbaijan - and it's not going great. See below for a summary of the negotiations so far. Negotiations: Limited progress has been made as Parties engage in discussions. Concrete talks on the COP29 package are essential to advance negotiations. Finance Day: The Adaptation Fund’s pledging session fell short of its $300 million goal for 2024, raising concerns about climate finance commitments. Negotiations: The New Collective Quantified Goal (NCQG) discussions are ongoing, with developing countries emphasizing the need for a balanced text that meets their needs. Adaptation Fund: Only $30 million in new pledges were made, highlighting the urgent need for increased adaptation finance. Climate Action Tracker: Current policies are projected to lead to a 2.7°C increase in global temperatures by 2100, necessitating urgent action. Key Topics Negotiations: Parties are struggling to reach consensus on key issues, particularly the NCQG and adaptation finance. Informal consultations are ongoing to streamline negotiation texts. Adaptation: The Adaptation Fund is significantly underfunded, missing its target by $200 million. Discussions on National Adaptation Plans (NAPs) are critical but have faced procedural challenges. Loss and Damage: Joint reports highlight the need for better coordination and funding for loss and damage initiatives. Parties are working towards a coherent strategy for addressing these issues. Article 6 Discussions: No substantial progress was made on Article 6.2 and 6.4, with concerns about the direction of negotiations. The Clean Development Mechanism (CDM) funding remains a contentious topic. Transparency and Reporting: Parties are finalizing agenda items related to greenhouse gas emissions and biennial reports, with some contentious discussions. Finance: Sweden pledged $763 million to the Green Climate Fund, emphasizing the need for robust climate finance mechanisms. The Baku Initiative for Climate Finance was launched to enhance dialogue on climate finance and investment. Reports and Findings Climate Action Tracker: Urges governments to recognize the urgency of climate action, projecting significant warming if current policies persist. Transformational Adaptation Report: Discusses the need for systemic changes to address climate impacts effectively. Thank you to The Global Youth Coalition
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🌍 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
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The Talk about climate change is, in fact, a discussion about cash and a decarbonization of the economic production. Like in Brazil, we still have two different ministries: one for mining and energy, another for environment. In Brazilian subnational entities, a secretariat for economic development and another for environment. Another question is: if finance in climate discussion are so important, why banks are controlled only to financial indicators? Climate indicators need to be incorporated in its credit lines. According to The Guardian: "One of the problems is that climate Cops are not well-suited to discussions on finance. Countries send their environment ministers and teams, rather than their finance ministries. Cops have no jurisdiction over institutions such as the World Bank and the International Monetary Fund, which will be key in delivering publicly funded climate finance. Ways must be found to draw national finance ministers and international institutions more closely to the climate talks before it is too late." https://lnkd.in/dgwmB43b
Key takeaways from the Bonn climate conference
theguardian.com
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