Melanie Pill’s Post

The climate finance forecast is looking stormy. At COP29 in Baku, a new climate finance goal will be adopted from a minimum of $100 billion USD per year. However, the financial resources to mitigate climate change are estimated at between $2.4 trillion USD and up to $9 trillion USD by 2030. How are regulators navigating this challenge? And how are leaders responding? Read our analysis here ➡ https://lnkd.in/eXWgVNK8

It was only on the last scheduled day of two weeks of negotiations at the UN Cop29 climate summit that developed countries put a financial commitment on the table for the first time. In reality, this offer took not just two weeks of talks to prepare, but nine years – since article 9 of the Paris agreement in 2015 made it clear that the rich industrialised world would be obliged to supply cash to developing countries to help them tackle the climate crisis. https://lnkd.in/eit-UJTU

🆓 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

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.

At the outset let me accept that I know only a few Linkedin members would read this post which is not juicy like other stuff we find on Linkedin these days...However maintaining the true spirit and objectives of this professional platform I am committed to share stuff which is informative as well as is of common interest Choice to read or scroll on is with you Climate Finance #climatefinance COP29 UN Climate Summit in Baku Couple of days ago I wrote a post on "Financing Climate and Health". Link to the post is given below for ready ref👇 https://lnkd.in/dPqhntVk (This post is sourced from ToI Mumbai edition of 14th November 2024 -Author Vishwa Mohan) "In COP29 UN Climate Summit in Baku (Azerbaijan), first draft text on New post-2025 climate finance goals has been released amid huge differences between rich and developing nations on the issue. UN climate body said developing countries would need $1.1- 2.4 trillion annual investment by 2030 and upto $2.9 trillion till 2035, to meet mitigation goals This could, at least, be an indication to negotiators of rich nations about requirement when developing countries have been struggling to get a deal on having at least $1.3 trillion a year from their developed counterparts with a significant provision component for adaptation, mitigation, and loss and damage Developing countries, however, don’t want it in the form of “investment” as currently much of climate finance discussions are focused on investments in mitigation actions Though the new text has mentioned the amount ($1.3 trillion), it also carried the other much lesser options in brackets with caveats on the nature of climate finance which won’t be acceptable to developing countries Developing countries expressed that climate finance should be “adequate, predictable, accessible, grant-based, low-interest and long-term”. The developed countries have, so far, not put in any numbers Referring to the text, developing countries have already pointed out that it was an attempt to push weak language to avoid providing real grant-based finance. Negotiations at CO would, therefore, see more texts on a new climate finance goal — called New Collective Quantified Goal (NCQG) — in the coming days for countries to thrash out their differences. In all probability, the more intense discussions for some convergence in the final text is expected next week when ministers are around." My comments Climate has huge impact on human life Over the years with rapid economic development and globalisation, global climate has taken a beating and equilibrium in the climate has been disturbed...To mitigate serious side effects of climate change, huge efforts are required. These efforts need huge money and that is how the subject of climate financing originated We human being have taken our environment for granted. Climate is subset of environment To read what special US envoy said during this Summit on climate finance, please go to comment section of this post

The Ninth Technical Expert Dialogue and the first meeting under the ad hoc work programme on the new collective quantified goal on climate finance convened in Colombia in April 2024. The meeting's focus was setting a new climate finance target. The current target of US$100 billion per year was set in 2009, and reaching a new goal by the end of 2024 is a key priority for the United Nations climate agenda. The discussions culminated in the development of a draft negotiating text for consideration at COP29 in November. Take a look back at our pre-analysis of the meeting, with a particular focus on African priorities for the discussions. #climatefinance #UnitedNations #unfccc #COP29 https://lnkd.in/d89bia6x

Analysts have shown that the $300bn climate finance target agreed to at COP29 for developing countries is even less ambitious than it seems, as it is achievable with virtually ‘no additional budgetary effort’ from developed countries beyond already-committed increases. Moreover, the $300bn target does not account for inflation, which, when factored in, could shrink its real value by around a quarter. #ClimateFinance #GreenInvestment https://lnkd.in/gPMn7AZ4

COP29: The latest climate finance text sees some convergence, offers two options — Inputs from developing countries are reflected in the latest draft of the NCQG text, but no quantum is included, with just one day remaining for the Baku summit

A slight change of pace with today's story, about #COP29 negotiations over climate change financing. Following another year of record-high global heat and extreme weather events, UN climate chief Simon Stiell has told delegates setting an ambitious new climate finance target is crucial for the well-being of all nations, including the wealthiest and most powerful. And COP29 has also about the importance of finance in helping less developed nations prepare and be compensated for the impacts of climate change - but those talks have been slow. Hear (and read) all about here: https://lnkd.in/gKmnu57f

The future of climate finance hangs in the balance at COP29. In this piece, I try to break down some of the key issues, including: • The push for a new trillion-dollar climate finance goal • Debates over expanding the contributor base • The impact of the US election on climate talks • The role of loss and damage finance https://lnkd.in/gU7CR5Mc