National Herald’s Post

We need to get a climate deal in #Baku at #COP29 including financing for worldwide #climateaction. State secretary Jochen Flasbarth spoke to The Guardian about what is at stake: https://lnkd.in/egXYH7Wu

At COP29 Azerbaijan the G77 and China bloc rejects the first draft of the climate finance negotiating text and demands $1.3 trillion in annual climate finance flows from developed countries. Read our detailed summary by Sehr Raheja Upamanyu Das Avantika Goswami of CSE’s Climate Change programme https://lnkd.in/gvEhdFEJ

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 #COP29 climate finance agreement is a step forward in admitting the financial needs but does not provide what is needed to address the unprecedented worldwide crisis by the right means My Opinion 👇 https://lnkd.in/dKSPfeSK

COP29: Three days in, countries still waiting for 'workable' climate finance draft #COP29 #COP29Baku #COP29Azerbaijan #ClimateChange #ClimateFinance #Azerbaijan #Baku

🌍 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

On the road to UN climate negotiations in Baku (https://unfccc.int/cop29) the issue of climate finance remains front and centre. At COP 29 the new climate finance goal needs to be agreed and established (https://unfccc.int/NCQG). The Technical expert dialogues and meetings held this year on the New Cumulative Quantitative Goal (NCQG) have been useful in airing the probable landing zones and the fault lines among developed and developing countries. But this quintessentially will be a political determination. The pre COP slated later this month will signal to what extent Ministers are willing to make the grand political bargain for the new climate finance goal. Among the several issues that are on the table including the numerical target, the time frame, quality of finance etc,  the role of the global financial system to reform, gear up and change tack for enhanced investments in climate has gained currency. Also, there is a growing clamour around expanding the contributor base beyond the traditional donors i.e. the developed countries. The World Resources Institute has published two interesting articles recently to shed light on the two aforementioned issues. https://lnkd.in/eW_73Uyc https://lnkd.in/eHHvA65F Congratulations Shuang Liu, Valerie Rouxel-Laxton for leading the charge on these articles. Zaheer FakirFiona GilbertAna ToniMohamed NasrHelen M.Iain KeithSARA JANE A.Sarah MillarJosué TanakaRajasree RayUlka KelkarAvinash PersaudBarbara BuchnerChristian EllermannGabrielle SwabyMohamed AdowAlejandra Lopez CarbajalAlexia KellyMark BynoeAntonio Gabriel La VinaChukwumerije OkerekeNataniel "Nate" WarszawskiAthena Ronquillo-BallesterosManjeet DhakalManjeev Singh PuriRed ConstantinoMadhavi GaneshanCharlene WatsonBernice Lee OBE

Africa and other developing countries should remain focussed without losing the ambition of #Climate #Resilience while providing #sustainable solutions to the problems on Loss and Damage. This is a clarion call 🤙 for higher accountability and authenticity towards genuine Climate Finance. Otherwise we risk selling our rights and Nature based value chains so Cheaply to Global North. #COP29. #ClimateFinance #SDGs.

After running two days over time, #COP29 wrapped up today with a "decision" -gavelled through with objections- on the New Climate Finance Goal (#NCQG), that will replace the existing climate finance pledge by developed to developing countries in 2025. The compromise text is, in parts, a legally unintelligible word salad and a deep disappointment to developing countries. The goal will see "developed country Parties taking the lead, [by providing] at least USD 300 billion per year by 2035 for developing country Parties for climate action." Although it has been reported in the media as being a target that's to be provided in grant and highly concessional finance, the text reads otherwise. Article 8 starts off with the $300 figure but then goes on to list that it will be from "from a wide variety of sources, public and private, bilateral and multilateral, including alternative sources". There is no commitment to a minimum grant and highly concessional "finance core". There is additional language that calls on all actors to work together to scale public and private climate finance to $US1.3 trillion/year by 2035. The new Baku to Belém Roadmap which is to be agreed during the course of next year is meant to flesh out the detail, how it will do so is anyone's guess. Below is a link to the decision text, tell us what you think. https://lnkd.in/dgdxYPzx

"The less the world achieves now, the more we will need to invest later." A report by the Independent High-Level Expert Group on Climate Finance suggests that by 2035, richer nations, development lenders and the private sector must provide US$1.35 trillion annually to developing countries to finance climate action. This was up from the previous goal of US$100 billion set for 2023. The report further explains that any shortfall in investment will only add pressure on the years to follow. With climate financing being a central focus of #COP29, the summit’s success is likely affected by whether nations can agree on a new target. #ClimateFinance