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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

🌍 Heading to the Bonn June Climate Meetings, our team includes Katherine Browne, who will join the tenth Technical Expert Dialogue (TED10) to discuss the New Collective Quantified Goal on Climate Finance (NCQG) – a process she has been actively shaping for a year. This goal, negotiated by all countries under UN Climate Change, aims to determine the total amount of financial support wealthy nations must provide to poorer ones for their climate change efforts. “How much money is needed and where should it be allocated? The short answer is: a lot; and current funds are nowhere near,” Browne said, providing the following estimates based on UN data: • $2.1 trillion for mitigation • $387 billion for adaptation • Between $290 billion and $580 billion for loss and damage The success of COP29 Azerbaijan next November, and the urgent global shift in climate finance hinge greatly on the NCQG. Browne has been advising governments to ensure that scientific insights shape these crucial political deliberations. In her view, it is crucial to have a goal that matches the challenge's magnitude while also transforming our entire financial system to confront climate change. She aims to see a focus on reprioritizing investments, defining appropriate language for the framework, and addressing issues of accountability. Stay tuned for the full story on our team's activities in Bonn. We will be sharing insights from our experts including Katy Harris, Mikael Allan Mikaelsson MBE, Maximilian Bruder, Zoha Shawoo, Maya Rebermark, Kate Williamson and Rosie Witton. 🔗 And learn more on Browne's hopes and expectations in our Q&A: https://buff.ly/4c0WCNL #Bonn #JuneClimateMeetings #NCQG #TED10 #COP29 #ClimateFinance

The confernce of Parties of the UN Framework convention on Climate Change (UNFCCC), COP29 deal aims to scale up climate finance. However, its inadequacies highlight a persistent divide between developed (the Global Northe) and developing countries (the Global South). The failure to adequately address loss and damage, ensure sufficient public funding, and include the voices of vulnerable nations underscores the urgent need for more equitable and transparent global climate governance. Critics have called for revisiting the commitments to align with science-based goals and the principles of climate justice

Last month, COP29 president-designate Mukhtar Babayev sent out his first communication as head of the United Nations climate conference in November. His July letter urged governments to start negotiating over how to break the deadlock on finance to help developing nations tackle #globalwarming. In a climate action plan addressed to about 200 nations, Babayev described the new collective quantified goal (NCQG) on #climatefinance – the first climate finance goal after the Paris Agreement – as the upcoming conference’s “top negotiating priority”. Mid-year negotiations in Bonn, Germany in June 2024 had ended in stalemate, as rich countries started ducking their commitments to provide more finance. Part of the deadlock was due to a possible return of Donald Trump to the White House a few days before COP29, according to some negotiators. Read more about the tensions surrounding the climate finance debate: https://lnkd.in/giRBX23Y

🌍 The Climate Finance Gap: Insights from Executive Director Michael Wilkins 🌍 As global leaders gather at COP29 to tackle the urgent need for climate finance, recent insights from Michael Wilkins (Centre for Climate Finance & Investment, Imperial College Business School) bring to light a crucial disconnect in funding allocations. Since 2022, climate finance has reached nearly $1.5 trillion—yet only 3% of that funding is reaching the world’s least developed countries. Why does this gap matter? These countries often face the greatest climate risks with the fewest resources, and without substantial support, they lack the means to adapt or mitigate effectively. 💬 “The Global South has been repeatedly let down by unmet pledges and commitments.” Bridging this funding gap could be a game-changer for global climate action. For those in business, finance, and academia, the path forward calls for innovative solutions that unlock finance for the regions that need it most. Whether through public-private partnerships, impact investment, or scalable sustainable finance models, it is a complex issue that requires many factions to work together. Read the article: 🔗 https://lnkd.in/eb9pMsxa #ClimateFinance #COP29 #GlobalInvestment #SustainableFinance #ClimateAction Imperial College London Grantham Institute - Climate Change and the Environment

The COP29 Presidency from Azerbaijan has set out its plan for the November climate change conference, which lead negotiator Yalchin Rafiyev has billed as a “litmus test for the Paris Climate Agreement”. At the Bonn Climate Change Conference on June 12, COP29 President-Designate Mukhtar Babayev led Azerbaijan’s delegation to briefings and consultations on the broad conference agenda. Earlier this week, the COP29 Presidency unveiled its two-pillared plan to “enhance ambition and enable action. This involves supporting the parties, or countries, to “raise their ambition” through their Nationally Determined Contributions (NDCs) and National Adaptation Plans (NAPs), among others. Rafiyev says the COP29 Presidency also aims to broker a “fair and ambitious new climate finance goal, finalise Article 6, strengthen global financial institutions and ensure the private sector commits to climate action”. When parties signed the Paris Agreement in 2015, the deal introduced a new collective quantified goal on climate finance (NCQG). The NCQG is meant to replace the existing climate finance goal of US$100 billion per year, a blunt move to kickstart fundraising among developed nations. The NCQG is meant to be adopted this year at COP29 in Azerbaijan. The Bonn conference is an “important moment” in creating a “substantive framework” for a draft text on the NCQG, says Rafiyev. Rafiyev says the COP29 Presidency aims to set the stage for parties to “agree [on] a fair and ambitious NCQG, taking into account the needs and priorities of the developing country parties”. “Our efforts on climate finance should represent progression beyond previous efforts, delivering multiples, adequate to the scale and urgency of the problem.” COP29 Azerbaijan will take place in Baku, Azerbaijan, from Nov 11 to 22. Read the full story on The Edge Singapore.

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

This year at #COP29, a new framework, the New Collective Quantified Goal on Climate Finance (NCQG), is set to replace previous financial commitments from developed countries, prioritizing the actual needs of developing nations and correcting past funding gaps and shortfalls. A streamlined, accessible approach to climate finance could make all the difference in climate-vulnerable regions. The NCQG will seek to build a practical pathway for timely, effective distribution of funds to communities on the front lines of a changing climate.  RMI staff, including Climate Finance Access Network (CFAN)’s embedded climate finance advisors from the Pacific and Caribbean, will be attending COP29 Azerbaijan to monitor the negotiations. They stand ready to support the implementation of this new goal and ensure climate finance reaches those who need it most. Learn more about the NCQG and its impact on the future of climate finance: https://lnkd.in/gCBwkS2Z  #ClimateFinance #COP29 #CFAN 

What actually happened at the climate finance talks in Bonn? Sehr Raheja of CSE's Climate Change programme gives us a detailed account from the negotiations she attended last week. ➡️ Co Chairs presented an input paper for discussion ➡️ Developed countries called for expanded contributor base and the NCQG as a "broad goal" ➡️ Developing countries put a demand of $1 trillion per year on the table ➡️ The final text was imbalanced, leaving a long list of issues to be ironed out before COP 29 https://lnkd.in/gSuNjnk3 #COP29 #NCQG #climatefinance

In #EleventhHour this week, Climate Reality Leader Keith Ancheta discusses green finance and investments. He also delves into developed countries' responsibility to invest in a global effort to mitigate climate change. "If we are to abide by the principles of climate justice, developing countries shouldn’t beg for financial assistance that they will use in climate action. Instead, developed countries must pay for the damages they have done to the climate, environment, and people.” Read more at: https://lnkd.in/g_ufu_ZJ. #LeadOnClimate #ClimateRealityPH