Prospect Law’s Post

#COP29 agreed a target for international climate finance of $1,300 bn/y by 2035 - but only the source of $300 bn/y was clearly defined as coming from developed nations. Some of the gap should be filled by cutting the $2,400 bn/y spent on the world's militaries. https://lnkd.in/e_hz4YJd

According to the UNFCCC's Standing Committee on Finance, USD 5.8 trillion to USD 11.5 trillion is required by 2030 to meet the targets set by developing countries in their national climate plans (Nationally Determined Contributions or NDCs). https://lnkd.in/g7hw9Tny

🆓 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

Better Take No Deal Over a Bad Deal: Africa’s Stand at COP29 COP29 is attempting to replace the supposedly “met” political target of $100 billion with a New Collective Quantified Goal (NCQG) for climate finance amid tactics of filibustering. Is Africa ready for calls of radical approaches and decisions? https://lnkd.in/dXbr_NKn #cop29 #Baku #climatechange #Africa

In COP 29 a climate finance deal was reached with a new $300 billion goal by 2035. However, concerns remain over insufficient support for developing nations. Read my full story at:- https://lnkd.in/gi4aZCTU Hastakshep.com amalendu upadhyaya #COP29 #climatefinance #lossanddamage

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

Unlocking climate finance talks to unlock finance itself. There is very little time until COP29 Azerbaijan in November, but presumably the finance question must find an answer before the end of this year, so financing can be at the heart of new NDCs in 2025. #climate #cop29 Hard finance questions demand answers at Cop 29 https://lnkd.in/e3ReaRBn By Georgia Gratton, Bachar EL-Halabi and Caroline Varin

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

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