Prospect Law’s Post

I wasn’t in Baku to cover COP29, but I was able to get some feedback from veteran climate campaigners who were there and witnessed how industrialized nations, despite the fact that they have a historical responsibility to provide climate financing for the Global South, were reluctant to do so. Their reasons: budget constraints, global economic slowdown, the Russia-Ukraine war and their insistence that large developing economies like China should also contribute to climate finance.   After two weeks of bitter negotiations, COP 29 closed with rich nations pledging a $300 billion per year climate finance which is woefully inadequate. The developing nations had proposed $1.3 trillion annual assistance from the developed countries.   One of my frequent interviewees, my ‘suking analyst’ so to speak, Red Constantino told me this: "What I witnessed was the usual - fossil fuel lobbyists, some masquerading as government officials, throwing monkey wrenches at the process and spreading disinformation, with the Baku presidency enabling another race to the bottom. Worse, so-called leaders of the West scurrying around so timidly, small in their ambition and credibility. It was the leaders of small island developing states and least developed countries who stood straight throughout, tired, exhausted, but determined to see a just outcome." Although Red is willing to be quoted, this wasn’t in my story (I’m only allotted 700 words max for my news analysis), but Red’s first-hand account has provided the context that I needed as I write this story: #cop29 #climatefinance #Asianews #GlobalSouth

𝑪𝑶𝑷29: 𝑶𝒖𝒕𝒓𝒂𝒈𝒆𝒅 𝒄𝒍𝒊𝒎𝒂𝒕𝒆 𝒆𝒙𝒑𝒆𝒓𝒕𝒔 𝒄𝒂𝒍𝒍 𝒏𝒆𝒘 $250𝒃𝒏 𝒕𝒆𝒙𝒕 𝒂 “𝒔𝒍𝒂𝒑 𝒊𝒏 𝒕𝒉𝒆 𝒇𝒂𝒄𝒆” 𝘞𝘪𝘵𝘩 𝘵𝘩𝘦 𝘤𝘭𝘪𝘮𝘢𝘵𝘦 𝘵𝘢𝘭𝘬𝘴 𝘰𝘯 𝘵𝘩𝘦 𝘣𝘳𝘪𝘯𝘬, 𝘤𝘢𝘮𝘱𝘢𝘪𝘨𝘯𝘦𝘳𝘴 𝘢𝘯𝘥 𝘦𝘹𝘱𝘦𝘳𝘵𝘴 𝘤𝘢𝘭𝘭 𝘵𝘩𝘦 𝘭𝘢𝘵𝘦𝘴𝘵 𝘥𝘳𝘢𝘧𝘵 𝘢 “𝘥𝘪𝘴𝘨𝘳𝘢𝘤𝘦” 𝘢𝘯𝘥 𝘴𝘢𝘺 “𝘯𝘰 𝘥𝘦𝘢𝘭 𝘪𝘴 𝘣𝘦𝘵𝘵𝘦𝘳 𝘵𝘩𝘢𝘯 𝘢 𝘣𝘢𝘥 𝘥𝘦𝘢𝘭”. The new text on the New Collective Quantified Goal (NCQG) sets a climate finance goal of $250 billion per year by 2035. This would more than double the previous target of $100 billion per year and is consistent with earlier reports that European Union negotiators had been discussing a figure of $200-300 billion. It is, however, a small fraction of the $1.3 trillion per year figure around which developing countries had united during COP29. When asked about the “$200 billion” figure rumoured to be being discussed by developed countries on Wednesday, negotiators from Bolivia, Uganda, and Kenya asked “is it a joke?” The $1.3 trillion sum takes into account the fact that developing countries are estimated to need $215-$387 billion per year for climate adaption, $447-$894 billion per year to compensate for loss and damage, and billions more to facilitate an energy transition. The new NCQG text also clarifies that the proposed $250 billion per year will come “from a wide variety of sources, public and private, bilateral and multilateral, including alternative sources”. This also goes against developing countries’ demands that a significant portion of the goal come from governments, not including private finance mobilised by public money. Earlier in negotiations, the Arab Group had set a figure of $440 billion, India $600 billion and the small islands bloc $900 billion for specifically public finance. Read more at : https://bit.ly/4i43sWv . . . #AFRICED #COP29 #AFRICED_atCOP29 #ClimateNegotiations #Deal

The draft agreement at COP29 Azerbaijan sets an ambitious goal of raising $1.3 trillion annually for climate finance by 2035, a crucial step in tackling the global climate crisis. However, the reality is stark – wealthy nations have only pledged $300 billion per year, far from what is needed to adequately support developing countries in their climate mitigation and adaptation efforts. As highlighted by our Visiting Fellow and Assistant Professor at Shyam Lal College, Delhi , Dr. Megha Jain and seasoned technocrat Er. vanyaa gupta in their op-ed in The Economic Times, this is a crucial moment to reassess the financial commitments and ensure that developing countries are not left behind in the race to a sustainable future. 🌱 Click here to read the article: https://lnkd.in/gbe6H6Ji #COP29 #ClimateFinance #DevelopingCountries #SustainableDevelopment #ClimateAction #GreenFuture #GlobalPartnership

𝗖𝗢𝗣 𝟮𝟵 𝗶𝘀 𝗳𝗶𝗻𝗶𝘀𝗵𝗲𝗱! There are many opinions on what it has achieved, or rather failed to. I did not have high expectations given who was running it, so my expectations were met. How about yours? Couple of key points for me: • Developed nations have agreed to help channel “at least” $𝟯𝟬𝟬𝗯𝗻 a year into developing countries by 2035. However many developed countries consider that insufficient. • Countries 𝗳𝗮𝗶𝗹𝗲𝗱 𝘁𝗼 𝗿𝗲𝗮𝗰𝗵 𝗮𝗻 𝗮𝗴𝗿𝗲𝗲𝗺𝗲𝗻𝘁 on how to step up their 𝗲𝗺𝗶𝘀𝘀𝗶𝗼𝗻 𝗿𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗴𝗼𝗮𝗹𝘀, and the this was pushed to COP30 next year in Brazil. • After almost 10 years since it was initially signed, 𝗰𝗼𝘂𝗻𝘁𝗿𝗶𝗲𝘀 𝗺𝗮𝗻𝗮𝗴𝗲𝗱 𝘁𝗼 𝗳𝗶𝗻𝗱 𝗮𝗴𝗿𝗲𝗲𝗺𝗲𝗻𝘁 on the remaining sections of 𝗔𝗿𝘁𝗶𝗰𝗹𝗲 𝟲 𝗼𝗻 𝗰𝗮𝗿𝗯𝗼𝗻 𝗺𝗮𝗿𝗸𝗲𝘁𝘀 of the @Paris Agreement. Article 6 of sets out how countries can pursue voluntary cooperation to reach their climate targets and exchange "climate credits". See more details below in this summary from Carbon Brief https://lnkd.in/esxbwCtT

While COP29 Azerbaijan secured increased pledges 💵 for climate finance, the numbers fall far short of the estimated $1.3 trillion needed annually by 2035. Once again, developing nations are left shortchanged, grappling with insufficient support to tackle climate adaptation and mitigation. In my latest article for Tovima English Edition, I break down the key takeaways from the summit—its wins, its shortcomings, and how shifting geopolitical dynamics are shaping the global response to the climate crisis. 📖 Read the full analysis by clicking on the link below. 🧐 What do you think needs to change at COP30 to make real progress? ELIAMEP (Hellenic Foundation for European & Foreign Policy)

For those of us who believe in multilaterialism, the outcome of the US presidential election is a real damper ahead of the next UN Climate Conference in Baku. However, in times when the global community of states is unable or less able to act, the importance of non-state actors such as companies, NGOs, foundations, but also regions and cities is growing. They all need to take on more responsibility to drive change. I'm curious to see how this new division of labour will play out in Baku. Here is an analysis of what to expect from COP29 from my colleagues Wolfgang Blau and PHIL DREW, who will be on the ground in Baku. #COP29 #sustainablebusiness https://lnkd.in/e9h6ss5d

Sao - thank you Benar News- Sera Sefeti for allowing me to update and share our Pacific climate diplomacy here in BAKU. In awe and grateful for our Pacific journalists covering our stories and perspectives at COP spaces. Vinaka https://lnkd.in/g27YE9UG Trump win, 1.5 C warming breach weigh on UN COP climate finance talks Pacific nations want clear commitments at COP29 on loss and damage funds for climate adaptation from high-emitters. Sera Sefeti 2024.11.10 Baku, Azerbaijan Share on Facebook Pacific delegates fear the implications of a Trump presidency and breach of the 1.5 degree Celsius warming target will overshadow negotiations on climate finance at the U.N.’s annual COP talks starting in Azerbaijan this week. At the COP29 summit – dubbed the “finance COP” – Pacific nations will seek not just more monetary commitment from high-emitting nations but also for the funds to be paid and distributed to those countries facing the worst climate impacts. With the U.S. as one of the world’s largest emitters, it is feared Trump’s past withdrawal from the Paris Agreement could foreshadow diminished American involvement in climate commitments. “We have our work cut-out for us. We are wary that we have the Trump administration coming through and may not be favorable to some of the climate funding that America has proposed,” Samoan academic and COP veteran Salā George Carter told BenarNews. “We will continue to look for other ways to work with the U.S., if not with the government then maybe with businesses.” This year, for the first time, a COP President’s Scientific Council has been formed to be actively involved in the negotiations. Carter is the sole Pacific representative. Past COP funding promises of U.S.$100 billion annually from developed countries to support vulnerable nations “has never been achieved in any of the years,” he said. About 40,000 delegates will attend COP29 from all the U.N. member states including political leaders, diplomats, scientists, officials, civil society organizations, journalists, activists, Indigenous groups and many more. All nations are party to the 1992 United Nations Framework Convention on Climate Change (UNFCCC) and most signed up to the 2015 Paris Climate Agreement and the 1.5 degree target. Pacific Islands Forum Secretary General Baron Waqa in a statement on Monday said “the priorities of the Pacific Islands countries, include keeping the 1.5 degree goal alive.” “The outcomes of COP 29 must deliver on what is non-negotiable - our survival,” he said. ANU College of Asia & the Pacific ANU Institute for Climate, Energy & Disaster Solutions

The UN Climate Summit, COP29, gets underway today in Baku, Azerbaijan under the shadow of Donald Trump's victory in the US federal elections. I'll be heading to Baku to follow the negotiations and represent a new COP Universities Alliance of Australian and Pacific universities who are coming together to support Australia's hosting of COP31 with the Pacific - if that bid succeeds. There are many excellent takes on 'what to expect' at COP29 this year where we expect the main focus will be on finance. Below is my own contribution with some reflections also on what to expect from Australia and the possibility of an announcement on COP31 at COP29: https://lnkd.in/g6mqC4Rp Jackie Peel, Melbourne Climate Futures

A number of breakthroughs took place at the COP29 UN climate talks, which came to an end on November 24th. Here are four key takeaways from the summit in Baku, Azerbaijan: 1. Climate finance target increased: a goal to deliver more money for poorer countries to deal with climate change 2. Carbon market rules agreed: progress on carbon trading rules under the UN to help countries meet their climate targets in a more flexible way 3. Climate ambition raised: The UK and Brazil upgraded their climate targets (Nationally Determined Contributions) in COP29, with all countries required to upgrade their NDCs by 2025 4. Transparency improved: 13 countries have submitted their first Biennial Transparency Reports (BTRs), which are due from all countries by the end of 2024 To find out more detail about these developments at COP29, read the latest Highlights piece via https://lnkd.in/eHikfgZG and to learn more about carbon markets, visit www.carbonwise.co #education #carbonmarkets #climatechange #COP29

Day 4 at COP29 in Baku, Azerbaijan, and the mood seems testy. It’s a good reminder why many COP veterans wish for lower profile, and less political, climate conferences. That’s not likely any time soon, not as long as climate politics trump (pun intended) climate policy. Today’s highlight was Argentina’s withdrawal from COP29. The country is now ruled by an outspoken climate denier, Javier Milei, who just hours after the COP dust-up met with Donald Trump at Mar-a-Lago. He was the first foreign leader to meet with Trump since the election, which quickly sparked chatter they’d conspire to withdraw both their countries from the Paris agreement. And speaking of Paris, France’a chief negotiator also pulled out of Baku, after the host country accused France of colonial atrocities. The climate talks continue Friday but they’re already looking wounded. A decade ago, Paris reflected a rare moment of global unity. Today, Baku seems to reflect a world divided anew. #COP29 #climate #UN #climatechange