Ravi R’s Post

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

Draft text released today on new #ClimateFinance package for developing world rejected by every signatory to the UN climate convention #COP29, developed nations still dodge question: how much will they give developing countries every year starting 2025?

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

🆓 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

🌍 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

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.

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

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

💡 The New Collective Quantified Goal (NCQG) on Climate Finance This year is crucial for shaping the global ambition on climate finance. While energy-related CO2 emissions reached highest ever levels in 2023 and the world continues to heat up, countries are currently negotiating a new goal for multilateral climate finance under the UNFCC. At the heart of the negotiations is the question what the needs of developing countries are to reduce emissions and adapt to a warming world – starting from the USD 100 billion annual international climate finance goal agreed at the 2009 climate conference in Copenhagen. Yet for now, developed and developing countries still disagree on critical issues such as a new quantum, sources, instruments and definitions of climate finance. This makes for difficult negotiations at the COP29 in Baku in November. IDOS experts Mariya Aleksandrova und Svea Koch argue in #TheCurrentColumn that developed countries need to acknowledge the weaknesses and lessons from the implementation of the 100 billion target in order to consolidate trust and resolve conflicting positions: https://lnkd.in/eK7QgWCf. 🔴 Do not miss our upcoming event with the Center for Global Development on "Designing the new UN climate finance goal - ambition, additionality and an extended contributor base". Register here: https://lnkd.in/eghnudig | #SB60 #BonnClimateChangeConference #ClimateFinance #NewCollectiveQuantifiedGoal #COP29

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