Rene Velasquez’s Post

COP29 is less than two weeks away with daily updates and we are rounding up the news from the last week: ➡️ Participant turnout: Over 32,000 people are registered for COP29, underscoring its global importance. ➡️ Climate Finance Action Fund: Azerbaijan introduced a Climate Finance Action Fund with a $1 billion target for contributions from fossil fuel companies, but concerns linger over its voluntary nature. ➡️ EU’s stance: The EU has solidified its negotiating position, committed to keeping global warming within 1.5°C of pre-industrial levels. However, activists argue that these ambitions lack clear deadlines to phase out fossil fuels or sufficient financial commitments for alternative energy. ➡️ Climate Action Network (CAN) Europe demands: CAN Europe calls for COP29 to signal a firm commitment to phase out coal by 2030, gas by 2035, and oil by 2040. They note gaps in financing the transition to sustainable energy and adapting to climate impacts. ➡️ EU climate finance goals: EU finance ministers are pushing for continued contributions towards the $100 billion climate adaptation fund for developing countries, calling for new donor nations, including China. ➡️ Impact of US elections: The US presidential election could influence COP29. If former president Donald Trump were re-elected, it may prompt US withdrawal from the Paris Agreement again, leaving the remaining 194 ratifying countries as part of a more isolated effort. ➡️ Upcoming biodiversity talks: Following COP29 Azerbaijan, UN biodiversity talks will convene in December, parties to the UN Convention to Combat Desertification (UNCCD) will meet to address further environmental issues. COP29 presents a blend of progressive sustainability efforts and complex challenges. As Azerbaijan seeks to position itself as a champion of sustainability, the lingering dependence on fossil fuels raises questions. Meanwhile, the EU’s climate goals and COP29’s outcome will be essential in determining the summit’s impact on future climate action. #COP29 #Sustainability #News

COP29 has officially ended. The negotiations on the New Collective Quantified Goal (#NCQG) at COP29 Azerbaijan have left many developing countries deeply disappointed and frustrated. The final agreement of $300 billion annually until 2035 is far below the $1.3 trillion per year that these nations have consistently demanded to address the escalating costs of climate adaptation, mitigation, and losses and damages. This figure represents a stark disconnect from the realities on the ground. Developing nations, bearing the brunt of the climate crisis, emphasized the need for predictable, transparent, adequate public financing from historically high-emitting developed countries. Yet, the negotiations were marred by deep disagreements over the scale of funding, sources of finance, and even the roles of emerging economies. The outcome has drawn sharp criticism from the Global South, with many leaders and activists labeling it as insufficient, inequitable, and another example of broken promises. For the Least Developed Countries(LDCs), Small Island Developing States(SIDS), the African Group, Indigenous peoples, women and children and youth, differently abled individuals as well as the marginalized urban and rural communities, this limited ambition is not just disappointing. It is devastating and Frustrating. If global solidarity and justice in building a Green World as was the mantra of COP29 Azerbaijan are to be more than words, future negotiations must address these inequities and meet the financial needs of those most affected by the climate crisis. Unfortunately, this financial commitment will only be reviewed in 10 years time. Without transformative action and the financial resources trooping in starting next year, the credibility of international climate commitments will remain at stake. What are your thoughts on this outcome? How can we ensure climate finance reflects the realities of vulnerable nations? Is there a need for complementarity and coherence from the private sector to broaden the financial base of the different climate funds available? #COP29 #NCQG #ClimateFinance #GlobalSouth #ClimateAction

👉 𝐂𝐎𝐏𝟐𝟗 𝐔𝐩𝐝𝐚𝐭𝐞: 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬 𝐟𝐫𝐨𝐦 𝐃𝐚𝐲 𝟖 Day 8 of COP29 Azerbaijan in Baku marked a turning point as 🌍 world leaders demonstrated their determination to tackle the climate crisis. Discussions focused on cooperation, innovation and decisive action, inspiring hope for a sustainable future. 👉 Highlights include: 🔹António Guterres calls for accountability: The UN Secretary-General urged wealthy countries to deliver on their $100 billion climate finance pledge. He stressed the importance of contributing to a loss and damage fund to help vulnerable countries recover from climate-related disasters. 🔹Alok Sharma calls for healthy carbon markets: The former COP26 President led important discussions on the creation of a fair and transparent carbon trading framework under Article . He highlighted the potential of carbon markets to reduce emissions while promoting responsibility and innovation. 🔹 Vanessa Nakate calls for climate equity: Ugandan activist Vanessa Nakate made an impassioned appeal to world leaders to include equity in their climate change strategies. She highlighted the disproportionate burden being borne by countries in the Global South, which have contributed the least to the climate crisis. 🔹 Ursula von der Leyen announces major fundraising drive: The European Commission President unveiled an ambitious €20 billion plan to support renewable energy projects in developing countries, reaffirming Europe's role in driving a just energy transition. 🔹 John Kerry defends green hydrogen: US Special Envoy for Climate Change John Kerry highlighted the transformative potential of green hydrogen in decarbonizing industries such as shipping and aviation. He called for increased investments to accelerate progress in this vital clean energy sector. Day 8 emphasized that tackling climate change requires more than promises: it requires action, shared responsibility and a common vision for a sustainable future. ❓ Which of these advancements excite you most? Let's discuss how your community can make this global effort a reality. Follow Carbon Crunch for all recent updates. #Cop29 #climatechange #Sustanability #Carboncrunch

This November, global leaders and changemakers joined at COP29 Azerbaijan in Baku, Azerbaijan, to share insights and expertise on critical issues in the climate resilience space. Despite challenging negotiations and global attention on elections and conflict, COP29 brought together stakeholders to figure out how to finance urgent climate action. Highlights from iDE’s Delegation: 🌱 Knowledge Sharing: Dr. Madan Pariyar and Menen Abate Hussen spoke on climate finance and agriculture at key Blue Zone events. 🌱 Driving Solutions: Kazi Jawoad Hossain led a hackathon at the Agri-Food Systems Summit, exploring innovative sustainable financing models. 🌱 Private Sector Insights: Kazi’s powerful talk at the Resilience Hub emphasized smallholder farmers’ role in climate resilience. As the world pushes for stronger climate finance commitments, iDE remains a trusted voice, advocating for practical solutions that empower communities most affected by climate change. Let’s continue the conversation and drive progress together! Learn more: https://lnkd.in/gtipsiw6 #COP29 #ClimateAction #Resilience #SustainableFinance #iDE

Where are we at at COP29 Azerbaijan at 9PM on Saturday night? Tonight, the LDC and SIDS negotiators walked out of consultations on a text that offered a meagre $300B (of a larger $1.3T goal) from developed countries and other sources by 2035 to developing countries. It offers a host of other ambiguities. Reminder that the G77 and China - largest bloc of 130+ developing countries and 80% of the world population, demanded $1.3T of which $600B should be public, grant or grant-equivalent finance The text so far: 💲Calls on "all actors" to scale up $1.3T by 2035 - why all actors? It has to be developed to developing countries 💲A sub-goal $300B as extension of the old $100B goal - in which developed countries "take the lead" - again, it is their obligation to pay, not just lead 💲"By 2035" implies that we remain stuck with a bad goal for the next critical decade in which climate action is urgent, that may not even materialise till 2034. So it's $100B+ 2025 till 2034?! 💲There is no separation of provision and mobilisation, and information emerging that the US plans to disregard Article 9.1 (provision from developed country governments), and only push Article 9.3 (mobilisation or finance from the private sector or other sources) of the Paris Agreement, is a bad faith and dirty tactic. Mobilisation is no guarantee of funds. Plenty of evidence that private sector has not rushed in to fund climate action in developing countries. 💲As Brandon Wu reminded us, this is a repeat of the Kyoto to Paris strategy - discard obligations, embrace voluntarism and "global efforts": https://lnkd.in/gRvAtGrT 💲Developing countries should not accept crumbs - this is real money, and real needs. No deal is better than a bad deal. Photo: 'Walk of shame': 📸 Joel Michael, US Climate Envoy John Podesta walks through the COP29 venue as civil society chants “shame!” in response to the US blocking climate finance talks Centre for Science and Environment, New Delhi Sunita Narain Sehr Raheja Upamanyu Das

From $10T investor pledges to innovative programs like "Glaciers to Farms," Day Four of #COP29 shows the power of finance, investment, and trade in driving global climate action! Together, we’re shaping a sustainable future.    Are you in? 🙌    #ClimateAction #FinanceForFuture #COP29 #SustainableInvestment COP29 Azerbaijan 

Essential read from African Arguments on how COP29 is failing low-income, climate-impacted countries There is no clarity on the finance goal, the quality of the finance, or how it’s going to be made accessible to vulnerable countries.” “Private finance often comes with terms that are less favourable for low-income countries, including conditions that can lead to debt accumulation”, read a joint statement by the African Group of Negotiators (AGN). “Our stance is that developed countries should first fulfil their obligations for public climate finance.” “We are not here to secure just any deal, but one that ensures the most vulnerable nations receive the support they need to cope with and mitigate climate impacts,” he says. “We need a deal that addresses finance, technology transfer, loss, and damage and ensures robust accountability for the promises made”. "As the first week of the COP29 neared its end, a group of activists from Africa and the Global South gathered to condemn a myriad of “eye-watering false solutions”, including fossil fuels, geoengineering, artificial intelligence, and carbon capture storage. They described such ideas as “colonial extractive tactics” used to hoodwink developing countries. They also cautioned against framing carbon trading as a form of climate finance, saying it only diverts attention from the direct financial needs that developed countries must pay vulnerable countries."

🌍 What’s up, Climate Champs? 🌱 The COP29 conference in Baku, Azerbaijan, just wrapped up, and it’s clear: the fight against climate change is heating up (in more ways than one). Here are the Top 5 Highlights you need to know! 1️⃣ Climate Finance Commitments Wealthy nations proposed $250 billion annually by 2035 to help developing countries tackle climate change. But here’s the catch: it’s way below the $1.3 trillion requested. The debate is ON! 2️⃣ Carbon Market Framework The UN launched a new body to regulate international carbon credit trading, unlocking billions of dollars in climate finance for developing nations. A game-changer! 3️⃣ Fossil Fuel Transition Debates Oil-producing countries faced major backlash for blocking references to fossil fuels in key documents. Tensions were high, but the push for cleaner energy is relentless. 4️⃣ Developing Nations' Demands The African Group of Negotiators made it clear: substantial financial support is a must for sustainable development. The New Collective Quantified Goal (NCQG) is their priority. 5️⃣ UN Leadership’s Call for Unity UN Secretary-General António Guterres called for global unity, urging countries to find common ground in this critical climate battle. 💡 Why does this matter? COP29 is shaping the future of climate action, but challenges remain. From financing gaps to fossil fuel debates, the stakes have never been higher. 🌟 Let’s spark the conversation! What’s your take on these updates? Comment below, share your insights, and hit that follow button for more on climate action. 🌱 #COP29 #ClimateAction #Sustainability #GreenFinance #RenewableEnergy #NetZero #UNClimateConference #EnergyTransition #ClimateCrisis #CarbonNeutrality #CircularEconomy #EnvironmentalImpact #EcoInnovation #ClimateFinance #GlobalCollaboration #GreenTech #CleanEnergyFuture #CarbonMarkets

🌍🌿 Happy to Speak on a Crucial Panel at COP29 Azerbaijan! 🌿🌍 I'll be joining an expert panel at the Climate Funds Pavilion during COP29 Azerbaijan to discuss one of the most pressing challenges of our time: access to climate finance. As the climate crisis accelerates, the demand for urgent and sufficient funding is clear. However, despite billions in commitments from the Green Climate Fund and other institutions, obstacles remain—especially for countries with weaker governance or financial systems. We must ensure that climate finance is accessible, accountable, and effective, without compromising on integrity and environmental/social safeguards. This panel will cover 🔍 Challenges in Accessing Climate Finance – Addressing obstacles and solutions. ⚖️ Risks of Over-Simplifying Funding – Balancing efficiency with accountability. 🛡️ Measures to Ensure Accountability – Building safeguards that protect communities and ensure funds are used effectively. I look forward to sharing insights alongside a fantastic lineup of experts: Andreas Reumann, Head, Independent Evaluation Unit, GCF Karen Ernst, Head, Independent Integrity Unit, GCF Sonja Derkum, Head, Independent Redress Mechanism, GCF Helen Magata, Communications Officer, Tebtebba; GCF IPAG Member Georgia Hammersley, Research Associate, Lowy Institute Moderated by Martin Prowse, IEU/GCF 📅 Join us for this important discussion at COP29! #ClimateFinance #COP29 #ClimateAction #Accountability #Sustainability #GreenClimateFund

#Climatejustice@COP29. Final submissions agreements has turn out with more climate finance commitments seen from the developed countries. After the elaspe of loss and damage Fund that were committed at $100 Billion towards supporting the developing nation (Global south)👎. The New NCQG that is now replacing the damage Fund has seen an increase of commitments to $300,000 Billion 👍towards climate Mitigations. https://lnkd.in/ds_qS6Qu With now more attention leaning towards ensuring the commitments are delivered yearly, A more robust oversight team from global south needs to be very pro active so as to ensure this doesn't go back on papers as the Loss and damage Fund did🤨. Next year COP30 in Brazil will be a game changer to reconfirm this commitments and the impact changes each year on spending. Huge congratulations to the entire players and negotiators especially to global south small wins counts but accountability matters. Loss and Damage Collaboration Loss and Damage Youth Coalition United Nations COP29 Azerbaijan Climate Impact Partners Climate Solution International