shabnam baloch’s Post

The Talk about climate change is, in fact, a discussion about cash and a decarbonization of the economic production. Like in Brazil, we still have two different ministries: one for mining and energy, another for environment. In Brazilian subnational entities, a secretariat for economic development and another for environment. Another question is: if finance in climate discussion are so important, why banks are controlled only to financial indicators? Climate indicators need to be incorporated in its credit lines. According to The Guardian: "One of the problems is that climate Cops are not well-suited to discussions on finance. Countries send their environment ministers and teams, rather than their finance ministries. Cops have no jurisdiction over institutions such as the World Bank and the International Monetary Fund, which will be key in delivering publicly funded climate finance. Ways must be found to draw national finance ministers and international institutions more closely to the climate talks before it is too late." https://lnkd.in/dgwmB43b

A new report by the Independent High Level Expert Group on Climate Finance recommends #COP29 negotiations should focus on mobilising $1 trillion per year for developing countries by 2030 Their report warns “Any shortfall in investment before 2030 will place added pressure on the years that follow, creating a steeper and potentially more costly path to climate stability. The less the world achieves now, the more we will need to invest later.” The Independent High Level Expert Group on Climate Finance co-chaired by Amar Bhattacharya, Vera Songwe and Nicholas Stern has been supporting the deliberations on the climate finance agenda under successive COP Presidencies since COP26. 

Since 1992, the UN has focused on poverty eradication through initiatives like Agenda 21, which emphasized sustainable development, and the Millennium Development Goals (2000–2015), which targeted extreme poverty reduction. The Sustainable Development Goals (2015) expanded these efforts with a holistic approach to end poverty by 2030, stressing social protection, inclusion, and climate resilience. However, despite extensive efforts, poverty persists, and its definition remains unclear. Before spending trillions, we must create self-employment opportunities, businesses, jobs, and welfare funds in every country for people of all skill levels, ages, and genders. For those unable to work due to impairments, welfare support should be available. Institutions should be established and funded to prevent corruption. If poverty continues despite these efforts, it will signal something is wrong. Every person should earn enough to cover basic needs—food, clothing, and essentials. If this is achieved, poverty is eradicated; otherwise, poverty discussions at global forums like COP or UN events are meaningless.

If not now, when? If not you, then who? For those in the thick of negotiating the new goal for mobilising financial support for developing countries at COP29, the figures currently being considered are too low (even more so if one considers inflation since the original $100bn target was set and the scale of mutually beneficial opportunities these investments will help to drive). See the statement from the Co-Chairs of the Independent High-Level Expert Group on Climate Finance, whose report can be found here: https://lnkd.in/e_84i_EM #climatefinance #sustainablefinance #COP29 #climateaction

🆓 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

Many in the climate policy world are enjoying some summer downtime, knowing September will plunge them back into the usual diplomatic frenzy leading up to COP. But there's no rest for those working on the thorny issue of climate finance. The question of how to raise more for poorer countries is an all-consuming issue that will be centre-stage at the COP29 negotiations in Azerbaijan in November, tasked with agreeing the "New Collective Quantified Goal" (or NCQG as it's snappily known). It's a challenge that has become extremely politicised as wealthy countries met the previous $100-billion goal two years late amid accusations that too much of it came as loans. For the NCQG, rich nations don't want to start talking about higher amounts without getting more countries to cough up. They say the world has changed since the original contributors' list was defined in the 1990s and that some big emerging economies, like China and the Gulf states, have become more polluting and prosperous. So they want them to pay into the pot too. But developing countries think this is a slippery slope and could upset the underlying principle of global climate action: that those who are most responsible for global heating due to their historically high emissions should bail out those less to blame. At the mid-year Bonn talks, this difference of opinion led to an impasse in the negotiations - which the COP29 hosts must unblock if the summit is to land an NCQG as promised. Matteo Civillini reports for Climate Home News on a recent proposal from Switzerland with new criteria that could redefine the donor pool - and another from academics that would allow some countries both to give and receive. One thing is clear: it can't remain a taboo topic.

As negotiations on a new climate finance goal unfold at COP29, the cost of borrowing is a key issue. Our briefing, part of a series on climate finance, highlights how sovereign credit rating downgrades are driving up debt burdens and increasing borrowing costs for countries in the Global South, making it harder for governments to meet everyday needs and invest in vital long-term climate resilience and infrastructure. Full briefing here ➡ https://lnkd.in/e75XpriC #COP29 #COP29Azerbaijan #ClimateFinance

The climate finance forecast is looking stormy. At COP29 in Baku, a new climate finance goal will be adopted from a minimum of $100 billion USD per year. However, the financial resources to mitigate climate change are estimated at between $2.4 trillion USD and up to $9 trillion USD by 2030. How are regulators navigating this challenge? And how are leaders responding? Read our analysis here ➡ https://lnkd.in/eXWgVNK8

The UN climate summit – COP29 is starting on Monday in Baku! With Egypt, UAE, now Azerbaijan, it is the 3rd time in a row that an authoritarian and repressive oil and gas exporter holds the COP presidency. Civil society organizations and some journalists expressed concerns about their safe attendance. The overarching topic this year is again the transition towards clean energy as a way to reduce emissions significantly, limiting global warming to 1.5° C above pre-industrial levels. There is no time to waste if net zero CO2 emissions are to be achieved globally by 2050. In the centre of negotiations and attention, however, lies the New Collective Quantified Goal on climate finance (NCQG). The developing nations demand 1 trillion USD annually, but there is no agreement on who should be amongst the contributors – will China, Russia, Saudi Arabia and other emerging economy states be included? How will the funds be allocated? Read this in-depth analysis by Liane Schalatek from Heinrich-Böll-Stiftung Washington.

As #COP29Baku gets underway, my colleague Inge Brees discusses learnings from #SHEWINS - how can a funding model for local women's groups be applied to climate financing? What can the climate sector learn from peacebuilding sector in terms of supporting small-scale local action?