Singapore Green Building Council’s Post

Climate Finance Talks Stall Ahead of UN Summit At #Azerbaijan With the clock ticking towards this year’s U.N. climate summit, nations are at odds over the size and distribution of a global funding package aimed at aiding the developing world in combating #climatechange. Simon Stiell UN Climate Change #middleeast

The recent UN Climate Change talks in Bonn, Germany, ended with countries still divided on how to shape a new climate finance goal. This matters because climate finance is about funding much-needed transitions and to help countries deal with the effects of climate change. Right now, there's no clear agreement on who should pay, how much, or what types of financing should be used. “The sheer number of unresolved issues currently sets us up for a fraught two weeks in Baku. We urge countries to use every opportunity in the months ahead of COP29 to lay the ground for an ambitious yet realistic new climate finance goal that responds to the needs of developing countries", says Gaia Larsen, Director of Climate Finance Access, World Resources Institute. The lack of progress means that vital funding needed to help vulnerable countries prepare for severe weather events, like the recent floods in Brazil and Kenya or heat waves in India, is still uncertain. Strong climate finance agreements are crucial for helping countries transition to cleaner energy and make bold climate commitments. As we move towards COP29, it's more important than ever for negotiators to work together and develop a clear, ambitious financial goal that can make a real difference for people and the planet. Read WRI’s statement about the UNFCCC climate talks: https://lnkd.in/ewz5iVbX Image correction: We Need A Robust Fund To* Fight Against Climate Change. #climatefinance #climateaction #justtransition WRI Climate

The climate finance conundrum! The world faces a $2.7 trillion annual climate investment gap by 2030. Can nations invest now to avoid future losses? Another topic in the news, but featuring less in data journalism, is the 29th United Nations Climate Change Conference (COP29), which began on November 11 in Baku, Azerbaijan. By the end of the conference, many promises will have been made or renewed. But will they be enough? According to an analysis by Moody’s, there is a funding gap for fighting climate change — a big one. The report states that large sums are needed for the world to reduce its emissions and adapt to the effects of climate change and, although investments have increased rapidly since the 2015 Paris Agreement, they are far from being sufficient. According to the report, the annual climate investment gap would be US$2.7 trillion by 2030 — about 1.8% of global gross domestic product (GDP). For Moody’s, emerging economies will be the hardest hit, but the consequences for advanced economies could also be severe. The report highlights a series of recent climate events in different countries and shows how these extreme phenomena can affect global GDP. https://lnkd.in/dY9n42fb

EU Leads Climate Finance and Carbon Market Advancements at COP29 What groundbreaking developments did the European Union achieve at the COP29 UN Climate Change Conference? At the COP29 UN Climate Change Conference, the European Union made significant strides by securing a historic agreement on climate finance and enhancing rules for international carbon markets. The EU introduced a New Collective Quantified Goal for Climate Finance, aiming to mobilize $1.3 trillion annually by 2035, with developed countries contributing $300 billion per year to aid developing nations. For the first time, emerging economies are joining as contributors. The EU also finalized rules under Article 6 of the Paris Agreement, providing UN-backed sta... 👉 Read more on our website today https://lnkd.in/d-d6g_Gt ❓ What's your take on this news? We'd love to hear your insights in the comments below! ✉️ Subscribe to our newsletter to stay updated with important industry news https://lnkd.in/dRV4mPk

🌍 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

I strongly believe that additional momentum in the process will be achieved, and the necessary funds provided, by better international and national regulation in the area of establishing carbon markets 📈 which would create unique frameworks and measures for trade. This would enable a fair accumulation of finances to undertake the activities necessary for proper adaptation to #climatechange 🌏 Thank to the team of Report.az 🇦🇿 for the opportunity to talk about this important topic in process of adaptation to the challenge of climate change 🍀🌲 https://lnkd.in/d8YXjVE4

“The increased dependence on multilateral development banks to deliver climate finance, agreed at COP29, is a diversion that will enable private sector profit-making out of the climate crisis and allow developed countries to dodge accountability.” “MDBs are still promoting fossil fuels in climate-vulnerable countries, offering mostly debt-distressing loans, and cannot effectively deliver on adaptation or loss and damage, meaning that this outcome is set to take climate finance even further away from the people who need it the most.” 📣 Alison Doig, Clean Energy Campaign Manager at Recourse #COP29 #NCQG #ClimateJustice

For folks trying to decipher the coverage in major papers of the recent climate conference, here's the right headline. Developing countries need, starting now--or better yet, years ago--around $1 trillion per year to transition to a net-zero future and adapt to climate change. These are not resources these countries, who by and large have *not* contributed much to climate change, have. On the other hand, wealthy countries, who *have* caused climate change and benefited in the past from unlimited use of fossil fuels and overconsumption, do have these resources. But they've only committed to $300 billion per year...and won't even get to that level until 2035.

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

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?