Sustainable Views’ Post

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

A slight change of pace with today's story, about #COP29 negotiations over climate change financing. Following another year of record-high global heat and extreme weather events, UN climate chief Simon Stiell has told delegates setting an ambitious new climate finance target is crucial for the well-being of all nations, including the wealthiest and most powerful. And COP29 has also about the importance of finance in helping less developed nations prepare and be compensated for the impacts of climate change - but those talks have been slow. Hear (and read) all about here: https://lnkd.in/gKmnu57f

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

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

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.

#COP29 week 2 is underway and the frantic pace of negotiations means .... yep, some of yesterday's Climate Proof is already out of date. However, the meat of the New Collective Quantified Goal (NCQG) on climate finance section is still relevant. #G20 leaders may have helped grease the wheels by saying that developing countries could make "voluntary contributions" to climate finance goals. This could pave the way to broad agreement in Baku over the contributor base to the new goal. Read about all this and more in yesterday's Climate Proof👇 https://lnkd.in/ekYfSiCN #adaptation #resilience #finance #climatechange

COP29 closes with carbon market agreement and ‘abysmally poor’ climate finance texts via edie https://bit.ly/3Z5N0MJ #COP29 #climate #ClimateAction #GHG #Collaboration #loss and #damage #mitigation #finance PowerShift Africa ICLEI USA Climate Action IFC Climate & Sustainability Climate-KIC UK & Ireland

At the Global Environment Facility we continue to push ahead with our #jointagenda with the friends at sister #climatefunds - the Adaptation Fund, Green Climate Fund and Climate Investment Funds - to work better together and simplify access for developing countries to vital finance for climate action. Our Heads explain how in this OpEd, published today on the websites of all 4 Funds. #UNFCCC #COP29 #climatechange #climatefinance #climateaction #GEFatCOP29

According to the UNFCCC's Standing Committee on Finance, USD 5.8 trillion to USD 11.5 trillion is required by 2030 to meet the targets set by developing countries in their national climate plans (Nationally Determined Contributions or NDCs). https://lnkd.in/g7hw9Tny

Analysts have shown that the $300bn climate finance target agreed to at COP29 for developing countries is even less ambitious than it seems, as it is achievable with virtually ‘no additional budgetary effort’ from developed countries beyond already-committed increases. Moreover, the $300bn target does not account for inflation, which, when factored in, could shrink its real value by around a quarter. #ClimateFinance #GreenInvestment https://lnkd.in/gPMn7AZ4