The recently concluded COP29 in Baku highlighted the persistent divide between developed and developing nations. Despite reaching a $300 billion climate finance target for 2035, the deal falls short of addressing urgent climate issues. Developing nations, led by India, criticised the inclusion of their contributions in the target, reflecting the inequity in burden-sharing. Donald Trump's return to the U.S. presidency and its implications for global climate policy added to the summit's challenges. While technical advancements like a carbon credit rulebook were achieved, the lack of decisive action to phase out fossil fuels underscores the challenges of consensus-driven diplomacy. Read more: https://lnkd.in/dhUmjn-U #COP29 #ClimateCrisis #ClimateFinance #GlobalSouth #RenewableEnergy #NetZero #ClimateJustice #Sustainability #FossilFuels #CarbonCredits #GlobalWarming #EnvironmentalPolicy #DonaldTrump #India #ClimateLeadership #SustainableDevelopment #EnergyTransition #GreenEconomy #GlobalCooperation #ParisAgreement
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#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 yep, some of yesterday's Climate Proof is already out of date.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
G20 Boost to New Finance Goal, Adaptation Fund Shortfall, Progress on Indicators, and More
climateproof.news
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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.
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#Cop29 Countries must set aside differences and agree climate finance deal, says German minister Jochen Flasbarth called on Cop29 delegates to press on as world faces increasing crises and drop in solidarity Governments meeting to forge a global settlement on climate finance must get over their differences this week and come to a deal – because if talks carry on until next year they stand little chance with Donald Trump in the White House, the German development minister has said. Jochen Flasbarth, one of the most influential ministers at the UN Cop29 summit, said that if the final days of the summit did not produce a breakthrough countries would face a much tougher prospect. https://lnkd.in/eGyRiE72
Countries must set aside differences and agree climate finance deal, says Cop29 negotiator
theguardian.com
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COP29: Rich nations must double climate funding from taxes by 2030 – Experts The Independent High-Level Expert Group on Climate Finance (IHLEGCF) assessed how much money would be needed to meet the 2015 Paris Agreement goals, which aim to limit dangerous global warming. The new report was launched on Thursday, November 14, 2024, at the UN COP29 climate summit in Azerbaijan, as world leaders and delegates seek to iron out a new finance agreement. Richer countries previously pledged $100 billion a year in private and public finance to help developing nations green their economies and adapt to inevitable climate change impacts, as part of efforts to secure the Paris Treaty. But countries agreed that a new agreement on climate finance should be set before 2025. As nations now hammer out those details at COP29, the IHLEGCF said a total of $1 trillion needs to be flowing into developing countries each year by 2030, bar China, to meet the Paris Agreement goals.
COP29: Rich nations must double climate funding from taxes by 2030 – Experts - EnviroNews - latest environment news, climate change, renewable energy
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At COP29, delegates are duking it out over the New Collective Quantified Goal (NCQG). Their negotiations could have major consequences for global climate adaptation efforts. In today's Climate Proof, I parse the latest draft text for an idea of how adaptation finance is faring in the back-and-forth debate. My takeaways: ⚬ Negotiations are moving away from the idea of “thematic sub-goals”, which could lead to countries skimping on contributions for adaptation ⚬ A battle over whether the new goal should consist mainly of public finance could also leave adaptation behind ⚬ The latest draft text sees a role for blended finance in the NCQG, though scaling this for adaptation remains challenging ⚬ Non-UN actors are plowing ahead with their own efforts to promote adaptation finance, including the OECD and Atlantic Council Thanks to Sabrina Nagel, Ana Mulio Alvarez, Joe Thwaites, Robin Ivory, and (via today's OECD webinar) Dr Nicola Ranger for your comments. https://lnkd.in/e5UsCzSN #adaptation #resilience #climatechange #COP29
Adaptation Fights for its Place at the “Finance COP”
climateproof.news
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Calling all climate and finance wonks, the "Finance COP" is here. This week, over 32,000 people are descending on Baku, Azerbaijan for #COP29, where the New Collective Quantified Goal (NCQG) on climate finance is topping the agenda. But what exactly is the NCQG, and why does it matter? Benjamin Attia predicts what we can expect (and hope for) in terms of climate progress coming out of COP29: https://lnkd.in/e7rEnXbd
Pre-COP Take: Why the New Collective Quantified Goal Is a Big Deal - Energy for Growth Hub
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Content from COP29 Azerbaijan... As COP29 negotiators push for a breakthrough on global climate finance, the spotlight is on actionable solutions that drive transparency, accountability, and impact. Jochen Flasbarth, an influential figure at the summit, called for collaboration to address the financing gaps for developing nations while ensuring measurable outcomes. RS Metrics' AssetTracker and ESGSignals products can empower stakeholders with geospatial insights to evaluate climate risks, track emissions, and monitor progress — aligning with the principles of precision and accountability vital for climate finance. #ClimateFinance #COP29 #GeospatialData Explore more at: https://hubs.li/Q02YRjwG0
Countries must set aside differences and agree climate finance deal, says Cop29 negotiator
theguardian.com
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As COP29 in Baku draws to a close, it does not seem to even hit newspaper headlines as much as earlier UN Climate Conferences. Yet it is critically important that this so-called finance COP leads to credible funding targets for rich countries to support developing countries in tackling climate change and cutting emissions. As pointed out by Patrick Bolton and Alissa M. Kleinnijenhuis supporting developing countries with grant finance is in rich countries' economic interest. Below are links to their paper which is garnering a lot of attention in Baku as well as to the FT article discussing their paper. #COP #COP29 #climatechange #climatefinance #publicfinance #energytransition https://lnkd.in/eDCSKavb https://lnkd.in/e_mnN43i
COP29: The selfish case for climate finance
ft.com
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#COP29, dubbed the “finance COP,” sees 198 nations convene in #Azerbaijan to negotiate new climate finance goals. Controversy surrounds #fossilfuel dependency and private banks’ limited contributions to combating #climatechange. https://lnkd.in/gmYUpeU3
Why Cop29 talks are focusing on finance
publicsquare.uk
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COP 29 in Baku kicked off with a powerful message from UN Secretary General António Guterres: "Climate calamity is the new reality and we’re not keeping up." As 2024 is on track to become the hottest year on record, the urgency for decisive climate action has never been clearer. Despite the absence of key nations like the US, China, and India, progress was made with an agreement on Article 6.4 of the Paris Agreement, paving the way for a UN-led global carbon market. This framework aims to help countries meet their Nationally Determined Contributions (NDCs) and generate funds for developing nations1. The road ahead is challenging, but the commitment to adapt and mitigate climate change is stronger than ever. Let's stay tuned and support the efforts to make a difference! Additionally, a significant new finance goal was set, aiming for up to $1 trillion in annual climate finance for developing countries. This ambitious target underscores the critical need to mobilize substantial resources to support these nations in combating climate change. The road ahead is challenging, but the commitment to adapt and mitigate climate change is stronger than ever. Let's stay tuned and support the efforts to make a difference! #COP29 #ClimateAction #Sustainability #GlobalGoals #ESG #SustainabilityReporting #CSRD https://lnkd.in/gTHRiGSm
Experts call for Global South push on new climate finance goal
hindustantimes.com
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