Data Literacy Association’s Post

"The less the world achieves now, the more we will need to invest later." A report by the Independent High-Level Expert Group on Climate Finance suggests that by 2035, richer nations, development lenders and the private sector must provide US$1.35 trillion annually to developing countries to finance climate action. This was up from the previous goal of US$100 billion set for 2023. The report further explains that any shortfall in investment will only add pressure on the years to follow. With climate financing being a central focus of #COP29, the summit’s success is likely affected by whether nations can agree on a new target. #ClimateFinance

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

COP29 Dispatch Can Climate Finance Talks Catch Fire? 💸 New Document, Little Progress: A fresh climate finance document came out on Wednesday, now 33 pages long (down from 35). But talks are stuck, and some worry they might drag on until Christmas if no one steps in to speed things up. Big Report on Cash Needed A UN-backed report says developing countries need $1.3 trillion every year by the 2030s to fight climate change. Public funds would help with resilience and adaptation, while private investments are key for clean energy. The report suggests using everything from taxes on airlines to partnerships between countries to raise this money. Key Numbers: $2.4 trillion: Investment needed outside China $1.3 trillion: Annual funding target for developing countries 2%: Share of climate funds going to the 10 hardest-hit countries Diplomatic Tensions France and Argentina’s leaders pulled their teams from the talks due to political issues. Meanwhile, former soccer star Ronaldinho showed up, though it’s unclear how involved he is in the climate conversation. What’s Next? All eyes are on the G20 summit to see if major nations can agree on new ways to fund climate action. COP29 is a mix of big finance, high politics, and endless coffee lines, as countries and leaders try to reach agreements that could shape the future of climate action. #COP29 #ClimateFinance #ClimateAction

"When we are attempting to solve a global problem, which demands a global solution, country risk should be irrelevant. What matters is global returns and so global risks." 🌍 The Financial Times discusses the joint statement authored by Professor Patrick Bolton and Dr Alissa M. Kleinnijenhuis which argues it is “necessary to mobilise climate finance now — starting at full scale in 2025" in order to keep to the 1.5C limit. 🌡️ They argue that anything less may see us cross four irreversible tipping points which will put us in a new and dangerous world. The Centre for Climate Finance & Investment's Professor Bolton, Michael Wilkins, Dr Kleinnijenhuis and colleagues propose a "grant-equivalent” climate finance of some $256bn a year, equivalent to over 1/4 of the US defence budget & 0.3% of the total GDP of the high-income countries. Read about the statement from our faculty and other leading figures in climate finance and science here: https://imprl.biz/3ZqKsu0 #ClimateFinance #COP29 #ClimateChange

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

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

Today I looked at the status of global climante finance. Things are looking good, given that climate finance increased at a cumulative average annual growth rate  of 7%. But the current levels of increase are not on track to meet a 1.5C global warming scenario. We need at least USD 4.3 trillion in annual finance flows by 2030. These are the words of the https://lnkd.in/eUnNXhQ7. https://lnkd.in/eETHcFVV Among the seven takeaways they give, number four is the one that still shocks me the most: "4: Continued fossil fuel support remains a barrier to achieving global climate goals. For example, the total fossil fuel subsidies in 51 major countries alone were 40% higher than the total global investment in climate finance between 2011 – 2020. This is alarming as fossil fuel subsidies are only a part of the overall funding in high emitting activities. Immediate action to remove dependencies on fossil fuel, including subsidies, will free up resources for more sustainable investments, as well as improve consumer price stability and increase energy independence."

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

Enjoyed attending a COP-focused event on climate finance co-hosted by the Columbia Center on Sustainable Investment (CCSI) and Columbia Climate School.   There was much discussion over the COP’s mandate and whether it is the right platform to decide wealth transfers from developed countries to EMDEs. Some panelists were skeptical based on their experiences at COPs, while others expressed optimism.   The greatest food for thought was the idea of global government to govern issues like climate finance, emphasized by Jeffrey Sachs and Dr. Lisa Dale. The UN can’t serve this purpose since its role is mostly limited to coordinating the actions of sovereign states with national interests. Climate change, on the other hand, is an issue of global interest and spillovers.   My initial thoughts: What could a global government look like? Is it an idealistic/utopian concept, or could it be implemented practically? Would it have veto powers that could leave motions hamstrung, or could some sort of supermajority be devised to facilitate decision-making?

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