Vijay Kumar Joshi, Fellow Chartered Accountant’s Post

Ahead, of COP29, a quick overview on three sticking points of negotiating the new climate finance goal (NCQG) in the Lowy Institute Interpreter: https://lnkd.in/gncZVivh 1. The contributor base: realities, economic circumstances and green house gas emissions have changed since the establishment of the climate change convention (UNFCCC) in 1992. Developed countries want this to be reflected in the goal, potentially expanding the contributor base. 2. The quantum: developed countries have not brought forward a figure yet while some developing countries suggest an annual goal within the trillions. The new goal needs to be ambitious and a serious step up from its predecessor of 100bn annually but also has to be achievable to be meaningful. 3. The time frame: countries have diverging opinions on when the new goal should be achieved by. A goal to be reached too far in the future could potentially mean limited financial flows now and delay urgent action. Georgia Hammersley Michai Robertson Roland Rajah Alexandre Dayant Ryan Neelam

Day 11 of COP29, known as Nature Day, featured significant developments in climate finance, carbon markets, and global climate commitments. Here are some of the key outcomes from the day: 𝐃𝐚𝐲 11 𝐨𝐮𝐭𝐜𝐨𝐦𝐞𝐬:  🔹Updated texts on climate finance and Article 6 were released, prompting immediate responses from parties and negotiating blocs. (read more here) https://lnkd.in/edH6k-Te  🔹Argentina confirmed it will not withdraw from the Paris Agreement. Minister Gerardo Werthein emphasised a review of the nation's climate commitments under the new administration, led by President Javier.   🔹Launch of the 2035 NDC ambition initiative, with ministers from EU, UK, Canada, Mexico, and others pledging to align mid-term milestones with long-term net-zero commitments. (read more here) https://lnkd.in/dMjuV_kq  🔹World Resources Institute unveiled a new NDC Tracker on its Climate Watch data platform to monitor country commitments.  🔹Nearly 50 countries endorsed the Baku Declaration on Water for Climate Action, signalling a collective commitment to integrate water management into climate strategies. (read more here)  https://lnkd.in/d5F3KfBB  🔹Norway announced joining the ADB Article 6 carbon fund with a $50 million pledge. (read more here) https://lnkd.in/d4y9H_Dz  🔹Singapore signed an Article 6 Implementation Agreement with Peru. (read more here). https://lnkd.in/d8Bu5aZ7     𝐃𝐢𝐬𝐜𝐮𝐬𝐬𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐏𝐫𝐨𝐠𝐫𝐞𝐬𝐬𝐢𝐨𝐧  Day 11 marked a pivotal moment in the COP29 negotiations, particularly in advancing climate finance frameworks and carbon market mechanisms. The release of new texts on climate finance and Article 6 highlighted the urgency of establishing concrete financial commitments from developed nations. The day witnessed a significant push toward standardising carbon market approaches, exemplified by Norway's $50 million pledge to the ADB Article 6 fund and Singapore's agreement with Peru. The launch of the 2035 NDC ambition initiative demonstrates growing momentum for aligning medium-term goals with long-term net-zero targets. However, challenges remain, particularly in reconciling diverse national interests, as illustrated by Argentina's nuanced position on climate commitments. These developments signal a shift toward more concrete implementation mechanisms while highlighting the ongoing complexity of balancing national circumstances with global climate objectives. 𝐒𝐭𝐚𝐲 𝐮𝐩 𝐭𝐨 𝐝𝐚𝐭𝐞 𝐨𝐧 𝐨𝐮𝐭𝐜𝐨𝐦𝐞𝐬 𝐨𝐟 𝐂𝐎𝐏29 𝐛𝐲 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐮𝐬 𝐨𝐧 𝐋𝐢𝐧𝐤𝐞𝐝𝐈𝐧! #COP29 #ClimateFinance #CarbonMarkets #NatureDay #Baku2024 #Article6 #Brundtland

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

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.

#ClimateNews💡 Climate Home News ▶️ "Countries failed to make progress on a post-2025 climate finance goal in Bonn", that would replace the existing commitment by developed countries to mobilise USD 100 billion per year for developing countries. ▶️ "Representatives of countries on both sides expressed disappointment with the process intended to result in an agreement on a new collective quantified goal (NCQG) at COP29 in Baku in November". ▶️ "For most developing countries, the sticking point is the lack of negotiations on the size of the new goal – known as the 'quantum' in technical language". 👉 Read the full article here:  https://lnkd.in/edC8-U5M #NewCollectiveQuantifiedGoal #NCQG #COP29 #Climate #FinanceGoals

𝐖𝐚𝐬 𝐂𝐎𝐏 𝟐𝟗 𝐬𝐮𝐜𝐜𝐞𝐬𝐬𝐟𝐮𝐥? #COP29, held in Baku, Azerbaijan, has produced mixed results, reflecting both progress and ongoing challenges in global climate negotiations. The conference aimed to address critical issues such as #climate #finance, #adaptation #strategies, and the operationalization of #carbon #markets. 𝕊𝕦𝕔𝕔𝕖𝕤𝕤𝕖𝕤: ℙ𝕠𝕤𝕚𝕥𝕚𝕧𝕖 𝕕𝕖𝕧𝕖𝕝𝕠𝕡𝕞𝕖𝕟𝕥𝕤 𝕒𝕥 ℂ𝕆ℙ𝟚𝟡 🟢 Increased Climate Finance Commitment Wealthy nations have agreed to raise their climate finance offer to **$300 billion annually**, up from the previous proposal of $250 billion. While this still falls short of the $1.3 trillion that developing countries have been advocating for, it marks a step toward more substantial financial support for climate action. 🟢Adoption of Carbon Market Mechanisms The COP29 plenary successfully adopted the 𝐀𝐫𝐭𝐢𝐜𝐥𝐞 𝟔.𝟒 𝐦𝐞𝐜𝐡𝐚𝐧𝐢𝐬𝐦, which facilitates the international creation and exchange of carbon credits. This development is expected to enhance the effectiveness of carbon markets and provide more certainty for compliance mechanisms. 🟢Focus on National Adaptation Plans (NAPs) The conference emphasized the importance of NAPs, with 59 developing countries having submitted their plans. This reflects significant progress since the last assessment in 2018, highlighting the growing recognition of adaptation as a critical component of climate resilience. ℂ𝕙𝕒𝕝𝕝𝕖𝕟𝕘𝕖𝕤: 𝕆𝕟𝕘𝕠𝕚𝕟𝕘 𝕚𝕤𝕤𝕦𝕖𝕤 𝕒𝕟𝕕 𝕔𝕣𝕚𝕥𝕚𝕔𝕚𝕤𝕞𝕤 🔴 Insufficient Financial Targets Despite the increased commitment, many developing nations expressed disappointment that the new finance target remains inadequate to meet their urgent needs for climate adaptation and mitigation efforts. Activists have criticized the offers as insufficient, calling for more ambitious financial commitments. 🔴 Political Tensions and Controversies The choice of Azerbaijan as host raised concerns due to its reliance on fossil fuels and human rights issues, which some believed could hinder negotiations and affect the overall ambition of commitments made during COP29. 🔴 Implementation Gaps While there has been progress in formulating NAPs, actual implementation remains uneven across different countries. The need for robust mechanisms to ensure that financial pledges translate into actionable support is critical moving forward. 😢 In conclusion, while COP29 achieved some notable successes, particularly in increasing climate finance commitments and advancing carbon market mechanisms, significant challenges remain. The effectiveness of these outcomes will depend on how well countries follow through on their commitments and address the pressing needs of vulnerable nations in the fight against climate change.

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

The COP29 Presidency from Azerbaijan has set out its plan for the November climate change conference, which lead negotiator Yalchin Rafiyev has billed as a “litmus test for the Paris Climate Agreement”. At the Bonn Climate Change Conference on June 12, COP29 President-Designate Mukhtar Babayev led Azerbaijan’s delegation to briefings and consultations on the broad conference agenda. Earlier this week, the COP29 Presidency unveiled its two-pillared plan to “enhance ambition and enable action. This involves supporting the parties, or countries, to “raise their ambition” through their Nationally Determined Contributions (NDCs) and National Adaptation Plans (NAPs), among others. Rafiyev says the COP29 Presidency also aims to broker a “fair and ambitious new climate finance goal, finalise Article 6, strengthen global financial institutions and ensure the private sector commits to climate action”. When parties signed the Paris Agreement in 2015, the deal introduced a new collective quantified goal on climate finance (NCQG). The NCQG is meant to replace the existing climate finance goal of US$100 billion per year, a blunt move to kickstart fundraising among developed nations. The NCQG is meant to be adopted this year at COP29 in Azerbaijan. The Bonn conference is an “important moment” in creating a “substantive framework” for a draft text on the NCQG, says Rafiyev. Rafiyev says the COP29 Presidency aims to set the stage for parties to “agree [on] a fair and ambitious NCQG, taking into account the needs and priorities of the developing country parties”. “Our efforts on climate finance should represent progression beyond previous efforts, delivering multiples, adequate to the scale and urgency of the problem.” COP29 Azerbaijan will take place in Baku, Azerbaijan, from Nov 11 to 22. Read the full story on The Edge Singapore.

On Monday, the most interesting development from the developing countries' point of view at #COP29 was the #EU softening its stance on who should contribute to climate funding. This has been one of the thorniest issues plaguing the talks in #Baku. Long-time COP watchers say this shift could lead to a potential breakthrough. Developing countries understandably are not ready to progress on anything else before finance issues are sorted. A negotiator from a developing country told Press Trust of India (PTI) that the #GlobalSouth expects wealthy nations -- who have historically contributed the most to greenhouse gas emissions and have greater resources and capacity to tackle #climatechange -- to fulfill their commitment to provide #climatefinance, which underpins everything. "You cannot demand ambition without providing the means of implementation. There can be no discussion on other issues if you refuse to engage on the real issue, which is finance," the negotiator said. Many observers are skeptical whether countries will even manage to strike a deal, with some betting on a middle ground on the quantum and then kicking the can down the road to deal with the rest later. #climatetalks #Azerbaijan #climatefinance #G20 #climatecrisis

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.