Climate 411

Climate Finance and Accountability at COP29

COP29 sign in Baku

COP29 sign in Baku. Photo by UNclimatechange via Flickr

 

Today, November 14, is Finance Day at COP29. We caught up with Leslie Labruto, EDF’s Managing Director for Sustainable Finance, about what she’s watching for at COP29, the United Nations’ climate change talks in Baku, Azerbaijan. Follow Leslie on LinkedIn.

Q: You’re in Baku for COP29. What key issues are on your radar?

A: The spotlight here this year is on scaling up climate finance for developing countries, and a need for redoubled global cooperation to achieve our shared climate goals. My team and I, along with the rest of the +Business team at EDF, are laser focused on working with the private sector to ensure climate and nature wins. A major focus at COP will be the establishment of a climate finance goal, called the New Collective Quantified Goal (NCQG), which will replace the $100 billion annual commitment that high-income countries pledged to deliver under the Paris Agreement. The NCQG could reach at least $1 trillion a year—a figure that better aligns with the financial gap that needs to be closed to address the climate crisis.

Developing countries need these funds to tackle climate change, transition to clean energy, and adapt to the impacts of climate change, and it’s crucial that the finance be provided in a way that’s just, equitable, and effective. Let’s not forget that those ‘wins’ in developing countries are good for everyone everywhere, since climate impacts are felt globally. Successful climate finance means more forests still standing, a larger climate workforce, more resilient food systems, more methane abated, and greater global renewable energy capacity. Because climate-related investments are needed to meet global goals and address inequitable impacts from past emissions, low-income borrowers should have access to concessional finance. The NCQG will not only scale up ambition but also support countries as they prepare to submit their updated climate commitments in 2025.

Q: You’ve emphasized both the quantity and quality of climate finance. What do you mean by “quality”?

A: While the amount of climate finance is essential, its effectiveness — its quality — is equally important. When we talk about quality, we mean ensuring that climate finance is structured to be concessional, accessible, and impactful. In the private sector, finance is tracked with metrics like profits and losses that communicate shareholder value. In climate finance, however, there is less accountability in terms of impact metrics.

Climate finance should leverage public and private investment to make rapid progress toward net zero emissions and benefit local communities. To make sure financing achieves this, we need a system that is accountable for being easy to access, impactful in tackling climate-related challenges, and affordable for borrowers.

Read More »

Also posted in Carbon Markets, Climate Finance, International, United Nations / Authors: / Leave a comment

At COP29, Article 6 must deliver on urgent finance for forests and Indigenous communities

This blog was authored by Pedro Martins Barata, Associate Vice President, Carbon Markets and Private Sector Decarbonization and Santiago García Lloré, Senior Manager, IPLC & Conservation Partnerships, Forests

UN Climate Change, Kamran-Guliyev/ Flickr

At the start of COP29, negotiators in Baku secured a major breakthrough by agreeing on new standards for a UN-led global carbon market under Article 6 of the Paris Agreement, potentially unlocking billions in funding for climate projects.

But the terms of the standards are still flexible, meaning there’s a real chance to shape them to make sure the money goes where it’s needed most – like Indigenous Peoples and local communities who are fighting to conserve the planet’s last intact forests, known as high forest, low deforestation (HFLD) regions.

The stakes are higher now than ever, especially after the recent US election, which casts doubt on future public climate funding from one of the world’s biggest economies. In this uncertain landscape, carbon markets must step up to fund critical climate solutions, especially nature-based projects like forest conservation.

Read More »

Also posted in Carbon Markets, Forest protection, Indigenous People, REDD+, United Nations / Tagged , , , , | Authors: , / Leave a comment

10 Trends and Opportunities in the 2024 NDC Synthesis Report 

The United Nations Framework Convention on Climate Change (UNFCCC) published the NDC Synthesis Report this week. The report assesses the combined impact of nations’ current national climate plans (NDCs) on expected global emissions in 2030, among other measures.

The report concluded that the full implementation of all latest NDCs is estimated to lead to a 5.9 (3.2–8.6) percent emission reduction by 2030 relative to the 2019 level. This falls short of what the planet requires.  

While the emissions gap remains concerning, the latest NDC Synthesis Report reveals important trends and opportunities as countries prepare their next round of climate commitments. These trends point to a growing maturity in climate action planning and implementation, offering pathways to accelerate ambition and action. The synthesis reveals significant momentum in methane abatement, nature-based solutions, agricultural transformation, and ocean protection, though important gaps remain.  

  1. Integrated, Whole-of-Society Climate Action: Countries are increasingly adopting integrated approaches to climate action, with stronger recognition of nature-based solutions and ecosystem-based adaptation. The synthesis shows growing alignment between climate action, biodiversity conservation, and sustainable development objectives. This integration extends to disaster risk reduction and resilience building, suggesting a more comprehensive approach to addressing climate challenges. 
  2. Strengthened Planning and Implementation: The report highlights significant progress in institutional frameworks, with 97% of Parties providing detailed NDC planning processes. Notably, 48% have integrated climate targets into national legislation, while 56% have established specific policy instruments for implementation. The growing institutionalization of climate action – with 88% indicating robust domestic arrangements for coordination and implementation – suggests countries are building stronger foundations for enhanced climate action. 
  3. Indigenous Peoples and Local Communities at the Forefront: A marked shift toward inclusive climate action is evident, with 60% of Parties now acknowledging Indigenous Peoples in their NDCs. Beyond recognition, countries are developing specific support mechanisms, including improved access to finance, capacity building for Indigenous-led climate action, and enhanced market access for Indigenous products. This trend acknowledges both vulnerabilities and the crucial role of traditional knowledge in climate solutions, though opportunities remain for stronger inclusion in decision-making and implementation. 
  4. Market Mechanisms and Article 6 Readiness: Countries demonstrate growing interest in carbon markets and cooperative approaches, with 78% planning to use some form of voluntary cooperation – up from previous years. While 12% make Article 6 use conditional for achieving targets, there’s increasing emphasis on quality criteria, including additionality, permanence, and avoiding double counting. This signals the need for robust frameworks supporting market mechanisms, including clear accounting rules and monitoring systems. 
  5. Methane Action Opportunity for Quick Wins: With 91% of Parties covering methane emissions but only 5% setting specific targets, there’s significant potential for enhanced methane action. Countries identify opportunities across waste management, agriculture, and oil and gas operations. However, implementation gaps in monitoring and measurement need addressing, alongside increased financial and technical support for methane reduction initiatives. 
  6. Feedback loops and impact learning as Strategic Opportunities for Enhancement. While 53% are developing measurement and verification systems, only 3% plan to use feedback for future NDC preparation. This highlights a critical opportunity to strengthen learning and adaptive management in climate action. Enhanced monitoring frameworks could improve effectiveness and support evidence-based policy adjustments. 
  7. Nature-Based Solutions key to climate action: Nearly half of Parties (47%) now include forest protection measures, signaling growing recognition of nature’s role in climate action. The potential is significant – reducing deforestation alone offers 2.28 GtCO2e/year in mitigation potential. While integration of nature-based solutions is increasing, frameworks for wildfire prevention and ecosystem monitoring remain underdeveloped. Enhanced financing mechanisms and stronger coordination between national and local conservation efforts could unlock greater potential in this sector. 
  8. Agricultural Transformation in the horizon. Food security emerges as a critical priority, with 90% of Parties identifying it in adaptation planning, which is consistent with the COP28 Food Declaration. Countries are increasingly adopting sustainable agricultural practices, including crop diversification and improved soil management, often integrating traditional knowledge. However, specific emission targets and monitoring systems for agriculture remain limited. Opportunities exist to strengthen food waste reduction, improve irrigation systems, and develop more resilient food systems through better supply chain integration. 
  9. Ocean Action growing attention: Ocean-related commitments show encouraging growth, with 31% of Parties identifying marine ecosystems as adaptation priorities. Blue carbon initiatives are gaining traction, with 21% of Parties including ocean carbon priorities. While 13% have quantified fisheries targets, gaps persist in marine ecosystem monitoring and financing. Promising opportunities exist in mangrove restoration, marine protected areas expansion, and coastal protection enhancement. 
  10. Adaptation is now integrated into NDCs.  Adaptation has become central to climate action, with 81% of Parties including adaptation components. This reflects a maturing understanding of climate resilience, particularly in key sectors like food security, water resources, and ecosystem management. While 29% of Parties now link adaptation with mitigation co-benefits, implementation gaps remain in financing, monitoring, and cross-sectoral integration. Strengthening these linkages, alongside better alignment with development goals, presents a key opportunity for enhanced climate action. 

The synthesis reveals a maturing climate action landscape with growing emphasis on implementation, inclusion, and integration. While gaps remain, these trends provide a foundation for enhanced ambition and accelerated action in the next round of NDCs. 

Posted in Paris Agreement / Tagged , , | Authors: / Comments are closed

Closing emissions gap with 2025 NDC Revisions: Critical Opportunities for Climate Action

The UNEP Emissions Gap Report 2024 presents stark findings on the state of global climate action. Current pledges would only reduce emissions 4-10% below 2019 levels by 2030 – far short of the 42% reduction needed to limit warming to 1.5°C. These gaps are corroborated by the Nationally determined contributions under the Paris Agreement Synthesis report by the UNFCCC secretariat, which noted thatbolder new climate plans are vital to drive stronger investment, economic growth and opportunity, more jobs, less pollution, better health and lower costs, more secure and affordable clean energy, among many others benefits.

While these gaps are alarming, we have the solutions to address them. In fact, the report reveals a crucial window of opportunity as countries prepare their next Nationally Determined Contributions (NDCs) for submission in 2025. Through immediate, decisive action on NDCs, we can bridge the gap and put ourselves back on track to 1.5. 

Reflecting on the report recommendations, these are three strategic areas to help bridge the gap in countries’ updated NDCs:  

  • First, comprehensive investment planning must become central to NDC development. Countries should include detailed project pipelines that identify specific, bankable projects aligned with sectoral transformation pathways. These plans should outline clear implementation timelines, risk mitigation strategies, and resource requirements. Critically, they must demonstrate how public finance can leverage private investment at the necessary scale.  
  • Second, NDCs must strengthen coverage and transparency across all sectors and gases. Particular attention should focus on methane emissions, where rapid reductions could have immediate climate benefits. Many countries have encouragingly incorporated methane into their NDCs – the 2024 NDC synthesis reports suggests that 91% of parties cover methane within their mitigation targets. However, only 5% of parties have specific quantified methane targets, demonstrating a significant area for improvement. 
  • Third, countries must reimagine climate finance through a just transition lens. This means moving beyond simple volume targets to emphasize finance quality: its accessibility, predictability, and alignment with development priorities. For developing economies, which require an eight to sixteenfold increase in climate investment by 2030, NDCs should clearly distinguish between unconditional actions and those requiring international support. They should also outline specific measures to ensure transitions benefit vulnerable communities and workers. 

Elements for NDC enhancement in 2025

The upcoming NDC revision cycle is a rare opportunity to fundamentally reshape climate ambition and action. By focusing on these three areas – comprehensive investment planning, enhanced sectoral coverage and transparency, and quality climate finance for just transitions – countries can develop NDCs that not only raise ambition but also chart practical pathways for implementation. 

The solutions and financing approaches exist to close the emissions gap. What’s needed now is the political will to deploy them at unprecedented speed and scale through this critical NDC revision process. 

 

Also posted in Climate Finance, Greenhouse Gas Emissions, United Nations / Tagged , , , , | Authors: / Comments are closed

Breaking Barriers: Empowering Indigenous Voices in Global Climate and Biodiversity Decisions

Sonia Guajarara, Minister of Indigenous Peoples of Brazil, leads a march at COP28 in Dubai, UAE.
Photo: Estevam Rafael / Audiovisual / PR / Palácio do Planalto via Flickr

Léalo en español

This post is written by Santiago García Lloré, Senior Manager of IPLC and Conservation Partnerships at EDF.

In the coming days, major international events like New York Climate Week, the COP for the Convention on Biological Diversity (CBD) in Cali, and the UN Climate Change Conference (COP) in Baku will gather world leaders to discuss solutions to the climate and biodiversity crises. Once again, there will be calls to include Indigenous Peoples and Local Communities (IPLCs) in these discussions. This recognition is not just about their crucial role as stewards of forests and biodiversity; it’s about understanding that real, sustainable solutions won’t be possible without their voices at the table.

Despite all their efforts, it remains extremely difficult for IPLCs to participate meaningfully in these events. Even though Indigenous and local community leaders strive to be present and contribute to global discussions, their journey to these forums is fraught with challenges. At COP27 in Egypt, around 300 Indigenous representatives attended, and approximately a similar number attended at COP28 in Dubai. However, the impact of their presence is often limited because of the many barriers they must overcome. These obstacles make it incredibly hard for Indigenous voices to be fully heard and valued despite their significant efforts to be part of these critical conversations.

Read More »

Also posted in Forest protection, Indigenous People, REDD+, United Nations / Authors: / Comments are closed

Article 6.2 of the Paris Agreement: What is High Integrity and Why It Matters

Under the Paris Agreement, Article 6.2 allows countries to exchange emissions reductions and removals through bilateral agreements—country to country. Despite stalled progress on final details for Article 6.2 at COP28, the mechanism is in operation with guardrails that push countries toward high-integrity programs. New bilateral agreements continue to emerge under the mechanism and mobilize needed capital.

In a webinar hosted by Browning Environmental Communications and Environmental Defense Fund (available to stream here), we discussed the key elements of high integrity under Article 6.2, and why it’s critical for effective climate action under the rule.

Read More »

Also posted in Carbon Markets / Tagged | Comments are closed