Climate 411

Loss and Damage Finance: the FRLD and Transforming Climate Finance Quality

By Juan Pablo Hoffmaister / Published: December 20, 2024

B4 FLRD Board meeting opening by Mrs. Maria Antonia Yulo-Loyzaga, Secretary of Environment & Natural Resources of The Philippines. Photo credit: Government of the Philippines

The newly established Fund for responding to Loss and Damage (FRLD) represents more than just another funding mechanism – it’s an opportunity to reimagine how climate finance can work better for countries already experiencing the extreme impacts of climate change.  

As the Fund prepares for its “start-up phase” in 2025, it has the potential to address longstanding quality issues that have kept climate finance from making positive climate impact, which are more important than ever as the international community gets for COP30 and to triple finance to developing countries, from the previous goal of USD 100 billion annually, to USD 300 billion annually by 2035 and secure efforts of all actors to work together to scale up finance to developing countries, from public and private sources, to the amount of USD 1.3 trillion per year by 2035. 

Here’s how:  Read More »

Also posted in Climate Finance, Innovation, International, United Nations / Tagged | Authors: / 1 Response

In first auction after voters defended the program, Washington’s cap-and-invest brings in record high revenue for the year

By Caroline Jones / Published: December 11, 2024

Photo: Pixabay

Last month, Washingtonians voted to protect their landmark cap-and-invest program, showing support for the program’s strong limit on pollution and game-changing investments. Thanks to this resounding win, the cap-and-invest program continues to deliver for Washington communities — with today’s results bringing in record revenue for the year.

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Also posted in Carbon Markets, Cities and states, Greenhouse Gas Emissions, News / Authors: / Comments are closed

As the U.S. braces for environmental attacks, it’s up to states to lead on climate

By Pam Kiely, Caroline Jones and Alison Wenzel / Published: December 5, 2024

Source: Pexels

With anticipated environmental rollbacks at the federal level, the U.S. needs states to act on climate in order to make progress towards the nation’s 2030 commitments. Luckily, there are already signs of momentum. A landslide victory in Washington state to protect its climate law sends a hopeful message that ambitious climate action at the state level is not only possible — it’s popular. This result in Washington should give state leaders across the country confidence to move forward with bold action at a moment when it’s needed the most. Here’s what to know about the power of state-level action and a few highlights to watch out for in 2025.

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Also posted in California, Carbon Markets, Cities and states, Greenhouse Gas Emissions, News / Authors: , , / Comments are closed

California auction results underscore need for ambition and certainty in cap-and-trade market

By Caroline Jones and Katelyn Roedner Sutter / Published: November 27, 2024

Photo: Pexels

Results were released today for California’s fourth cap-and-trade auction of the year, which was administered last week by the California Air Resources Board (CARB). Auction prices in the joint California-Quebec market (known as the Western Climate Initiative, or WCI) have trended downward this year, reflecting growing uncertainty among market participants about how best to plan their compliance strategies in the absence of regulatory or legislative clarity. A clear commitment to ambitious reductions in climate pollution and long-term market stability are urgently needed.

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Effective participation and engagement of Indigenous Peoples and Local Communities at COP29

By Bärbel Henneberger / Published: November 22, 2024
Juan Carlos Jintiach from the Global Alliance of Territorial Communities, speaking on direct access to finanance for Indigenous People at COP29. Photo by Bärbel Henneberger.

Juan Carlos Jintiach from the Global Alliance of Territorial Communities, speaking on direct access to finanance for Indigenous People at COP29. Photo by Bärbel Henneberger.

This post was authored by Bärbel Henneberger, Senior Partnerships Manager at the Environmental Defense Fund. 

On November 21, COP29 celebrated Indigenous Peoples and Local Communities (IP and LCs) as a thematic day in the Action Agenda of the Azerbaijani COP presidency. The day underscored the essential role of IP and LCs in safeguarding 80% of the world’s biodiversity and preserving 36% of intact forest landscapes.

To succeed in the fight against climate change, we must collaborate with IPs and LCs and respect their principles, culture, and methods while providing the support they need to further our shared conservation goals. We won’t succeed in conserving tropical forests without the partnership and leadership of IPs and LCs.

Climate conferences like COP29 offer a platform for IP and LCs to amplify their voices, and shape negotiations. It’s an opportunity for them to show the world how their efforts to conserve and sustainably manage their territories, which are some of Earth’s most important ecosystems, are critically important in the climate fight.

At COP29, IP and LC delegates spotlighted examples of effective participation in negotiations, policy frameworks, and innovative climate finance mechanisms. These efforts, though diverse, share a common goal: to embed Indigenous rights and knowledge systems into global climate action. Below are a few examples of Indigenous approaches to conservation efforts showcased during COP29. Critically, the world must continue to support, and learn from, these approaches well after the negotiations in Baku have ended.

Spotlight on LCIPP and the IP Caucus

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Also posted in Carbon Markets, Climate Finance, Forest protection, Indigenous People, International, Paris Agreement, REDD+, United Nations / Authors: / Comments are closed

What to watch in week 2 of COP29, from the finance conversation to critical sectoral action

By Christopher Dekki / Published: November 18, 2024

This blog was authored by Christopher Dekki, Manager, Global Engagement and Partnerships.

Hopefully, COP29 delegates savored every moment of the rest day here in Baku because week 2 is already off to a hectic start. As deep divides within the negotiations remain unbridged, Azerbaijan, the newly minted COP29 Presidency, will need to increase its efforts to ensure consensus within the process and deliver a meaningful outcome.  

Little progress made on the climate finance goal 

The core outcome of this COP, a New Collective Quantified Goal (NCQG) on Climate Finance for developing countries, stands on shaky ground as massive disagreements between the Global North and South are making it difficult for negotiations on the substance of the goal to take place in earnest. Nevertheless, the result of this process will have major implications for the ability of developing countries to transform their economies and societies and realize more ambitious climate action. With finance needs estimated to be $2.4 trillion per year by 2030 in developing countries alone, the COP negotiators must urgently step up action in this arena.  

While a great deal of attention has been placed on the quantity of money that should be provided, EDF has entered the finance fray by advocating for greater attention to quality – going beyond the raw numbers and ensuring systems are put in place to make the most of every dollar spent on climate action. It is critical for delegates to work together during week 2 to break the deadlock, and deliver a climate finance goal that is concessional, accessible, and impactful. The good news is that the latest text includes many provisions taking us in this direction, laying out options that can lay the foundation for better finance, and thus better outcomes for the climate. We need negotiators to come together around the best solutions.  

Making moves on carbon credits  Read More »

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