Climate 411

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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Climate Finance and Accountability at COP29

By Leslie Labruto / Published: November 14, 2024
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.

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From Cali to Belèm: Finding Common Ground for Nature and Climate

By Milloni Doshi and Annie Mark / Published: November 8, 2024

This blog was authored by Milloni Doshi, Project Manager, Global Engagement and Partnerships and Annie Mark, Senior Director, Global Partnerships.

Photo by Milloni Doshi at COP16

The Conference of the Parties (COP) of the UN Convention on Biological Diversity (CBD) is a global meeting focused on conserving nature. Unlike the United Nations’ larger annual climate conferences, CBD meetings are usually smaller and have a specific focus: conserving and restoring biodiversity. In 2022, countries adopted the Kunming-Montreal Global Biodiversity Framework (GBF), a landmark plan aimed at halting and reversing biodiversity loss by 2030. Many call it the “Paris Agreement” for nature.  

This year’s COP16 took place in Cali, Colombia and was the largest yet. Although discussions moved slowly and ended without a final agreement, COP16 sparked important conversations about how nature and climate are deeply connected. This was a positive development on the “Rio Trio” —a partnership between the leadership of the UN three conventions on biodiversity, climate, and desertification. These pathway ideas may help shape future climate talks, including next week’s COP29 in Baku, Azerbaijan, and COP30 next year in Belem, Brazil.  

Pathway 1: Recognizing Indigenous Peoples and Local Communities (IPLCs) and Their Vital Role Read More »

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Beyond numbers: strengthening climate finance through evidence-based impact

By Juan Pablo Hoffmaister / Published: November 8, 2024

As countries discuss a new goal on climate finance at the UN climate conference, COP29, we have an opportunity to boost the impact of every dollar we invest in climate action.  

In climate finance, impact represents the measurable, positive outcomes achieved through climate action—determined by tracking specific metrics like emissions reductions, adaptation results, co-benefits, and the timeliness of fund disbursement. In a recent report on quality climate finance, we argue that we need better evidence to ensure every dollar of finance has better climate impact.  

To measure impact well, we need measurable ways to track contributions to national climate plans (called Nationally Determined Contributions (NDCs), capture both immediate and long-term transformational change, enable learning for future interventions, and help identify scalable successful approaches.  

The evidence gap  Read More »

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Progress to catalyze jurisdictional REDD+

By Angela Churie Kallhauge / Published: February 2, 2024
Boat on a river in the Ecuadorian Amazon rainforest

Ecuadorian Amazon. Photo by Leslie Von Pless, EDF.

This blog post is authored by Angela Churie Kallhauge, Executive Vice President, Impact at Environmental Defense Fund (EDF), with contribution from Katie Goslee, Director of Nature-Based Solutions, Winrock International; Stephanie Wang, Associate Director, Wildlife Conservation Society; Jason Funk, REDD+ Strategy Director at Conservation International; and Daniela Rey Christen, Director, Climate Law and Policy

In the fight against the climate crisis, high-integrity jurisdictional REDD+ is intended to be transformational, giving forest communities and governments the ability to tap into the voluntary carbon market to access climate finance needed to ensure that large areas of tropical forests remain intact.

Jurisdictional REDD+ can deliver results, to the benefit of people, nature, and climate. Research shows that larger scale programs to pay for emission reductions from forest conservation – the scale of a whole forest region, state, or nation – are better able to ensure additionality and prevent leakage than are smaller-scale carbon programs. And larger scale programs do so for a longer period of time.

Ensuring high-integrity jurisdictional REDD+ programs are fully functioning has therefore become a key priority for many actors working to reduce deforestation and forest degradation, including businesses, governments, and Indigenous Peoples and local communities.

One problem is that forest nations looking to establish jurisdictional REDD+ programs may not currently have the technical capacity needed to deliver high-integrity carbon credits. This is holding back their access to carbon markets, even as demand for high-integrity jurisdictional tropical forest credits seems poised to accelerate.

The task at hand is to support these jurisdictions in fully unlocking the promise and potential of high-integrity carbon markets at the rapid pace and large scale needed to address the climate crisis. We don’t have much time. If we don’t end and reverse tropical deforestation and degradation by 2030 – only six years from now – the effects could be irreversible.

Read More »

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

Nature is more important than ever to realizing climate goals at COP28

By Breanna Lujan / Published: November 29, 2023
Aerial view: Corcovado National Park, Costa Rica

Natural climate solutions include conserving tropical forest and ocean ecosystems. Photo: Eisenlohr, iStock

This blog was co-authored by Britta Johnston, Senior Policy Analyst for Natural Climate Solutions at EDF.

Heading into COP28, nature as a climate solution has been making headlines, and rightfully so. Sustainably conserving, restoring, and managing the world’s ecosystems is one of the most powerful tools we have to meet global climate goals.

A recent study finds that restoring global forests where they occur naturally could potentially capture 226 gigatons of carbon, and 61 percent of the carbon storage could come from protecting existing forests.

We are beginning to realize the promise of protecting forests. Another report finds that deforestation in the Brazilian Amazon has dropped by 22.3 percent as a result of active intervention to curb forest loss – the lowest it has been since 2018.

Moreover, advancements in policies and practices to build resilience in boreal and temperate forest ecosystems, along with strategies for mitigating catastrophic wildfire, can ensure these ecosystems remain net greenhouse gas sinks.

Oceans also have climate mitigation potential. New evidence suggests that organisms in the mesopelagic zone, a region of ocean between 200 and 1,000 meters deep containing 95 percent of ocean biomass, may trap millions of tons of carbon each year by feeding in surface waters at night and diving back down in the day.

We have better science than ever before about nature’s role as a climate solution, and signs of progress on very important fronts. That’s why nature must be at the heart of conversation and action at COP28, both inside and outside the negotiation rooms.

Read More »

Also posted in Carbon Markets, Forest protection, Indigenous People, Paris Agreement, REDD+, United Nations / Read 1 Response