Climate 411

Selected tag(s): COP29

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 »

Posted in Climate Change Legislation, International, Policy, United Nations / Also tagged , | Authors: / Read 1 Response

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

By Pedro Martins Barata and sagarcia / Published: November 13, 2024

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.

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Posted in Carbon Markets, Forest protection, Indigenous People, Paris Agreement, REDD+, United Nations / Also tagged , , , | Authors: , / Comments are closed

Climate Week NYC Kicks Off a Critical Window for Climate Action

By Angela Churie Kallhauge / Published: September 13, 2024

2030 is six years away! In these next six years, we have to slash greenhouse gas emissions by 45% to avoid the worst impacts of climate change, according to the United Nations.  

To make the most of these essential years, we need to shift into a higher gear and accelerate the pace of action. The next 18 months of climate decisions are pivotal to set ourselves up for success: 

  • A New Climate Finance Goal at COP29: This November, at the UN’s COP29 in Azerbaijan, nations need to agree on a new global finance goal. This decision-point will determine how much money we must dedicate to support developing countries in taking climate action, and how that money will reach the countries and communities that need it most.   Read More »
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Financing Solutions for Slow Onset Climate Challenges: Drawing on Nature’s Untapped Potential

By Juan Pablo Hoffmaister / Published: May 8, 2024

Protecting and restoring mangrove forests are cost-effective nature-based solutions to buffer coastlines from the impacts of climate change. Photo: Environmental Defense Fund

By Juan Pablo Hoffmaister, Associate Vice President, Global Climate Cooperation and Zach Cohen, Senior Analyst, Global Climate Cooperation 

Climate change isn’t just about sudden disasters. Creeping issues like biodiversity loss, rising sea levels, and desertification are slowly reshaping our world, often relegated to the background in the face of more immediate climate emergencies.  

These long-term challenges are known as slow onset events (SOEs). They place new pressures on communities to adapt through measures such as disaster preparedness, while also leading to losses and damages (L&D) – the impacts of climate change which occur despite mitigation and adaptation efforts. 

While the international community has made important progress to address the impacts of SOEs – including launching a new Loss and Damage fund to assist vulnerable countries in preparing for and responding to SOEs – the reality is that financing for slow onset events remains severely lacking. Many countries are struggling to secure the resources needed to address these monumental environmental dilemmas.  

In order to prioritize tomorrow’s issues today, we must rapidly scale up finance to tackle SOEs. The L&D fund will play a key role on this front – it recently held its first board meeting, and as it gears up to provide financing to those in need, it must do so in a way that optimizes public resources to maximize impact and leverages the solutions already provided by nature. 

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