{"id":24472,"date":"2024-11-18T12:51:55","date_gmt":"2024-11-18T17:51:55","guid":{"rendered":"https:\/\/blogs.edf.org\/climate411\/?p=24472"},"modified":"2024-11-18T13:27:20","modified_gmt":"2024-11-18T18:27:20","slug":"what-to-watch-in-week-2-of-cop29-from-the-finance-conversation-to-critical-sectoral-action","status":"publish","type":"post","link":"https:\/\/blogs.edf.org\/climate411\/2024\/11\/18\/what-to-watch-in-week-2-of-cop29-from-the-finance-conversation-to-critical-sectoral-action\/","title":{"rendered":"What to watch in week 2 of COP29, from the finance conversation to critical sectoral action"},"content":{"rendered":"

This blog was authored by Christopher Dekki<\/a>,<\/span><\/span> Manager, Global Engagement and Partnerships.<\/span><\/span><\/em><\/p>\n

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. <\/span>\u00a0<\/span><\/p>\n

Little progress made on the climate finance goal<\/span><\/b>\u00a0<\/span><\/p>\n

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 <\/span>estimated<\/span><\/a> to be $2.4 trillion per year by 2030 in developing countries alone, the COP negotiators must urgently step up action in this arena.\u00a0<\/span>\u00a0<\/span><\/p>\n

While a great deal of attention has been placed on the <\/span>quantity<\/span><\/i> of money that should be provided, EDF has entered the finance fray by advocating for greater attention to <\/span>quality<\/span><\/i> \u2013 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.\u00a0<\/span>\u00a0<\/span><\/p>\n