Council on Energy, Environment and Water (CEEW)’s Post

Climate finance is like the missing puzzle piece in our efforts to tackle climate change. Without it, our picture of progress remains incomplete. In my recent blog, I delved into the intricacies of climate finance and its importance, particularly for developing countries. With COP28 deferring most finance issues to COP29, the agreement on a New Collective Quantified Goal, replacing the USD 100 billion commitment, will serve as the guiding star for future climate action. The recently released OECD report, claiming that 115.9 billion is mobilised by developed countries in 2022, is poised to ignite discussions and intensify negotiations. For further insights, read the full blog ⬇️ #Climatefinance #COP29 #climate_negotiation

From 2021 to 2022, $1.3 trillion worth of investments went toward climate-related projects. To hit the Paris Agreement’s 1.5°C limit of warming, we need to increase that level of investment by a factor of five. To hit this ambitious climate finance goal, speed, scale and pragmatism in our approach are key. Read how we can boost climate finance in 2024: https://lnkd.in/gMysrcnN

With the COP 29 climate change conference in motion in Azerbaijan and the issue of climate finance (what the Global North owes the Global South to mitigate and adapt to climate change) at the top of the agenda, it's a good time to read about Canada's part in all this, with a summary of a recent summit on global climate equity hosted by The Climate Emergency Unit and others.

The main issue of the upcoming COP 29 is to decide on a new global climate finance goal. What are the learnings from its predecessor, the $100 billion annual goal? #COP29 #climate

Which countries should pay for international climate finance? This climate calculator creates scenarios on how climate funding could be shared globally. Perfect for COP29 talks on new finance goals, Loss & Damage Fund, and Green Climate Fund. Try it! #thereisenoughmoney #COP29 #climatefinance https://lnkd.in/d3K-ekhQ

Recent studies indicate that the world will need $10 trillion annually between 2030 and 2050 to avoid the worst impacts of climate change. That’s a lot — but the world has the money. As the Intergovernmental Panel on Climate Change (IPCC) explains, ”there is sufficient global capital to close the global investment gaps … but there are barriers to redirecting capital to climate action.” The challenge, then, is not necessarily raising additional finance for climate change mitigation and adaptation, but how to align all the world’s capital towards climate action. #parisagreement #ipcc #climatefinance #vcm #carbonfinance Edward Rumsey Gerry Elias https://lnkd.in/eWgcu-ec

Finance is a key element to translate pledges into actions!

Genuinely, climate finance is critical to addressing climate change because of the large-scale investments that are needed to transition to a low-carbon global economy and to help societies build resilience and adaptto the impacts of climate change. Climate financing serves as a critical pathway to invest in the climate adaptation and resilience efforts of conflict-affected and climate-vulnerable countries. Without adequate climate action, communities become increasingly to climate shocks like floods and droughts.

In 2022, the ten most fragile and conflict-affected states (FCAS) received less than 1% of global climate adaptation financing, despite facing the worst impacts of the crisis. With the ongoing COP29 this week, we must ensure that FCAS are not overlooked. So how can we ensure climate funds reach local communities, civil society, and local actors across the world at scale? 🔗 Discover how local civil society organizations could play a key role in driving change: https://lnkd.in/ehDaxypy

Hmm. Compare and... compare. Latest draft text out of the COP on climate finance: https://lnkd.in/g993Zq7z My fears for the worst possible outcome from the COP: https://lnkd.in/eeCkdft6