Doug Hamilton-Evans’ Post

#NewBlog As COP28 deferred most finance issues to COP29, the agreement on a New Collective Quantified Goal — a new global climate finance goal — will serve as a guide for future climate action. Our Research Analyst, Simran Sukhija writes in a new blog. As the Bonn Conference commences, learn more about the key issues related to climate finance👇 https://bit.ly/4aNHCls #climate #climatefinance #climateaction

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

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

My latest article in Fulcrum Short sum: The agreement on the new climate finance goal (NCQG) is a disappointment to Southeast Asia, which urgently needs more funding to tackle and adapt to climate change. There was an agreement at COP29 for developed countries to increase their climate finance provision to developing countries from US$100 billion to US$300 billion annually by 2035. Contributions from governments and multilateral development banks are expected to meet this target. However, the Global South needs aroundUS$1.1 to US$1.3 trillion annually in climate finance. Climate finance should primarily consist of grants and, to a lesser extent, low-interest loans that minimise financial burdens on governments in developing countries. The NCQG, however, suggests that developing countries will have to rely on for-profit private investments to satisfy most of their climate finance needs, especially as discussions of new finance sources, such as from levies on fossil fuels and air travel, remain vague. Southeast Asia has good reasons to be frustrated with the climate finance agreement at Baku. According to the Asian Development Bank (ADB), Southeast Asia needs US$210 billion — around 5 per cent of the region’s gross domestic product (GDP) — annually until 2030 to invest in climate-resilient infrastructure, and it is unlikely that public finances alone can reach this target. Southeast Asia’s energy demand growth is also not being evenly matched by investments in renewable energy. A quarter of the growing global energy demand over the next decade is estimated to come from Southeast Asia. However, according to the International Energy Agency, renewable energy investment in Southeast Asia accounts for only 2 per cent of the global total. Given the inadequacy of the NCQG, Southeast Asia should continue to look beyond UN climate conferences for climate finance. Southeast Asia’s battle against climate change is a high-stakes race against time. According to a study by Swiss Re in 2021, the GDP of ASEAN countries could, in the worst-case scenario, fall by 37.4 per cent by 2048 if the average global temperature rises up to 3.2 degree Celsius compared to the pre-industrial period. To protect its standard of living, Southeast Asia should step up its efforts on climate action and look for additional alternative sources of climate finance. This should include (but should not be limited to) debt relief, debt-for-nature swap (writing off countries’ debt in return for tangible outcomes in climate/nature projects), green bonds, and support for the new UN global tax convention that aims to raise tax revenues to support sustainable development in the Global South. Such efforts are necessary but might not be sufficient: the financing gap is huge, and the time is short.

Global climate finance continues to fall short of expectations, as leaders gathered at the COP29 Ministerial Dialogue on Climate Finance to address ongoing challenges and map out next steps. COP29 Azerbaijan

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

Finance is a key element to translate pledges into actions!

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

As the United Nations’ COP29 climate summit in Azerbaijan approaches, researchers are urging Canada to take meaningful action on global climate finance that reflects its historical greenhouse gas emissions. At the recent Canada’s Climate Fair Share Summit, experts and civil society groups  convened to discuss the climate debt Canada owes the Global South, stressing that effective solutions can be found not just in scaling up finance but also in significantly reforming trade and taxation policy. https://lnkd.in/g_ui_W-y #UN #COP29