Fitsol’s Post

$300 bn commitment at #cop29 is just not enough. Consider this: India's decarbonisation initiatives alone will require $250Bn annually from 2030 onwards. Additionally, most of the commitments are still in the form of loans rather than grants. Even the previously committed $100 bn is yet to be fully doled out, wherein only ~25% of it is in the form of grants and the rest in loans, thereby increasing the financial load in the developing nations. Explore Fitsol's latest newsletter for more such snippets!

A new COP has concluded, and #COP29 has left more doubts than concrete certainties about the governments and corporations actions are taking to address climate change. One of the key outcomes was the announcement of new funding aimed at helping countries protect their citizens and economies against climate disasters. This includes support for developing nations, amounting to $300 billion by 2035. Furthermore, there was an ambitious proposal to secure the collective effort of public and private actors with the purpose to finance climate actions, with a target of $1.3 trillion by 2035. While such financial commitments sound promising on paper, the overarching response to the global climate crisis seems to remain focused on monetary aspects, with a glaring absence of clear and actionable mitigation strategies on the horizon. Regarding other agreements, certain points were reached that, in my view, should have been on the table at least five years ago to advance the Sustainable Development Goals (SDGs) by 2030. Instead, we are stuck in a seemingly endless cycle of debates about energy transition, carbon markets, and transparency reports on climate adaptation. Yet again, there is an evident lack of willingness particularly from developed nations to propose concrete actions for reducing CO2 emissions and implementing specific climate measures. To add to this, only two #G20 countries, #Brazil and the #UK, outlined concrete climate actions in their Nationally Determined Contributions (#NDCs). But what about #China, #USA, and #India? These three nations are not only the largest emitters of #CO2 but also home to 39% of the global population. Against this backdrop, with the apparent lack of commitment from governments and industries, the #SDGs seem to face an increasingly black horizon for being achieved by 2030. It raises the question: ¿Are the COPs truly serving their purpose, or have they become grand networking events for the self-congratulation of so-called environmental and sustainability “experts”? The clock towards 2030 keeps ticking… #COP29 #ClimateAction #Sustainability #SDGs

Reflections on #COP29: Advancing Global Climate Action 🌍 COP29 Azerbaijan in Baku, Azerbaijan, shows significant progress in key climate negotiations. While there are still pressing gaps and unresolved issues, we must also celebrate the victories achieved during this critical summit. From new commitments to enhanced international collaboration, the path to a sustainable future is being paved step by step. Here are some highlights we love. 1️ Carbon Market Standards: Agreement was reached on Article 6.4 standards, which will shape international carbon crediting projects. This mechanism could save up to $250 billion annually and direct critical resources to developing nations, boosting climate resilience and equity. 2️ Climate Finance: Historic steps were taken to operationalize the Fund for Loss and Damage, enabling support to flow to vulnerable communities by 2025. The focus on unlocking capital for developing nations remains vital to achieving global climate goals. 3️ Methane Summit: Collaboration among major economies, including the U.S. and China, underlines the importance of tackling potent greenhouse gases to limit warming. 4️ Bold Leadership: The leader-level dialogues emphasized the need for updated, ambitious national climate plans (NDCs) and reinforced that effective climate action is also an economic opportunity—driving jobs, innovation, and sustainable growth. At Upya, we’re inspired by these steps and remain committed to leveraging innovation to tackle the climate crisis.  Upya is there to help those delivering goods and service that combat climate change scale their operations through the right digital tools. Let’s connect to ensure a sustainable future for all. What are your key takeaways from COP29 so far? Let’s discuss! #COP29 #ClimateAction #Sustainability #Upya #GreenerTogether #LinkedInNewsEurope

#COP29Baku The 10 Key Terms You May Need to Know. As the COP29 is going on in Baku and many experts discuss various topics emanating from there, the following are the 10 key terms you may come across and what they mean, presented as a two part post (this being part 1): 1. UNFCCC = United Nations Framework Convention on Climate Change: key international treaty agreed in 1992 and ratified by 197 parties to the convention, providing a global framework for combating climate change. 2. COP = Conference of the Parties: This is the governing body of the UNFCCC which meets annually to review the implementation of the Convention and agreed climate change instruments, and provides a forum for the negotiation of new climate change agreements and policies. 3. Paris Agreement: An agreement adopted by countries as part of the UNFCC process at COP21 in December 2015 as the first universal, legally binding global climate agreement. The Agreement’s central aim is to strengthen the global response to the threat of climate change by keeping a global temperature rise in the 21st century below 2 degrees Celsius above pre-industrial levels and to pursue greater efforts to limit the temperature increase to 1.5 degrees Celsius. 4. NDCs = Nationally Determined Contributions: These are countries formal plans on how they aim to achieve their climate goals in line with the objectives of the Paris Agreement. Zambia Submitted its NDC in 2021 and launched its NDC Implementation Framework in 2023. 5. UN SDGs = United Nation Sustainable Development Goals: These are targets for global development defined and adopted by 193 countries in 2015 which are essentially intended to be achieved by 2030. Whilst not legally binding, they encourage governments, business, and civil society to address wider issues of economic, environmental and social sustainability. The key objective is to ensure genuine sustainable development (meeting the needs of the present without compromising the ability of future generations to meet their own needs). For Zambia, these are codified in the National Development Plans (Currently 8th National Development Plan). Feel free to discuss these and other terms you may think of in the comment section. #COP29Baku #GreenAndSustainableFinance #ClimateRisk #Sustainability

The 2024 UN Climate Summit (COP29) in Baku, Azerbaijan, is focused on securing adequate financing for climate action, particularly for developing countries. A key priority is establishing a new, ambitious funding target to replace the long-standing $100 billion annual goal. This increased funding is essential to help vulnerable nations adapt to climate change and transition to clean energy. However, disagreements persist over who should contribute to this new funding target. Developed countries, historically responsible for the majority of greenhouse gas emissions, are being urged to shoulder a greater share of the burden. Emerging economies like China and India are also facing pressure to contribute more. The successful outcome of COP29 will be crucial for accelerating the global transition to a low-carbon future and mitigating the worst impacts of climate change. What are your thoughts on the role of climate finance in addressing climate change? Share your insights in the comments below. #earnmoreconsultants #sustainabilitymatters #earnmoreinsights #businesssustainability  #earnmore4climate #sustainableworkspaces #cop29uae

🌍 COP29: A Pivotal Moment in Global Climate Action COP29: A Pivotal Moment in Global Climate Action Between November 11 and November 22, 2024, COP29 will bring global leaders, climate experts, and activists together in Baku, Azerbaijan, for the 29th session of the UN Climate Change Conference. As the world faces increasingly urgent climate challenges, COP29 is expected to drive significant advancements in areas such as climate finance, transparency, and adaptation. One of the key topics is the new climate finance target, which will replace the existing $100 billion annual commitment that many argue has fallen short. At COP29, nations will negotiate a more ambitious goal to provide much-needed financial resources to developing countries facing the brunt of climate change, including through the operationalization of the Loss and Damage Fund, designed to support countries dealing with irreversible impacts such as rising sea levels and extreme weather. COP29 also aims to finalize the enhanced transparency framework of the Paris Agreement, ensuring that all countries accurately report their climate actions. This will improve accountability and help track global progress toward limiting warming to 1.5°C. With the spotlight on renewable energy, discussions will focus on decarbonizing global energy systems and exploring innovative energy storage solutions. In addition, nature-based solutions like biodiversity conservation and ecosystem restoration will play a major role in climate mitigation strategies. The outcomes of COP29 are expected to be significant, influencing climate policies and financing strategies for years to come. For many vulnerable nations, the stakes couldn't be higher, making this conference a crucial step in the global effort to safeguard the planet. Green eDIH is closely following the developments at COP29, as the decisions made at this pivotal moment will shape the future of climate action globally. We will be providing updates on the outcomes and their implications, particularly regarding how they influence digital innovation in green technology, sustainability assessments, and climate finance solutions for businesses. Stay tuned as we align our initiatives with the latest global standards and opportunities emerging from COP29. www.DIH.green #Sustainability #Partnership #Innovation #gogreen #cleanenergy #sustainable #smarttechnology #zeroemissions #tech #it #business #sustainableliving #agritech #entrepreneur #partnership #companies #services #independanceday #nationalday #greenenvironment

🤔 Can Global Leaders Close the Climate Funding Gap? 🤔 While COP29 Azerbaijan is in full motion, Christina Deligianni, EU Climate Pact Ambassador and Senior Advisor at TRUENIQUE, challenges us with this important and urgent question. Nicknamed the “Finance #COP,” this conference will be the first in 15 years to bring together representatives from every country to establish a new global #climate #finance target. The stakes are high, as this new goal will replace the outdated commitment made in 2009, when developed nations agreed to provide $100 billion annually by 2020 to help developing countries reduce emissions and adapt to climate #impacts. For many, COP29 represents a make-or-break opportunity to close this climate finance gap, and many are pushing for an ambitious new funding goal that could realistically support #sustainable #transitions across the globe. Read the full article here: https://lnkd.in/evFncQfr Politecnico di Milano, CATAA - Centro de Apoio Tecnologico Agro Alimentar, Epsilon SA, University of Oulu, ITML, Infinitivity Design Labs, STANDOUTEDU , Novelcore, IASIS NGO, Future In Perspective, PredictBy, CEPS (Centre for European Policy Studies), Re-Imagine Europa, Inspiring Futures, EU Environment and Climate, EU Science, Research and Innovation, Horizon Europe

What does COP29 Azerbaijan mean for #ClimateFinance? How can the negotiations taking place this week in Baku help developing countries adapt to #ClimateChange? Delve into our Senior Advisor's article on the topic below! NeuroClima Christina Deligianni Spyros Kouvelis #ClimateChangeAdaptation #ESG

🌍 As the world prepares for COP29 in Baku, SNV is set to contribute its voice and expertise at the pivotal UN climate change conference.    From 11 to 22 November, global leaders, climate experts, and stakeholders will come together under this year's theme, ‘Enhance ambition and enable action.’ With an urgent call for climate finance and local impact, COP29 is an opportunity to drive real change for vulnerable communities worldwide. 🌱💼    Our focus at COP29 🟢     🔹 Climate finance: Unlocking investments through innovative financial instruments that address the unique risks in climate action.   🔹 Systems transformation: Advancing systems that address the climate crisis across sectors through inclusive, locally-led solutions.   🔹 Addressing fragility: Supporting communities facing environmental challenges, promoting sustainable practices, and improving food, water, and energy security.    Where to find us 🔍    We will be participating in several side events and bilateral meetings including:    📍 Official UNFCCC side event  Session title: Designing for quality and equity in clean cooking carbon projects  🗓️ Tuesday, 12 November | ⏰ 18:30 - 20:00 (GMT +4) | Side event room 2    📍 UNIDO Pavilion  Session title: Renewables-based clean cooking: An opportunity for climate and development  🗓️ Friday, 15 November | ⏰ 9:00 - 10:00 (GMT +4) | UNIDO Pavilion    To learn more about SNV at COP29 and see our schedule of activities that will be regularly updated, visit 👉 https://lnkd.in/djEthw9F Join us as we explore innovative financing for local climate action at COP29!      #COP29 #ClimateFinance #SustainableDevelopment #ClimateAction 

Important news related to Climate Change: in addition of agreements that are being negotiated in COP29 Azerbaijan, the leaders of the G20 met in Rio de Janeiro on 18-19 November, 2024, in order to discuss major global challenges and promote strong, sustainable, balanced and inclusive growth. Amongst other topics, the referred Leaders agreed actions on sustainable development, energy transitions and climate action, such as: 1. Keeping the commitment to the 1.5ºC limit. 2. Reiterating the commitment to #NetZero by 2050 and encouraging its acceleration. 3. Subscribing to the #UAEConsensus, reiterating their commitment to "phase-out and rationalize, over the medium term, inefficient fossil fuel subsidies that encourage wasteful consumption and commit to achieve this objective, while providing targeted support for the poorest and the most vulnerable." 4. To encourage "nationally determined contributions #NDCS with ambitious, economy-wide emission reduction targets, covering all greenhouse gases, sectors and categories and aligned with limiting global warming to 1.5 C, as informed by the latest science, in the light of different national circumstances." 5. Note that "measures taken to combat climate change, including unilateral ones" (read #CBAM for instance) "should not constitute a means of arbitrary or unjustifiable discrimination or a disguised restriction on international trade". 6. Reiterating the New Delhi Leaders Declaration recognition of the "need for rapidly and substantially scaling up climate finance from billions to trillions from all sources.", which is a clear signal for the #COP29 negotiators to agree on an bold New Collective Quantified Goal (#NCQG), which they "look forward to". 8. On #SustainableFinance, clear message to work more vertically and unlock funds 8. Support Brazil on the establishment of the Task Force on a Global Mobilization against Climate Change (#TFCLIMA) to "further mainstream climate change into the global financial, economic and development agendas." 9. Commit to "accelerate the reform of the international financial architecture so that it can meet the urgent challenge of sustainable development, climate change and efforts to eradicate poverty." 10. On #Adaptation, also nothing really new or specific, just "acknowledge the need for urgent action to scale up, prioritize and mainstream wholeof society and whole-of-economy adaptation in the wake of the widespread, significant, and growing impacts of climate change." 11. On #Energy, they "support the implementation of efforts to triple renewable energy capacity globally and double the global average annual rate of energy efficiency" The statement also covers biodiversity, forests, waste, plastic pollution, oceans.