Climate finance will be centre stage at the #COP29 summit. COP29 can play a key role in establishing a $1 trillion climate finance target to support vulnerable countries and fund climate action - the UNFCCC’s Debbie Hillier explains how in this recent World Economic Forum article: https://lnkd.in/eEdzPrSy Many of our signatories, including Syngenta, AGBI Real Assets, Itau BBA and VOX Capital, will be on the ground in Baku discussing how we can mobilise finance for sustainable agriculture & climate action🌱 Are you going to COP29? Let us know in the comments⬇️ #IFACC #InnovativeFinance #COP29Azerbaijan
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At COP29, a $300 billion annual climate finance deal was approved to aid developing nations in combating climate change. However, this amount falls significantly short of the $1.3 trillion that developing countries had requested, highlighting a persistent imbalance in climate responsibility and financial commitments. (Source: The Times) Here's what especially stood out to me—countries that have contributed the least to this crisis are being asked to shoulder the lion's share of the responsibility. And guess what? A good chunk of that 70% will still need to come from industrialized nations through loans and other financing mechanisms. To me, this raises concerns about what would feel like another iteration of debt colonialism. Industrialized nations, with their outsized role in creating this problem, are taking what seems like an undersized role in solving it. However, I get it—there are constraints on all sides. Negotiations like these are complicated, and I’m surely not pretending to have all the answers. But while we debate, the effects of climate change are intensifying. The planet isn’t waiting for us to sort out fairness. How can we create systems where industrialized and developing nations share responsibility equitably, without perpetuating cycles of debt? What creative financing mechanisms or collaborative efforts could bridge this gap more fairly? Would love to hear your thoughts. Are there any resources I can look into to learn more about climate finance? 💭 #cop29 #climatechange #climatetech https://lnkd.in/ga82yCBX
Cop29 rescued as $300bn cash deal for poorer countries agreed
thetimes.com
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Heading off to Baku tomorrow - there’s always a mixture of nerves and positive energy when off to a COP, but I confess that I have feeling of greater trepidation than usual! #COP29 is the ‘Finance COP’, and what is agreed now will lock in climate action - or inaction - for likely the next ten years. And this coming decade is of course the latest critical decade to at least keep the 1.5 aspiration possible and to prevent devastating impacts on women, men and children. I remember from the 2017 COP, that although Trump was taking the USG out of Paris, there was a groundswell of energy and action from US states, cities and businesses, with a loud and hugely welcome cry of ‘we are still in!’ And we need that same vibe at COP29 from all of the other Parties – a determination to not let the US situation bring down ambition. Rather than it being an excuse to do less, let it be a rallying cry to do more. And if the ambitious fit-for-purpose financial solution cannot be found at this COP, I wonder if perhaps the #NCQG timeframe should only be 5 years, to enable a better solution in the near future? Zurich Climate Resilience Alliance Barbara Rosen Jacobson Salomé Lehtman David Nicholson https://lnkd.in/eGQH7WtE
Why COP29 must secure a $1trn climate finance goal
weforum.org
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A crash test for global solidarity at #COP29 is failed ❌ Our team on the ground witnessed firsthand how the newly agreed climate finance deal #NCQG leaves the world's most vulnerable communities behind. 👉 We've summarised our analysis of the final decision in our new blog by Harriet Mackaill-Hill and samson wasilwa: https://lnkd.in/efkqaCgW ⚠️ The new deal #NCQG not only fails to bridge the gap between wealthy nations' ambitions and vulnerable communities' realities – it widens it. While $300 billion annually sounds substantial, the devil is in the details: 📌 The agreed funding is not only far from being enough - most of it will be delivered through loans rather than grants, pushing fragile states deeper into debt. 📌 Communities already battling both climate impacts and conflict will likely see minimal benefits. 📌 Opportunities for effective #ClimateAction will shrink, and resource-based conflicts are expected to intensify. ❗ This not only makes #ClimateAdaptation efforts in these settings nearly impossible, it represents new challenges for global security and stability. In a trajectory toward 3°C warming, conflict patterns could reach unprecedented levels of complexity and devastation. Yet this setback only strengthens our resolve. Our experience shows that integrated #peacebuilding and climate action can deliver remarkable results, even in the most challenging contexts. With resources that will be available, we will continue working with our partners on the ground to make sure our vision and approach resonate as widely as possible. UN Climate Change
COP29 outcomes on climate finance test global solidarity with vulnerable communities
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Week 2 of COP29: All Eyes on Climate Finance We’re now in the second week of the UN Climate Change Conference (COP29), dubbed the ‘Finance COP’, as world leaders and negotiators focus on a new climate finance goal to replace the USD 100 billion pledge. Why is this important? Finance is the backbone of climate ambition. It enables countries, especially developing nations, to transition to clean energy and adapt to the growing impacts of climate change. At COP29, decisions on the New Collective Quantified Goal (NCQG) for climate finance will shape the future of climate action, ensuring fair and adequate resources to achieve the Paris Agreement's goals. Ambition needs finance, and high-quality ambition requires high-quality finance. Let’s ensure climate finance is fair, equitable, and accessible for all. #COP29 #FinanceCOP #ClimateAction #ParisAgreement #NDCs #ClimateFinance Environment Protection Agency (EPA-SL) Global Environment Facility Green Climate Fund Adaptation Fund Climate Investment Funds
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Excellent summary of #COP29 highlights. Some of them are good (regulated platform for #carbon credits exchange, price for #methane emissions in the US, pledge from the UK to an 81% cut on #emissions by 2035). Mixed feelings about the #climate finance goal of $300bn annually for developping nations. This is triple the $100bn goal set in 2009, but it falls short of the $1.3 trillion needed by vulnerable countries. Will private financing bridge the gap? #sustainablefinance #greenfinance #climatefinance
COP29: Top 10 decisions shaping climate action | illuminem
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One notable announcement that is relevant for GSS+ bond investors and issuers: the launch of a Multi-Jurisdiction Common Ground Taxonomy (M-CGT) between China, the European Union and Singapore. The expanded taxonomy outlines activities considered ‘green’ across all three jurisdictions, which can be leveraged by green bond issuance and fund investing. Initiatives such as M-CGT have the potential to create more regulatory coherency across different jurisdictional definitions of ‘green’ economic activities and ease compliance burdens on cross-border investors. This is increasingly important as investors are navigating diverging regulatory disclosure requirements and regulatory approaches to ‘greenwashing’.
The outcomes of this year's COP in Baku were mixed; while some significant milestones were achieved, many issues remain unresolved. I wrote an article about the new climate finance target and a global carbon market that you can find here: https://lnkd.in/ecmzvTge Personally, it was an exceptional experience to attend this year's conference. Climate negotiation is about creating real economy outcomes and evolves quickly. That is why as investors we want to stay close to these international negotiations to assess potential investment implications. #climateinvesting #COP29 #sustainability
The Finance COP: Unpacking the outcomes and implications of COP 29
am.jpmorgan.com
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Curious to know what happened in COP29? 🤓 Here’s a good read that gives insight into it
The outcomes of this year's COP in Baku were mixed; while some significant milestones were achieved, many issues remain unresolved. I wrote an article about the new climate finance target and a global carbon market that you can find here: https://lnkd.in/ecmzvTge Personally, it was an exceptional experience to attend this year's conference. Climate negotiation is about creating real economy outcomes and evolves quickly. That is why as investors we want to stay close to these international negotiations to assess potential investment implications. #climateinvesting #COP29 #sustainability
The Finance COP: Unpacking the outcomes and implications of COP 29
am.jpmorgan.com
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The outcomes of this year's COP in Baku were mixed; while some significant milestones were achieved, many issues remain unresolved. I wrote an article about the new climate finance target and a global carbon market that you can find here: https://lnkd.in/ecmzvTge Personally, it was an exceptional experience to attend this year's conference. Climate negotiation is about creating real economy outcomes and evolves quickly. That is why as investors we want to stay close to these international negotiations to assess potential investment implications. #climateinvesting #COP29 #sustainability
The Finance COP: Unpacking the outcomes and implications of COP 29
am.jpmorgan.com
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COP29 recently concluded in Baku, and while an agreement was reached on climate finance, it left many nations, particularly in the Global South, deeply disappointed. A $300 billion per year pledge starting in 2035 was made, but it’s a far cry from the $1.3 trillion per year that developing nations, including India, have called for to effectively tackle the climate crisis. The contrast between these figures highlights the challenge ahead. Developing countries, often hardest hit by climate change, are demanding not just more money but fairer decision-making. India’s objection to the “stage-managed” adoption process reflects the deeper injustice felt about the unequal distribution of climate responsibilities. #COP29 #ClimateAction #GlobalEquity
COP29 triples climate finance to $300 billion a year, India says “disappointed”, “cannot accept”
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COP29’s Baku Finance Goal – the best possible deal or an optical illusion? The 29th edition of the United Nations Climate Change Conference concluded in Baku with a commitment to channel US$1.3 trillion of climate finance to the developing world each year. At its core is a target for developed countries to take the lead on mobilising at least US$300bn per year for developing countries. The BFG was also flanked by a conclusion of the Article 6 negotiation and the ‘full operationalisation’ of the Loss and Damage Fund. While the BFG was praised by COP29 President, Mukhtar Babayev, as “the best possible deal we could reach”, others have criticised the outcome, with Indian negotiator Chandni Raina labelling it “an optical illusion” that “will not address the enormity of the challenge we all face.” Learn more about the conference and what it means for the climate struggle at: https://zurl.co/icgW #COP29 #BGF #ClimateFinance #BakuFinanceGoal #COP30 #Emissions #LossAndDamage #Article6
African Review - COP29 sets out US$1.3 trillion climate finance target
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1moIt's exciting to see climate finance in the spotlight. Setting a $1 trillion target could greatly impact vulnerable countries. Let's see how the discussions unfold, as they often involve complex and challenging agreements. I hope to see meaningful progress.