Susanne Kat’s Post

❓Did #COP29 miss the mark on a #JustEnergyTransition? Key governance concerns from this year's #COP centred on lack of accountability (the agreement is vague on who is responsible for delivering the funds and how progress will be measured. This raises doubts about whether the goal will be met and if the funds will reach those most in need) and transparency issues (concerns were voiced about the consultation process for the finance goal, with some developing countries feeling it favoured richer nations). But did COP29 meet any expectations? Here, colleagues at the SEI — Stockholm Environment Institute share their key takeaways on climate finance, nationally determined contributions (NDCs), fossil fuel phase-out, and adaptation plans as well as next-stage expectations ➡️ https://lnkd.in/dm3qt8pY A just energy transition requires not just funding, but strong governance to ensure accountability and equity.

As #COP29 moves into its second week, the urgent need among developing nations to see financial flows align with climate-positive solutions is increasingly in focus. Private finance stands ready to play its part. But we can't do it alone - government action must lead the way. To facilitate these necessary capital flows to developing nations, PRI recommends that governments: 1️⃣ Agree an ambitious new climate finance goal at COP29 which can catalyse the finance required to meet the needs of developing economies. 2️⃣ Engage actively with non-Party stakeholders and private finance, as well as multilateral forums including the G20.   3️⃣ Ensure that national climate plans (NDCs) submitted by February are 1.5°C-aligned, sector-specific, and backed by investment-positive policies. Stakeholders have been actively calling for policymaker action to this end during week 1 of COP29 Azerbaijan already - including #Mission2025 through their campaign to G20 leaders, ‘It’s not game over, it’s game on’. And at the Principles for Responsible Investment, we were one of the founding partners to help launch The Investor Agenda’s 2024 Global Investor Statement, which calls on policymakers to create the appropriate regulatory environment to unlock private financial flows.  An enabling policy environment is critical to facilitating responsible investment and achieving a net-zero, climate-resilient future. We look forward to continuing our engagement with policymakers to make this a reality.

This week marks the #ParisAgreement’s ninth anniversary. Despite a complex geopolitical backdrop for #COP29 in Baku, a majority of countries came together to secure a deal. It may not deliver the pace and ambition needed, but it sets the stage for progress at COP30.   We’ve been reflecting on its outcomes and what they mean for global #ClimateAmbition. Over the coming weeks, we’ll be sharing detailed summaries of our analysis from the "Finance COP" and a forward look at the critical steps needed to drive climate ambition in 2025. Keep an eye out for these updates here on LinkedIn. In the meantime, explore our https://lnkd.in/ewXvnViN for more insights, including: 🌍Key takeaways from COP29: Despite geopolitical challenges, COP29 secured a finance deal, committing $300bn annually and aiming for $1.3tn by 2035. However, gaps in mitigation, adaptation, and decarbonisation highlight the need for a transformative roadmap ahead of COP30 to close the ambition gap and uphold the Paris Agreement. 🗳️Political transitions in 2025 will reshape climate finance efforts: COP29 set a $300bn annual finance goal, but upcoming elections in key regions will test progress. Milestones like the Finance in Common meeting in February 2025 and Brazil’s leadership on the “Baku to Belém Roadmap,” will be critical for driving innovative solutions to mobilise $1.3tn annually while addressing debt distress and fostering public-private cooperation. 🌱Adaptation finance gaps:  Adaptation remains underfunded, with the Adaptation Fund missing targets and no subgoal for adaptation finance. The Baku to Belem and Adaptation Roadmaps offer a chance to scale finance and build resilience for vulnerable nations in 2025. We look forward to engaging with you on these critical topics and sharing more reflections soon.

As #COP29 approaches its halfway point, the interplay of finance, policy frameworks and implementation strategies will determine its legacy, here is my take on state of affairs in Baku for The News today. In #Baku, as in various previous COPs, the world is yet again waiting for a powerful signal that words and commitments will finally transform into the financial and policy frameworks needed to secure a resilient planet. Global decision-makers gathered in Baku, and those following the COP in their home countries must remember that delaying tactics won’t hold back #ClimateChange; its impacts are fast approaching and will not spare anyone. If decisive action is not taken, the costs will only grow and the chance for a sustainable future will vanish. https://lnkd.in/dffs6b47

UN climate chief asks G20 leaders for boost as #COP29 finance talks lag - Stiell urges G20 to support climate finance with grants, loans, and debt relief - Business groups also call for policies supporting shift from fossil fuels to clean energy - Negotiators at COP29 struggle to reach agreement on finance target "(...)Business leaders echoed Stiell's plea, saying they were concerned about the "lack of progress and focus in Baku". "We call on governments, led by the G20, to meet the moment and deliver the policies for an accelerated shift from fossil fuels to a clean energy future, to unlock the essential private sector investment needed," a coalition of business groups said in a separate letter."(...)" Well done and thanks, We Mean Business Coalition, United Nations Global Compact and the Conselho Empresarial Brasileiro para o Desenvolvimento Sustentável (Cebds) and others. https://lnkd.in/dCi3vsNN

A very helpful summary of what has been accomplished (and comparatively what has not) at COP29.

COP29 concluded with mixed reactions — some disappointed with the final deal, others relieved that a deal was reached at all. 🗺️ Nonetheless, the annual conference saw several headline moments, including a commitment from developing countries' to channel USD 300 billion annually to developing countries, and plans to scale this to USD 1.3 trillion by 2035 under the 'Baku to Belem roadmap'. This points to work ahead on the road to COP30 in Brazil, as does the omission of clear language on fossil fuels which was agreed last year. Arianna Griffa, Senior Policy Programme Manager, reviews the outcomes and what might come next, including opportunities to foster private-public collaboration to help close the finance gap. 🔗Read our insight: https://lnkd.in/eh8N8Pzu #COP29 #SustainableFinance #NCQG

Money, mitigation and markets dominated #COP29 in Azerbaijan and while a finance deal was eventually reached .. few emerged satisfied. IEMA Deputy CEO Martin Baxter, on the ground in Baku, said: -> On MONEY: "there remains a large gap ($1.3tr/yr versus the $300bn/yr agreed) between developed and developing countries on how much should be provided to help cut carbon emissions, enhance climate resilience and provide support for loss and damage." INTERESTING NOTE: Those 23 developed countries want “meaningful and ambitious mitigation and adaptation action, and transparency in implementation”, yet no monitoring or tracking of implementation has been agreed. -> On MITIGATION: Terminology to “phase-down” rather than “phase out” fossil fuels, was seen as a compromise at the previous COP28. Martin said: "Despite efforts from petro-states to row back on the agreement to phase down fossil fuels, this was unsuccessful.” -> On MARKETS: After years of wrangling, perhaps one of the most important outcomes at COP29 was that rules for international carbon markets were approved, paving the way for more private sector finance and investment in climate action. Martin said: “This helps to complete the Paris rulebook. The creation of a credible carbon market will mobilise urgently needed private sector finance ... given the slow progress of developed countries providing significant financial support." INTERESTING NOTE: Despite efforts earlier in negotiations to prevent this outcome, “nature-based solutions” emerged with equal standing alongside negative emissions technologies, such as carbon capture and storage, within carbon market rules. Hear more from Martin here: https://bit.ly/3YW7abW

Climate Finance & COP29: A Game Changer for Global Climate Action and India's Green Transition 🌱 🌍 The recent COP29 summit in Baku, Azerbaijan has set a new precedent in the global climate agenda, with a renewed focus on climate finance. What is Climate Finance? Refers to the funding directed towards initiatives that reduce greenhouse gas emissions, promote renewable energy, and enhance climate resilience. This funding can come from public, private, and alternative sources, making it a versatile tool in the global climate strategy. A previous goal of $100bn per year by developed countries, which expires in 2025, was met two years late in 2022, the Organisation for Economic Co-operation and Development (OECD) said earlier this year, although much of it was in the form of loans rather than grants, something recipient countries say needs to change. One of the landmark decisions was to double the adaptation finance by 2025, a move that aims to provide $40 billion annually to help vulnerable nations adapt to the worsening impacts of climate change. Trump's Re-Election: Donald Trump’s re-election has raised doubts of the United States’ future role in climate talks. The likely withdrawal of the US from any future funding deal has overshadowed the discussions, raising pressure on delegates to find other ways to secure the needed funds. But US climate envoy John Podesta called on governments to believe in Washington’s clean energy economy, saying Trump can slow but not stop its climate change pledges. India's Climate Commitments: For India, the outcomes of COP29 present a unique opportunity to accelerate its climate and energy transition. As the world’s third-largest emitter of greenhouse gases, India has committed to ambitious targets, including achieving 500 GW of non-fossil fuel energy capacity by 2030 and reaching net-zero emissions by 2070. To meet these targets, India needs an estimated $10 trillion in climate finance over the next few decades, with a significant portion required for the renewable energy sector, infrastructure upgrades, and climate adaptation. As global leaders continue to negotiate and mobilize climate finance, a deal is expected to be finalised by November 22, when the summit ends. #COP29 #ClimateFinance #SustainableDevelopment

COP29 Updates – Climate Finance and Beyond The Latest Developments The latest 10-page draft of the New Collective Quantified Goal (NCQG) proposal is out, but it seems to be a mixed bag. Here’s what we know: ❎No numbers yet: No $$ targets or ranges have been set (paras 22, 28). ❎Donor base: Options for voluntary participation, but no specifics (para 24). ❎Adaptation focus: Commitment to grants for adaptation (para 34). ✅Review timeline: Discussions about a review before 2031 (para 60). ✅Support for LDCs/Small Islands: Targeted financial focus (para 39). ❎Grants vs. Loans: Emphasis on grants, but private finance remains optional (paras 22, 23). Linda Kalcher of Strategic Perspectives summarized it well: “This text feels like a bluff. The presidency should know more about the landing zones. Most Global North countries are keeping their cards too close.” Gaps in Climate Finance Leadership Few G7 nations have put real numbers on the table, leading to frustration. Africa's lead envoy Ali Mohamed called the lack of progress "very frustrating," highlighting the $1.3 trillion target needed to address global challenges. Global Players to Watch China Reported $24.5 billion in climate finance since 2016 and hinted at significant contributions during G20. EU Proposes $200–$300 billion but faces internal consensus challenges. Emerging Donors: Countries like the UAE, South Korea, and Saudi Arabia are stepping up with South-South finance initiatives. Missed Opportunities for Nature Despite nature’s ability to deliver 40% of cost-effective mitigation, it has been sidelined at COP29. However, countries like Mexico are taking bold steps, allocating 1% of military spending to reforestation efforts, a model worth exploring further. Key Takeaway If COP29 falters, the blame may lie with the lack of preparation and ambition from major contributors. Yet, the emerging dynamics hint at potential breakthroughs if the political will aligns with the urgency of the climate crisis. Let’s stay tuned, push for action, and amplify solutions. The future is in our hands. #ClimateFinance #COP29 #ClimateAction