A climate finance target is only half the battle for Africa
11/11/2024: New analysis finds that, at 15.6%, the average cost of capital for power projects in Africa is triple that of other parts of the world. It is essential to deploy more climate finance as grants, concessional loans and guarantee instruments to lower the cost of capital in low-income counties.
Source: African Arguments
Rich nations “on track” to double climate adaptation finance
8/11/2024: Climate finance for adaptation provided by wealthy donors jumped from $22 billion in 2021 to around $28 billion in 2022. But the needs of poorer countries are estimated at $215 billion-$387 billion a year, according to the UN Environment Programme's latest Adaptation Gap Report.
Source: Climate Home News
UN climate summit to focus on finance
6/11/2024: The UN Climate Change Conference to be held in Baku, Azerbaijan, is being billed as the “finance COP,” aiming to set a new target for climate-related financial transfers to developing countries. Any agreement at COP29 would replace a target set in 2009, when developed countries pledged to provide US$100 billion annually by 2020.
Source: UN Environment Programme
COP16 advances biodiversity protection but no finance deal
4/11/2024: The UN Biodiversity Conference in Cali, Colombia was suspended before a crucial agreement on funding for a new global fund for nature. However, delegates made strides on corporate payments for genetic data and formal representation for Indigenous people.
Source: Devex
Emissions Gap Report 2024
24/10/2024: The 2024 UN Emissions Gap Report tells us that nations must show a massive increase in ambition in new Nationally Determined Contributions, the promises updated every five years. As things stand, current NDCs put the world on track for a global temperature rise of 2.6-2.8°C this century. Even worse, policies currently in place are insufficient to meet even these NDCs.
Source: UN Environment Programme
Climate finance: preparations for UN climate talks kick off
3/6/2024: Signatories of the Paris Agreement pledged to come up with a new finance goal before 2025. And the pressure to up the target is growing. Negotiators are laying the groundwork for a new climate finance goal ahead of the COP 29 summit later this year.
Source: DW
‘Non-market’ solutions to deforestation need more support
31/5/2024: A new report calls for a shift in emphasis away from relying on carbon markets for forest protection, and toward a lesser-known provision of the Paris Climate Agreement that calls for “integrated, holistic and balanced non-market approaches.” These could include financing for indigenous groups, payment for ecosystem services, and debt relief.
Source: Mongabay
Rich nations meet $100bn climate finance goal – two years late
29/5/2024: According to new data from the Organisation for Economic Co-operation and Development, developed countries provided $115.9 billion in climate finance for low income countries in 2022, up from $89.6 billion in 2021. Climate finance analysts criticised the way the OECD calculates the figures.
Source: Climate Home News
UNDP calls for reform to support small island states
27/5/2024: A new policy brief by the UN Development Programme highlights a pressing need to massively invest in climate change adaptation in Small Island Developing States. These islands are acutely vulnerable to floods, sea level rise, hurricanes and other climate emergencies.
Source: UN Development Programme
Nations agree landmark treaty on genetic resources, protecting Indigenous Peoples’ rights
24/5/2024: Member States of the World Intellectual Property Organization have agreed to a groundbreaking new treaty addressing genetic resources and associated traditional knowledge. Patent applications must disclose the country of origin and the Indigenous Peoples or local community that provided relevant knowledge.
Source: UN News