Global South slams proposal for $250bn climate finance goal
22/11/2024: The draft text for the post-2025 climate finance goal offers a core $250 billion a year by 2035, far below what developing country groups have been asking for in the three years of talks. This new public finance target would contribute to a wider goal of at least $1.3 trillion a year by 2035 “from all public and private sources”.
Source: Climate Home News
Taxing Big Oil would boost UN climate loss and damage fund
18/11/2024: A small tax on just seven of the world’s biggest oil and gas companies could grow the UN Fund for Responding to Loss and Damage by more than 2000% and help address the costs of extreme weather events, according to new analysis published by Greenpeace International and Stamp Out Poverty. The organisations are calling for a long term tax on fossil fuel extraction.
Source: Greenpeace International
Africa should prioritise adaptation over emission cuts
15/11/2024: African governments’ climate action strategies, specifically those submitted under the nationally determined contributions, remain disproportionately focused on emission reductions — an approach that fails to address the most pressing health needs of African communities.
Source: Devex
‘Show me the money’—Grenada PM calls for climate justice
14/11/2024: Grenada is a tiny island nation in the Caribbean Sea facing heightened vulnerability to climate change. Prime Minister Dickon Mitchell says there is no justification for carbon subsidies in the richest countries.
Source: Inter Press Service
“Extremely urgent”: interview with the head of the Adaptation Fund
12/11/2024: With the Global South hoping that COP29 can bring progress on the $215-387 billion per year needed for climate adaptation, the head of the UN Adaptation Fund, Mikko Ollikainen, discusses prospects for the Baku negotiations.
Source: African Arguments
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