Finance set to top agenda COP29 UN Climate Change Conference
- November 11, 2024
- Posted by: Elaine Coles
- Category: Environmental, Global, Investment and Finance, Water Issues
Finance is set to top the agenda at the COP29 UN Climate Change Conference getting underway today in Baku, Azerbaijan from 11th to 22nd November.
The Conference of the Parties (COP) officially opens today – setting a new goal on climate finance by the end of 2024 is high on the agenda with a draft negotiating text under consideration.
The scale of finance needed is significant – global models from the most authoritative institutions all converge in the range of trillions annually. The first Needs Determination Report of the Standing Committee on Finance in 2021 shows nearly USD 6 trillion is needed to implement developing countries’ climate action plans by 2030, and this does not fully cost for adaptation.
In a speech ahead of COP29 in October, UN Climate Change Executive Secretary Simon Stiell said:
“At COP29 in Baku all governments must agree a new goal for international climate finance that truly responds to the needs of developing countries.
“COP29 must be the stand-and-deliver COP, recognising that climate finance is core business to save the global economy and billions of lives and livelihoods from rampaging climate impacts….
“More work also has to be done to rapidly ramp up funding for adaptation and get international carbon markets working for everyone.”
Commenting on the release of the 2024 Nationally Determined Contributions (NDC) Synthesis Report at the end of October 2024, Simon Stiell said the NDC Synthesis Report must be a turning point.
The report assesses the combined impact of nations’ current national climate plans (NDCs) on expected global emissions in 2030, among other measures.
Simon Stiell commented:
“The report’s findings are stark but not surprising – current national climate plans fall miles short of what’s needed to stop global heating from crippling every economy, and wrecking billions of lives and livelihoods across every country…
“As expected, with countries currently working to put together new NDCs due next year, this year’s report shows only fractional progress compared to what is expected – and urgently needed – next year.
“Current plans combined – if fully implemented – would see emissions of 51.5 gigatonnes of CO2 equivalent in 2030 – a level only 2.6 per cent lower than in 2019. Greenhouse gas pollution at these levels will guarantee a human and economic trainwreck for every country, without exception.”
He warned that the UN’s Intergovernmental Panel on Climate Change notes that greenhouse gas emissions need to be cut 43% by 2030, compared to 2019 levels. By 2035, net global greenhouse gas emissions need to be cut by 60% compared to 2019 levels. “This is critical to limiting global heating to 1.5°C this century to avert the worst climate impacts. Every fraction of a degree matters, as climate disasters get rapidly worse,” he said. “Governments must come to Baku ready to convert the pledges in the UAE Consensus at COP28 – tripling renewables, the global goal on adaptation, transitioning away from all fossil fuels – into real-world, real-economy results, protecting people and their livelihoods everywhere.”
COP 29 formally opens today and will be followed tomorrow by the opening of the World Leaders Climate Action Summit.
The IPCC says that crossing the 1.5°C threshold risks unleashing far more severe climate change impacts, including more frequent and severe droughts, heatwaves and rainfall.
The UN has launched a one-stop shop Climate Change App which offers the latest news about the Climate Change process, along with access to live webcasts of sessions and press conferences. Official documents and agendas, and schedule of meetings.
The App is available in the Google (Android – https://play.google.com/store/apps/details?id=unfccc.negotiator) and iTunes (IOS) stores (smartphone or tablet – https://apps.apple.com/us/developer/united-nations-framework-convention-on-climate-change/id568085926) – users can follow international climate action at any time, including events and news from COP 29.
Official documents and agendas, and schedule of meetings are also accessible via the apps.
The wide-ranging series of events taking place over the next two weeks include sessions with a specific focus on water. The opening session is currently being streamed live – click here to watch on YouTube.