?? Insights from #COP29 Day 2 in Baku from our Executive Director, María Ron Balsera:
Negotiations around the New Collective Quantified Goal (#NCQG) on #ClimateFinance remain stalled, with no agreement on setting new financial commitments. Here’s what we’re seeing on the ground:
?? Funding Demands: The G77 + China coalition calls for $1.3 trillion annually, Least Developed Countries (LDCs) and the Alliance of Small Island States (AOSIS) are requesting targeted funding, with figures as high as $290 billion and $39 billion, respectively.
?? Latin American Perspective: Leaders from #LAC ask for a decade-long regional allocation within this $1.3 trillion yearly fund, aiming for climate finance based on grants and concessional terms, not Official Development Assistance or loans. This approach would directly address mitigation, adaptation, and loss and damage (L&D).
?? Developed Countries’ Stance: Countries including the EU, US, UK, Canada, Norway, and New Zealand propose a ‘multilayered’ financing model. Their focus is on private sector participation and risk mitigation, and they’re urging newly industrialized economies to contribute more. Their priority remains limiting global warming to 1.5°C rather than committing to a specific funding “quantum.”
?? The EU, UK, US, Canada, New Zealand, and Norway are pushing for a ‘multilayered’ approach that includes private financing and de-risking, with an emphasis on limiting warming to 1.5°C, rather than setting specific funding targets. They also call on emerging economies to contribute more to the funding pool.
At CESR, we believe real #ClimateFinance means Global North countries paying what they owe, delivering grants and concessional funding from developed to developing countries, as committed under the #ParisAgreement.
Read our latest #KeyConcepts primer on Climate Finance, Reparations, and Human Rights here: bit.ly/3Asmaq6
