COP29 Dispatch - November 14th, 2024

Welcome to C2ES's COP29 Dispatch Series. To sign up for these updates or speak to a C2ES expert, please email Nora Zacharski at [email protected] .

HIGHLIGHTS FROM NEGOTIATIONS IN THE PAST 24 HOURS

1. The negotiating text on the?New Collective Quantified Goal on climate finance (NCQG)?mushroomed from?under ten pages at the start of COP29 ?to over 30 pages. Given that technical negotiations are due to end on Saturday—when negotiations transition to the Ministerial level—at the latest, this is unhelpful. Countries have asked the co-facilitators to streamline the text further, so that they can meaningfully engage. In parallel, countries have also been asked to meet informally amongst themselves to reduce the length of the text and reach convergence.?
2. In discussions on?how to improve the global stocktake ?(GST) under the Paris Agreement process, the issue of whether the future IPCC report should be published before or after the next GST—due to conclude in 2028—is proving to be the subject of sharp divisions between countries. The co-facilitators will prepare a draft text on the basis of negotiations so far.?
3. Also on the GST, some countries raised the idea of asking the Secretariat to ‘map’ where the various targets and signals agreed are being followed up under various UNFCCC agendas, if at all. The question of the?scope of the UAE Dialogue —whether narrowly on finance or more widely to cover others issues— continues to be a matter of divergence between countries. A new version of the negotiating text will be produced overnight for consideration on Friday.?
4. Towards the end of the day, the COP29 Presidency convened Parties to a closed-door consultation on a range of substantive matters related to the GST outcome from COP28. It is hoped that these consultations might help to unlock blockages on the GST in the formal negotiating rooms.?
5. COP29 is due to deliver a decision on the?mitigation work programme (MWP). The?latest version of the text ?reveals that the deep divisions between Parties seen at June’s intersessional negotiations in Bonn remain to be resolved. These include whether to follow up in the MWP on implementing the mitigation outcomes of the COP28 GST and whether to include language on issues such as on the importance of science, urgency of action, and unilateral measures. Countries did not reach consensus that the latest text should form the basis of negotiations and will engage on a new text November 15.?
6. COP29 is expected to deliver a decision on the United Arab Emirates just transition work programme. Parties are engaging on the basis of?an informal note . Parties continue to clash over a range of issues, such as: how the work from the last year is reflected and common messages or findings found; whether and how the work program reflects the outcome of the global stocktake; and references to unilateral trade measures and provision of support to developing countries. Discussion continued late into the evening.??
7. ?Options being discussed for carbon markets ?under Article 6.2 (‘cooperative approaches’) include: the timing of when corresponding adjustments are applied, upon host Party authorization of the international transfer of mitigation outcomes (ITMOs); the elements that this authorization would have to contain; reporting procedures for Parties; the role of the Article 6 review team; and the issue of registries in relation to Article 6.2.??
8. In relation to the market mechanism under the Paris Agreement (Article 6.4) two draft decisions have been issued:?

• One deals with options on?connecting the Article 6.4 with the Article 6.2 ?international registry.?
• The other addresses the requirement to?assess additionality for carbon credits ?transitioning from the Clean Development Mechanism under the Kyoto Protocol to the Paris Agreement Crediting Mechanism (PACM).??

HIGHLIGHTS FROM OUTSIDE THE NEGOTIATION IN THE LAST 24 HOURS?

• The UN Independent High-Level Expert Group on climate finance released its third iteration of the?Raising ambition and accelerating delivery of climate finance report .?The expert group projects emerging economies (other than China) will need US $2.4 trillion in climate finance annually by 2030. It calls for the NCQG to triple the $100 billion goal and similarly triple finance from multilateral development banks.??

• Canada launched the Gaia Platform , a climate finance initiative of over US $1.4 billion in blended finance. A quarter of the platform will be dedicated to least developed countries and?small island developing states,?with 70?percent of projects focusing on adaptation.??

• Ministries of Finance and Environment?discussed ?how to better engage with each other in financing and implementing National Adaptation Plans (NAPs), explore the linkages between NAPs and Nationally Determined Contributions (NDCs), and identify ideas and next steps to foster closer collaboration, ultimately contributing to a more coordinated approach to climate adaptation efforts.? ?

• On Finance, Investment, and Trade Day, the?Task Force on Net Zero Policy ?released a?progress report ?evaluating the implementation of the?UN High-Level Expert Group (HLEG) recommendations ?for embedding net-zero integrity criteria for companies and financial institutions into policy.??

• Some youth-led organizations called for a “Universal NDC Youth Clause ” to be included in countries’ updated Nationally Determined Contributions (NDCs), aiming to integrate youth voices in national climate strategies more explicitly.?

• The CREO Family Office Syndicate (CREO) and the Investor Leadership Network (ILN)—representing over USD 10 trillion worth of assets under management—announced ?their commitment to the deployment of private capital to accelerate investment in climate and sustainability efforts.?

ANTICIPATED ANNOUNCEMENTS AND UPCOMING EVENTS

-- the COP29 Truce Appeal

-- the COP29 Green Energy Pledge: Green Energy Zones and Corridors

-- the COP29 Global Energy Storage and Grids Pledge. ?

• Marrakech Partnership Action Event – Resilience: “Investing in inclusive climate adaptation and resilience towards 2030”| November 15 | 09:00 – 10:30 AZT | Room Nasimi |?See details ?
• Marrakech Partnership Implementation Lab – Resilience: “The Resilient Planet Initiative: Democratising Data and Mobilising Finance for Adaptation”? | November 15 | 13:30-15:00 AZT | Hirkan |?See details ?
• Marrakech Partnership Implementation Lab – Land Use: “Raising Ambition on Direct Access to Finance for Indigenous Peoples from COP28 to COP30” | November 15 | 15:00-16:30 AZT | Hirkan |?See details ?
• Marrakech Partnership Action Event – Energy: “Powering a just and resilient future: Unlocking investment for renewable energy transitions in developing countries”| November 15 | 15:00-16:30 AZT | Nasimi? |?See details ?
• Climate-Ocean Change and Food Security | November 15 | 16:00-17:30 AZT| Commonwealth Pavilion |?See details ?
• Marrakech Partnership Implementation Lab – Energy: “Enhance ambition for energy policy: The power of policy to speed a just transition from fossil fuels” | November 15 | 16:30 – 18:00 AZT | Hirkan |?See details

Contact Us

C2ES President Nat Keohane and Vice President for International Strategies Kaveh Guilanpour are available for media comment and interviews. To arrange an interview contact: Nora Zacharski, [email protected] ,+1-612-246-9868