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Dear readers,
Welcome to the Climate Weekly newsletter by the Centre for Science and Environment’s Climate Change programme and Down to Earth.
With COP 29 being held between November 11-22 in Baku, Azerbaijan, CSE’s Climate Change team has released its latest publication on the critical issue for the upcoming summit—the New Collective Quantified Goal (NCQG) on climate finance. Titled “A CSE Position Paper: Shows Us The Money”, the report was launched at CSE’s pre-COP 29 online briefing held on October 28. It spotlights the need for new and additional climate funding to be committed for the Global South at COP 29, and outlines the principles required for achieving such a target.
The report maps the two-year long negotiations on the NCQG and sheds light on the key issues in contention between negotiating countries —the quantum, quality and contributor base of the NCQG. Through its analysis and recommendations, CSE highlights the urgent need for developed nations to provide scaled-up non-debt climate finance for developing countries primarily through public finance mechanisms. Estimates for climate finance point towards at least US $1 trillion annually—barely 1 per cent of global GDP—till 2030 to meet the immediate climate needs of developing countries. However, negotiations on this subject have been stalled by developed countries, arguing that the quantum cannot be addressed without discussing the expansion of the contributor base to reflect new global economic realities.
Given how climate finance is key to help developing countries achieve their climate and developmental goals, the upcoming COP 29 could be the most consequential climate summit since Paris in 2015. Despite unmet commitments and lack of trust in the multilateral process, the NCQG presents perhaps the last opportunity for the Global North to course correct and pay their fair share—in the trillions—towards an effective response to climate change.
In extreme weather news, many parts of Valencia, Spain received catastrophic rain, hail, flash floods and deadly tornadoes in the past week. Parts of Spain witnessed intense rain in a matter of hours, causing a soaring number of deaths in the affected regions. The World Weather Attribution (WWA) said that the extreme rainfall in Spain was a once in a 10-40 year event.
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By - Upamanyu Das
Climate Change, CSE
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| EXTREME WEATHER TRACKER |
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Very heavy rain forecast for province in Spain’s Valencian Community; 95 dead so far, 31 October 2024
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Spain floods due to blocking pattern and moisture build up, 30 October 2024
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