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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.
During the second week of COP29 in Baku, Azerbaijan, negotiations between developed and developing countries on the New Collective Quantified Goal on climate finance (or NCQG) progressed at a slow pace. Through the week, Parties engaged in ministerial dialogues to iron out a draft decision text that represents the views of all Parties in line with the principles of equity and climate justice.
In particular, discussions on the quantum of finance were heavily contested. To make a strong case, Global South countries’ representatives held a pivotal press conference demanding that a quantum of US $1.3 trillion must be provided by developed countries to developing countries under the NCQG. Developed nations, in contrast, continued to shirk away from discussions about the quantum, claiming that other aspects of the goal need to be finalised before a figure can be quoted. Further discussions on the structure and quality of the NCQG remained in contention as well.
In other updates from COP29, the new draft text on carbon markets under Article 6.2 of the Paris Agreement (which allows countries to voluntarily engage in carbon markets) was released on November 21. Experts flagged the new draft as being potentially dangerous with serious concerns around transparency, integrity, oversight and accountability.
Furthermore, latest text on the Global Goal on Adaptation brought forth serious contestations between developed and developing countries on the inclusion of means of implementation (finance, technology transfer and capacity building) in the text. Developing countries had asked for a US$ 400 billion at COP28—something that developed countries continued to oppose, claiming that adaptation finance would be discussed under the NCQG. The adaptation finance gap currently stands at US$ 187-US$ 359 billion.
The COP29 Presidency also introduced three flagship pledges to build on COP28’s commitment to triple global renewable energy capacity by 2030 and expand clean hydrogen production. These include the Global Energy Storage and Grids Pledge, Hydrogen Declaration and the Green Energy Zones and Corridors Pledge. The pledges were backed by Sweden, Uruguay, UAE and Brazil, as well as multilateral development banks, Global Renewable Alliance and Green Climate Fund. It remains to be seen whether the pledges can be incorporated into national policy targets.
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By - Upamanyu Das
Climate Change, CSE
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| EXTREME WEATHER TRACKER |
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Climate change caused worst forest fires in Europe, the Middle East and Africa in 23 years, 21 November 2024
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CLIMATE NEWS | SCIENCE| IMPACTS| POLITICS |
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