theguardian.com
COP29: Climate Finance and the Path Forward
COP29 in Azerbaijan focuses on climate finance, particularly the NCQG, loss and damage funds, NDCs, and Article 6 of the Paris Agreement.
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International RelationsClimate ChangeEnergy SecurityFinanceSustainabilityEnvironmental Policy
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- What is the primary focus of the UN climate summit in Azerbaijan?
- The new collective quantified goal (NCQG) for climate finance, as mandated by the 2015 Paris Agreement, is the central focus of this year's UN climate summit in Azerbaijan. The goal aims to increase climate finance provided by wealthy nations to developing nations to address climate change mitigation and adaptation.
- How will the political landscape, particularly with the US election, influence the NDCs?
- The need for updated nationally determined contributions (NDCs) is emphasized, though not the main focus of COP29. These updated plans, which outline nations' commitments to emission reduction, are due in February 2024, and their submission will be influenced by political factors such as the election of Donald Trump in the US.
- What is the "loss and damage" fund, and what are the key discussions surrounding it at COP29?
- The "loss and damage" fund, established at COP28 to address climate crisis impacts beyond adaptation capabilities, requires funding. Discussions at COP29 will focus on operationalizing the fund, including securing funding and disbursement mechanisms.
- What is the significance of Article 6 of the Paris Agreement, and what are the challenges associated with it?
- Article 6 of the Paris Agreement, concerning carbon trading, remains unresolved. COP29 may see progress towards finalizing this long-standing issue, which could provide additional funding for climate action though likely not on a significant scale, but faces challenges around integrity and fraud.
- What is the current status of the climate finance goal, and what are the differing demands of developed and developing countries?
- The current $100 billion annual climate finance goal is deemed insufficient, with developing countries seeking approximately $1 trillion annually by 2035. Richer nations are likely to agree to a significantly lower figure, potentially half that amount, and the remaining amount will need to be covered through innovative sources.