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CUTS Daily Bulletin # 11 | November 23, 2024
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Campaign for the Global Alliance for Leveraging Innovative Finance (GALIF)
 Climate change has dominated headlines, yet its inextricable link with biodiversity remains curiously muffled. This disconnect, despite both issues falling under the purview of most environmental ministries, underscores a dangerous silo mentality. To ensure a future worth inheriting, we must address these intertwined challenges in unison, guided by pragmatism and global equity.
CUTS International's 'Fund of Funds' proposal leverages diverse financing sources, creating a “Global Alliance for Leveraging Innovative Finance” (GALIF) that advocates an agnostic Fund of Funds and seeks to streamline financing, boost investments, and effectively channel resources toward climate and biodiversity initiatives, ensuring a more impactful and comprehensive approach to address these pressing global challenges. To join the campaign please write to us at: galif@cuts.org
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With just a few hours to go before the UN Climate Summit concludes in Baku, there is still no clarity on the amount of finance to be part of the final deal. The latest draft text released on Thursday only mentioned the amount as “X trillion dollars" annually from 2025-35, leaving the developing countries concerned.
The voluminous text on the New Collective Quantified Goal (NCQG) was reduced to 10 pages from the 25 presented last week. However, it failed to include crucial details on how much climate finance the developed countries are willing to contribute to replace the previous $100 billion target.
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The Azerbaijani presidency of the COP29 climate talks has finally put a figure on the level of financing the developing world might expect from rich countries to fund their transition to clean energy and adapt to increasingly extreme weather and sea-level rise.
After an initial proposal for a ‘new collective quantified goal’ (NCQG) – at the core of nearly two weeks of fractious debate in the capital Baku – the new text, hammered out behind closed doors overnight, proposes a figure of US$250bn to replace by 2035 a current US$100bn contribution from rich countries that was set back in 2009. The sum has been called "breadcrumbs" by Climate Action Network Europe..
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As the second week of the 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change draws to a close, negotiations on the New Collective Quantified Goal (NCQG) on climate finance drag on, with limited convergence between developed and developing countries.
The latest iteration of the draft decision text was released by the COP Presidency in the early hours of November 21, 2024. This shorter, 10-page document is a streamlined version of earlier drafts. It includes options emanating from the Ministerial consultations held during the second week, in place of negotiations open to observers.
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A new draft of a deal on cash to curb and adapt to climate change released Friday at the United Nations climate summit pledged US$250 billion annually by 2035 from wealthy countries to poorer ones. The amount pleases the countries who will be paying, but not those on the receiving end.
It’s more than double the previous goal of US$100 billion a year set 15 years ago, but less than a quarter of the number requested by developing nations struck hardest by extreme weather. But rich nations say it’s realistic and about the limit of what they can do.
It struck a sour note for developing countries, which see conferences like this one as their biggest hope to pressure rich nations because they aren’t part of meetings of the world’s biggest economies.
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UN Climate Change and the COP29 Presidency celebrated the start of a new chapter in global climate transparency during COP29, with the first submissions of Biennial Transparency Reports (BTRs) under the Paris Agreement.
With the 31 December 2024 deadline for BTR submissions drawing near, UN Climate Change and the COP29 Presidency hosted two high-level events to recognise frontrunner countries that submitted their reports in the lead-up to and during COP29, marking full implementation of the Enhanced Transparency Framework (ETF).
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The International Union for Conservation of Nature together with the Presidency of the 29th Conference of Parties (COP29) to the United Nations Framework Convention on Climate Change, Azerbaijan, hosted Nature and Biodiversity Day at this year’s climate talks.
The day, focusing on Nature and Biodiversity, Indigenous Peoples, Gender Equality, Oceans and Coastal Zones, convened leaders from government, international organisations, Indigenous peoples’ organisations as well as the public and private sectors.
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On the final day of its thematic agenda, the COP29 Presidency launched Water for Climate Action, part of its Action Agenda. This programme includes a declaration, so far endorsed by nearly 50 countries, which commits to taking integrated approaches to combat the causes and impacts of climate change on water basins, paving the way for greater regional and international cooperation.
It also calls for the integration of water-related mitigation and adaptation measures in national climate policies, including NDCs and NAPs. To support these efforts, signatories will work together to strengthen the generation of scientific evidence on the causes and impacts of climate change on water resources and water basins, including through data sharing and the creation of new basin-wide climate scenarios.
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