{"id":67883,"date":"2024-12-06T10:09:06","date_gmt":"2024-12-06T09:09:06","guid":{"rendered":"https:\/\/staging.i4ce.org\/?p=67883"},"modified":"2024-12-06T10:25:35","modified_gmt":"2024-12-06T09:25:35","slug":"cop29-delegates-have-left-baku-but-financing-challenge-remains-climate","status":"publish","type":"post","link":"https:\/\/staging.i4ce.org\/en\/cop29-delegates-have-left-baku-but-financing-challenge-remains-climate\/","title":{"rendered":"COP29 delegates have left Baku, but the financing challenge remains"},"content":{"rendered":"<p><strong>The COP29 in Baku was supposed to breathe new life into North-South climate cooperation through the negotiation of <a href=\"https:\/\/unfccc.int\/NCQG\" target=\"_blank\" rel=\"noopener\">the new NCQG financing target<\/a><\/strong><span data-contrast=\"auto\"><strong>. Instead, confrontational negotiations produced a half-hearted agreement, and the onerous task of charting a path to bridge the resource gap before the next COP.<\/strong> <\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span data-contrast=\"auto\">The new agreed target of $300 billion \u2014an increase from the previous $100 billion\u2014 leads, once adjusted for inflation, to a slowdown in the growth of financing flows compared with current trends. More critically, it falls dramatically short of the estimated <\/span><a href=\"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-content\/uploads\/2024\/11\/Raising-ambition-and-accelerating-delivery-of-climate-finance_Third-IHLEG-report.pdf\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">$1.3 trillion in external funding (both public and private)<\/span><\/a><span data-contrast=\"auto\"> needed to address the climate crisis\u2014an estimate that guided the negotiations. The \u2018Baku to Bel\u00e9m roadmap\u2019, a late addition to the agreement, is tasked with reducing this gap by COP 30. Yet its mandate is still vague, its options are limited, and the challenge is daunting.\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span data-contrast=\"auto\">Beyond political posturing, progress was further impeded by uncertainties surrounding the estimates of financing needs, which are undermined by significant gaps and inconsistencies in underlying national data.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span data-contrast=\"auto\">One of <\/span><span data-contrast=\"auto\">the most contentious debates, the scope of eligible contributions (public as well as private catalysed by the<\/span><span data-contrast=\"auto\"> public) ended without significant evolution. Similarly, no changes were made to the mandatory contributor base. <\/span><span data-contrast=\"auto\">Multilateral development banks still appear as the preferred channel for this financing: at COP29, they committed to providing and catalysing over 60% of total financing flows by 2030. T<\/span><span data-contrast=\"auto\">his ambition demands substantial reform, requiring MDBs to scale up financing and deploy it more effectively \u2014a point underscored in a recent joint report by financial coalitions, including the <strong>I<span style=\"color: #ff0000;\">4<\/span>CE<\/strong>-supported Mainstreaming Initiative<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span data-contrast=\"auto\">In response to these challenges, <strong>I<span style=\"color: #ff0000;\">4<\/span>CE<\/strong> is focusing on supporting the development of national financing plans grounded in detailed sectoral investment needs assessments. <\/span><span data-contrast=\"auto\">Such plans are essential for mobilizing private finance, informing international negotiations, and aligning donor contributions with national priorities.<\/span> <span data-contrast=\"auto\">The 10-country analysis we publish this week highlights notable improvements in long-term national objectives, which are increasingly incorporating funding concerns. However, comprehensive assessments of financing needs, particularly in the short term, remain critically lacking.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/mailchi.mp\/i4ce\/i4ce-newsletter-semaine-04-4912323\" class=\"external_link \" target=\"_blank\">Read the newsletter<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The COP29 in Baku was supposed to breathe new life into North-South climate cooperation through the negotiation of the new NCQG financing target. Instead, confrontational negotiations produced a half-hearted agreement, and the onerous task of charting a path to bridge the resource gap before the next COP.<\/p>\n","protected":false},"author":9,"featured_media":53848,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16],"tags":[],"class_list":["post-67883","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-foreword-of-the-week"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>COP29 delegates have left Baku, but the financing challenge remains - I4CE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.i4ce.org\/en\/cop29-delegates-have-left-baku-but-financing-challenge-remains-climate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"COP29 delegates have left Baku, but the financing challenge remains - I4CE\" \/>\n<meta property=\"og:description\" content=\"The COP29 in Baku was supposed to breathe new life into North-South climate cooperation through the negotiation of the new NCQG financing target. 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