t’s that time of the year again. The world is rallying for another Conference of the Parties (COP)—the United Nations Framework Convention on Climate Change (UNFCC) conference where progress and pledges towards global climate goals are discussed and adopted. These include the Kyoto Protocol (COP3, 1997) which introduced a legally binding obligation for developed countries to reduce emissions by 5.2% below 1990 levels by 2012, and the Paris Agreement (COP21, 2015) which saw a landmark commitment from 195 countries to limit global warming well below 2°C and pursue further efforts to limit it to 1.5°C above pre–industrial levels.
Significant achievements have been made at other COPs as well, including financial commitments and the creation of Nationally Determined Contributions (NDCs) to realize this goal. But they remain insufficient. The primary challenge confronting the attainment of the Paris goal is finance. Recognizing this, finance has been adopted as the key theme of this year’s COP29 in Baku, Azerbaijan. Dubbed the ‘finance COP,’ this year’s meeting is expected to usher in a New Collective Quantified Goal on Climate Finance (NCQGC), a global climate finance goal that is expected to facilitate an inclusive and fair transition to a carbon neutral world.
Let’s take a look at some key financial commitments and challenges encountered at past COPs:
Progress towards fulfilling these commitments has been mixed, with notable successes as well as shortfalls.
- The $100 billion target established at COP15, was finally met in 2022 for the first time.
- The Green Climate Fund, established at COP16, supports about 243 projects in 129 countries with a total of $13.5 billion as of 2023, though commitments from the private sector and adaptation finance remain low.
- A key milestone for adaptation finance was the establishment of the Loss and Damage fund at COP27 to support vulnerable countries suffering from the unavoidable harms of change.
- At COP28, a new funding agreement for the Loss and Damage was made, however, the operationalization of this fund is yet to fully come into force.
Moving forward, establishing transparent and accountable mechanisms for receiving and disbursing these funds for climate action is paramount. To reach this goal, developing countries could capitalize on the Baku Global Transparency Platform—designed by the COP29 presidency to foster mutual trust and support the finalization of their Biennial Transparency Reports. Lastly, countries must invest in updating and implementing context–specific adaptation plans that focus on vulnerable sectors and groups, ensuring equity and a just transition to a climate–resilient, low–carbon society where no one is left behind.
The views expressed in this article are those of the author and do not necessarily reflect the views of the United Nations University.
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Bridging the climate finance gap for a just transition at COP29
Photo by Nathan Gentry on Unsplash
November 13, 2024
COP29 is expected to yield significant climate finance commitments, but achieving our climate goals will be difficult without transparent and accountable mechanisms for receiving and disbursing these funds for climate action, writes UNU–IAS’ Mark Akrofi.
I
t’s that time of the year again. The world is rallying for another Conference of the Parties (COP)—the United Nations Framework Convention on Climate Change (UNFCC) conference where progress and pledges towards global climate goals are discussed and adopted. These include the Kyoto Protocol (COP3, 1997) which introduced a legally binding obligation for developed countries to reduce emissions by 5.2% below 1990 levels by 2012, and the Paris Agreement (COP21, 2015) which saw a landmark commitment from 195 countries to limit global warming well below 2°C and pursue further efforts to limit it to 1.5°C above pre–industrial levels.
Significant achievements have been made at other COPs as well, including financial commitments and the creation of Nationally Determined Contributions (NDCs) to realize this goal. But they remain insufficient. The primary challenge confronting the attainment of the Paris goal is finance. Recognizing this, finance has been adopted as the key theme of this year’s COP29 in Baku, Azerbaijan. Dubbed the ‘finance COP,’ this year’s meeting is expected to usher in a New Collective Quantified Goal on Climate Finance (NCQGC), a global climate finance goal that is expected to facilitate an inclusive and fair transition to a carbon neutral world.
Let’s take a look at some key financial commitments and challenges encountered at past COPs:
Progress towards fulfilling these commitments has been mixed, with notable successes as well as shortfalls.
- The $100 billion target established at COP15, was finally met in 2022 for the first time.
- The Green Climate Fund, established at COP16, supports about 243 projects in 129 countries with a total of $13.5 billion as of 2023, though commitments from the private sector and adaptation finance remain low.
- A key milestone for adaptation finance was the establishment of the Loss and Damage fund at COP27 to support vulnerable countries suffering from the unavoidable harms of change.
- At COP28, a new funding agreement for the Loss and Damage was made, however, the operationalization of this fund is yet to fully come into force.
Moving forward, establishing transparent and accountable mechanisms for receiving and disbursing these funds for climate action is paramount. To reach this goal, developing countries could capitalize on the Baku Global Transparency Platform—designed by the COP29 presidency to foster mutual trust and support the finalization of their Biennial Transparency Reports. Lastly, countries must invest in updating and implementing context–specific adaptation plans that focus on vulnerable sectors and groups, ensuring equity and a just transition to a climate–resilient, low–carbon society where no one is left behind.
The views expressed in this article are those of the author and do not necessarily reflect the views of the United Nations University.
