COP29: Reactions to the new Baku Finance Goal, Article 6 deal
Here are selected party, stakeholder, and expert reactions to the New Collective Quantified Goal on climate finance (NCQG), dubbed the Baku Finance Goal, as well as the agreement on Article 6 reached at the COP29 climate summit, which wrapped up early Sunday.
Read MoreCOP29: Baku closes with frustration over new $300 bln climate finance goal, omission of fossil fuels
Wealthy countries will aim to shore up $300 billion per year of climate finance by 2035, as the core part of a global annual economy-wide target of $1.3 trillion, under a contentious agreement struck early Sunday morning at the close of COP29.
Read MoreCOP29: Countries clinch Article 6 deal in momentous win for international carbon markets
Negotiators from nearly 200 countries have reached a historic agreement on international carbon markets at COP29, in a decision that finally concludes the rules governing the trading and crediting of mitigation outcomes under Article 6 of the Paris Agreement.
Read MoreCOP29: Countries on cusp of historic Article 6 deal in Baku as final texts land
Negotiators from nearly 200 countries could be on the verge of a historic agreement on international carbon markets at COP29, after presidency proposal texts were published late on Friday and multiple sources said that consensus may now be present on the key outstanding technicalities of international carbon trade under Article 6.
Read MoreCOP29: New climate finance goal proposal offers $250 bln by 2035
A new climate finance goal of $250 billion by 2035 was proposed in a draft presidency text published on Friday at COP29, falling well below the $1.3 trillion figure requested by developing nations, while provisions that would encourage carbon markets were deleted.
Read MoreCOP29: India “in talks” with Singapore, South Korea for ITMO deals -sources
India is in talks with the governments of South Korea and Singapore to sign agreements on a framework for the transaction of Internationally Transferred Mitigation Outcomes (ITMOs) under Article 6 of the Paris Agreement, sources have told Carbon Pulse on the sidelines of COP29 in Baku.
Read MoreCOP29: Roundup for Day 12 – Nov. 22
It is Day 12 at COP29 in Baku – the final scheduled day in Baku. New texts on climate finance and Article 6, as well as other streams, are expected to drop from midday, though the state of play on the NCQG is that the goal appears to be in disarray. This in turn is threatening a previously-expected deal on carbon markets. Buckle up! In our daily running blog, Carbon Pulse will report relevant or useful updates throughout the day. Timestamps are in local time (GMT+4).
Read MoreCOP29: Backslide in Baku as 1.5C wiped from mitigation text
A late-stage presidency text for the Mitigation Work Programme (MWP) has eliminated any mention of the Paris Agreement’s global warming limit goals, and repeated its exclusion of ‘fossil fuels’ or ‘renewables’ language, reversing course on last year’s landmark COP28 Global Stocktake (GST).
Read MoreCOP29: US DOE deputy chief “confident” rulemaking on certain IRA tax credits will finish before Trump
Ongoing work to finalise outstanding rules for certain tax credits within the Inflation Reduction Act (IRA) will be completed before the end of President Biden’s term, a top US Department of Energy (DOE) official said this week, although work on final rules for other credits may be left in the hands of the new Trump administration.
Read MoreCOP29: German govt announces over €1 bln in annual biodiversity funding
Germany plans to ringfence an annual €1.1 billion to fund biodiversity conservation starting next year, a government official announced at the ongoing COP29 UN climate summit in Azerbaijan.
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