COP29: Global climate finance needs to surpass $6 trillion per year by 2030, experts warn
External climate finance for developing countries, minus China, needs to triple to $1 trillion per year by 2030, and risks growing higher the longer it is delayed in this decade, an influential panel of experts warned on Thursday.
Read MoreCOP29: “Sprawling” climate finance text leaves little room for compromise
Negotiations over the new global climate finance goal remain wide open after the first COP29 draft dropped on Wednesday, described by observers as a “sprawling” and messy text, despite a subtle sign from China that it may be open to contributing.
Read MoreCOP29: UK praised for new 1.5C-aligned emissions target, but policies needed to make it reality
The UK will slash its emissions by 81% in the next decade under an updated Paris Agreement pledge, which many on Tuesday cautiously welcomed as a “shining example” of leadership at the start of tense COP29 negotiations while warning that it needs to be backed up with actual policies.
Read MoreG20 must strengthen Paris pledges, cut fossil fuels, in order to keep 1.5C alive -UN adviser
The next round of climate pledges from the world’s highest-emitting economies will ultimately determine the chances of limiting global warming to 1.5C, depending in particular on how far they go in pushing a transition away from fossil fuels, the UN’s special adviser on climate action said on Thursday.
Read MoreINTERVIEW: Carbon markets could shore up finance for Africa, but not at $10/t -economist
The voluntary carbon market (VCM) offers an opportunity to raise climate finance in Africa, but more needs to be done to raise the price of carbon and quell the volatility in order to unlock value on the ground, according to a high-profile African economist and former minister.
Read MoreCOP29: PREVIEW – Six sticking points in negotiations over next global climate finance goal
Money for climate action – and the rules underpinning its delivery – will dominate this year’s UN climate summit more than any other in the past decade, raising tensions over how much should be mobilised, who is on the hook for providing it, under what terms it is granted, as well as how the funding is tracked and reported.
Read MoreCarbon markets falling far short of potential to support least developed countries, UN warns
Carbon markets are fulfilling just a tiny fraction of their potential to shore up much-needed climate finance in the world’s 45 least developed countries, with credits issued from both the voluntary and UN-run schemes concentrated in just a few countries, according to a report published on Monday.
Read MoreTransition Plan Taskforce sees momentum in reporting and disclosure on climate, as it bids goodbye
More companies than ever are disclosing their plans for transitioning to net zero emissions and aligning their strategies accordingly, with financial institutions increasingly using these plans to drive investment towards sustainable solutions, the Transition Plan Taskforce (TPT) found in its final report as it closed shop on Thursday.
Read MoreAlliance of asset owners trims annual emissions and sets near-term targets
An alliance of large asset owners committed to reaching net zero has so far cut emissions by an average 6% per year since launching, with most members setting decarbonisation targets for 2025 in line with the Paris Agreement goals, according to the group’s latest progress report.
Read MoreUK to impose CBAM from 2027 to protect heavy industries
The UK will introduce a Carbon Border Adjustment Mechanism (CBAM) in 2027 for the six sectors it deemed to be most at risk of carbon leakage, down from eight initially proposed, the government said on Wednesday.
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