Uniting for a Sustainable Climate Future at COP29

Little Progress on the Climate Finance Goal

The core outcome of this COP, the New Collective Quantified Goal (NCQG) on Climate Finance for developing countries, is in a precarious state. Massive disagreements between the Global North and South have hindered the in-depth negotiation of the goal's substance. With estimated finance needs of $2.4 trillion per year in developing countries alone by 2030, the negotiators urgently need to take action. EDF has entered the finance arena by emphasizing the importance of quality over quantity. It is crucial for delegates to break the deadlock during week 2 and establish a climate finance goal that is concessional, accessible, and impactful. The latest text shows promising provisions in this direction, laying the foundation for better finance and outcomes.

The focus on the quantity of money provided has been significant, but EDF advocates for a more comprehensive approach. Ensuring that systems are in place to make the most of every dollar spent on climate action is essential. Delegates must work together to achieve this goal and deliver a climate finance framework that can drive real change.

Making Moves on Carbon Credits

At previous COPs, little progress was made on the carbon crediting mechanism of the Paris Agreement outlined in Article 6. However, COP29 opened with the immediate adoption of a decision, which is a significant step forward. Although concerns were raised about the lack of transparency leading to this result, the new rules around Article 6.4 could enhance the potential of carbon markets, making them more effective and trustworthy.

This decision is not the final one, and there is still much work to be done. The international carbon market is set to see increased activity, and it is crucial to continue building on this momentum. By addressing the issues and challenges, carbon markets can play a vital role in combating climate change.

Enhancing Ambition on the Road to COP30

Beyond finance and markets, negotiations need to focus on how countries can increase their ambition to reduce climate-warming emissions. Currently, negotiators disagree on the best ways to realize the key elements of the Global Stocktake. While the Global Stocktake at COP28 provided a comprehensive assessment, finding common ground in a complex multilateral environment remains a challenge.

To address this, efforts outside of the negotiations must be intensified. For example, making the most of methane abatement through initiatives like the Oil and Gas Decarbonization Charter (OGDC) can accelerate the decarbonization of the oil and gas industry. EDF's role in this charter, combined with data from MethaneSat, can lead to quick wins in the near term while working towards a more comprehensive energy transition. Amplifying the voices of indigenous peoples and local communities (IPLCs) is also crucial, as they are essential stakeholders in the fight for a nature-positive future. EDF will continue to support their efforts and enhance their overall engagement. Additionally, increasing finance flows to farmers and catalyzing private sector action are essential steps in achieving a sustainable future. Business must be actively involved in climate action, and the UNFCCC Action Agenda is mobilizing private sector actors to contribute. EDF will work with partners in the business community to align with Paris Agreement objectives and drive sustainable change.

COP29 delegates, it's time to roll up your sleeves and get to work. The challenges are significant, but with collective effort, we can make a real difference in the fight against climate change.