Adesola Olatunde Effiwatt’s Post

The ‘Implementing the Global Climate Finance Framework’ roundtable, co-hosted by the COP28 Presidency, builds on the progress made at COP28 and advances the climate finance agenda on the road to COP29 and beyond. The event convened crucial stakeholders who have committed to a shared vision of the Global Climate Finance Framework launched at COP28, reaffirming their continued support to making climate finance more accessible, available and affordable. #SpringMeetings #COP28 Global Climate Finance Centre | ALTÉRRA

Drawing ever closer, COP28 has *quite* an agenda to get through. I've written a piece for the excellent 360info laying out some of the key priorities, also highlighting how scaling affordable capital for the energy transition in emerging markets is a central precondition of advancing collective ambition and an equitable transition. #cop28 #climatefinance

💡 The New Collective Quantified Goal (NCQG) on Climate Finance This year is crucial for shaping the global ambition on climate finance. While energy-related CO2 emissions reached highest ever levels in 2023 and the world continues to heat up, countries are currently negotiating a new goal for multilateral climate finance under the UNFCC. At the heart of the negotiations is the question what the needs of developing countries are to reduce emissions and adapt to a warming world – starting from the USD 100 billion annual international climate finance goal agreed at the 2009 climate conference in Copenhagen. Yet for now, developed and developing countries still disagree on critical issues such as a new quantum, sources, instruments and definitions of climate finance. This makes for difficult negotiations at the COP29 in Baku in November. IDOS experts Mariya Aleksandrova und Svea Koch argue in #TheCurrentColumn that developed countries need to acknowledge the weaknesses and lessons from the implementation of the 100 billion target in order to consolidate trust and resolve conflicting positions: https://lnkd.in/eK7QgWCf. 🔴 Do not miss our upcoming event with the Center for Global Development on "Designing the new UN climate finance goal - ambition, additionality and an extended contributor base". Register here: https://lnkd.in/eghnudig | #SB60 #BonnClimateChangeConference #ClimateFinance #NewCollectiveQuantifiedGoal #COP29

Impending need is to get the taxonomy right in the first place for climate finance to avoid greenwashing and more. An excellent read but sincerely a lot needs to be done

As nations clash over the pivotal new climate finance goal, talks intensify with the Cop29 deadline nearing. Key issues involve funding quantities, sources, and equitable burden-sharing among countries. #ClimateAction #Cop29 #fintech #banking https://lnkd.in/gH3uPZKu

The COP28 Presidency tasked world-leading economists from the Independent High-Level Expert Group (IHLEG) to help develop and put forward policy options and recommendations to encourage and enable the investment and finance necessary to drive ambition and deliver on commitments. This work contributed to the development of The Global Climate Finance Framework, which aims to position climate investments as an unprecedented opportunity for economic growth and shared prosperity.    Learn more: https://lnkd.in/deEPCQ6j #COP28 

During our COP28 panel, Alexia Latortue, Assistant Secretary of the Treasury for International Trade and Development at the U.S. Department of the Treasury, spoke of the Clean Technology Fund’s mission to help apply low-emissions technologies to help countries mitigate climate change. Watch the replay of the event here> https://lnkd.in/eDqcjFt6 #climateaction #COP28UAE

The Blended Capital Group is going deep for understanding on what we see as a critical multi-lateral development in scaling up climate finance. https://unfccc.int/NCQG This is really one to follow. https://lnkd.in/edGEJuk2 The work in Cartagena, Colombia 🇨🇴, in late April - May, lays the pathway for the success of UNFCCC UN #CoP29 - the Finance # CoP in Baku, Azerbaijan, in November 2024. This is the start of the granular aspects supporting the broader political framework for a shift from U$ billions to the U$ multi-trillions that I have been advocating since 1992 through my entrepreneurial, corporate, United Nations and policy roles. This is what the first UNFCCC UN Executive Director, the truly brilliant Michael Zammit Cutajar, envisaged through the 1997 Kyoto #CoP3 Flexible Mechanisms. Private financial markets are finally waking up as they see the potential of the U$ 25 trillion in climate finance and upside to be deployed-traded by 2050.

Within the wider contours of developed nations’ US$100 billion commitment, a small portion of climate finance flows through UNFCCC-linked multilateral climate funds. While the much publicized US$ 100 billion mark has finally been crossed, it is still miniscule compared to the trillions needed in the developed would to transition. A key use of these funds is to ensure the 100 billon catalyzes 10-12x of private capital into the energy transition. However the success of climate funds in unlocking private capital and, more importantly, in increasing their kitty has been limited over the years on account of various factors such as bureaucratic disbursal processes, multiple mandates, inefficient capacity building programmes, under prepared national partners, lack of catalytic interventions, lack of programmatic support, and multiple guidance provided from subsequent COPs for climate funds. There is a need to relook the entire architecture of these funds to improve their additionality.

"If we address this global issue now, our generations will remember us for our courage and commitment. There is no time to waste." The annual UN climate conference, COP29, hosted by Azerbaijan, promises to be a critical juncture for the Paris Agreement. With the responsibility of guiding countries to agree on effective measures to combat climate change, Azerbaijan’s Deputy Foreign Minister and COP29 lead negotiator, Yalchin Rafiyev, emphasized the importance of this event. He referred to COP29 as a "litmus test" for the entire climate community, where the success or failure of new climate finance goals will significantly impact global trust in the climate system's architecture. Azerbaijan's strategy for COP29 hinges on two main pillars: enhancing ambition and enabling action. The "ambition" pillar focuses on detailed national contributions, national adaptation plans, and transparent climate action reports. This transparency aims to build trust and guide future investments and financial flows. The "enabling action" pillar targets new climate finance goals, the implementation of Article 6 to leverage carbon markets, and strengthening global financial institutions. Rafiyev pointed out that failing to agree on climate finance would undermine the relevance and validity of the Paris Agreement. The negotiations are expected to be intense, with diverse views among countries being "perfectly normal at this stage," as stated by Rafiyev. He stressed the importance of these discussions, noting that the heads of delegations would meet later in Azerbaijan to build on the groundwork laid in Bonn. The world watches as Azerbaijan prepares to host COP29, hoping that this conference will not just push decisions to the next year but will take concrete steps toward addressing the climate crisis. Our actions today will shape the legacy we leave for future generations, making it imperative to seize this moment without delay