{"id":77775,"date":"2024-11-21T08:24:20","date_gmt":"2024-11-21T06:24:20","guid":{"rendered":"https:\/\/revistaidees.cat\/analisis\/diari-de-les-idees\/idees-dactualitat-cop29-sostenibilitat-i-financament-climatic\/"},"modified":"2024-11-25T11:22:01","modified_gmt":"2024-11-25T09:22:01","slug":"idees-dactualitat-cop29-sostenibilitat-i-financament-climatic","status":"publish","type":"newspaper","link":"https:\/\/revistaidees.cat\/en\/analisis\/diari-de-les-idees\/idees-dactualitat-cop29-sostenibilitat-i-financament-climatic\/","title":{"rendered":"Idees d&#8217;actualitat &#8211; COP29: sustainability and climate finance"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The United Nations Climate Change Conference (<a href=\"https:\/\/cop29.az\/en\/home\">COP29<\/a>) held in Baku has taken place in a complicated geopolitical context. This year, known as \u201cthe election year\u201d, has led to an intense political competition period and has caused several governmental and strategic alliance changes, global trade relations tensions and violent disputes. However, these factors should not distract us from the Earth\u2019s current state and the real economy: the increase in climate change effects and cost. For instance, extreme weather events, such as the Caribbean hurricanes, the Amazon drought or the European catastrophic floods \u2013as we recently saw in Valencia, Spain\u2013 are more frequent and intense. As a result, social, economic, and financial instability is increasing, especially in the most vulnerable and highly indebted countries.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Recently, the <a href=\"https:\/\/www.globalcarbonproject.org\/\">Global Carbon Project<\/a> (CGP), an organisation specialising in quantifying global greenhouse emissions from fossil fuels burning, released its latest research. The 2024 <a href=\"https:\/\/essd.copernicus.org\/preprints\/essd-2024-519\/essd-2024-519.pdf\">report<\/a> predicts that the overall annual emissions of fossil fuels will be 37.4 billion tons of carbon dioxide (CO\u2082), increasing 0.8% over 2023. These numbers are more disturbing. The emissions from so-called \u201cland use changes\u201d \u2013including deforestation caused by humans and their agribusiness\u2013 amount to an additional 4.2 billion tons of CO\u2082 (GtCO2). This means 41.6 billion tons of CO\u2082 will be emitted into the atmosphere, one billion more than last year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, there are some positive trends: the green transition is underway in earnest after years of warning. The reason is simple: nowadays, clean energy is cheaper and more efficient than fossil fuels due to improved battery storage. Therefore, what we must do for the Earth today is also the best action we can do for our economies. Every dollar invested in climate adaptation and resilience can save between 5 and 7 dollars in future catastrophe costs, not to mention lives and livelihoods.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Most companies are fully aware of this saving, and consequently, they are acting. Around 60% of the more than 12.000 companies in the EU and the USA polled by the <a href=\"https:\/\/www.eib.org\/en\/index.htm\">European Investment Bank<\/a> (EIB) are investing in the green transition, while 90% are taking action to reduce greenhouse emissions (GHG). Therefore, reducing waste, lowering costs and promoting resilience makes sense from a commercial point of view.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Thus, the premise of most discussions is that tackling the climate crisis requires a lot of money. COP29 has not been dubbed \u201cthe COP of finance\u201d in vain. The COP aims to accelerate the energy transition away from fossil fuels that magnify the climate crisis and implement adaptation measures to limit the damage caused by extreme events such as torrential rains, floods or long-term droughts.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By 2030, developing countries need annually a trillion dollars in external climate finance, other than their resource mobilization, to help them reduce GHG emissions and cope with extreme weather events. So says the <a href=\"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-content\/uploads\/2024\/11\/Raising-ambition-and-accelerating-delivery-of-climate-finance_Third-IHLEG-report.pdf\">report<\/a> of the independent group of climate finance experts advising the Baku summit. The experts warn that any shortfall in investment before 2030 will put additional pressure on subsequent years, making the price of climate stability more costly. For example, between 1980 and 2023, EU countries spent more than \u20ac738 billion on natural disasters, with losses of \u20ac44 billion in 2023 alone due to climate events. In the last decade, losses reached \u20ac297.73 billion, an increase of 162% over the previous decade.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If action is not taken quickly, even higher amounts will need to be activated in shorter periods to achieve critical climate change objectives. Moreover, investment in adapting to change, repairing loss and damage, and restoring nature will improve dramatically as climate risks and natural disasters increase. The projected global investment required for international climate action is about $6.3-6.7 trillion annually until 2030: $2.7-2.8 in advanced economies, $1.3-1.4 trillion in China, and $2.3-2.5 trillion in emerging markets and developing countries. The latter countries will account for almost 45% of investment needs between 2024 and 2030.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this context, the <a href=\"https:\/\/www.greenclimate.fund\/\">Green Climate Fund<\/a> is the main instrument for assisting developing countries in climate change adaptation and mitigation. The amount, mainly from the contributions of the global north countries, was already estimated in 2010 at $100 billion annually between 2020 and 2025. However, this figure was not reached until 2023, according to preliminary data yet to be confirmed. Now, the debate in Baku is how to continue funding from 2026 onwards through a new instrument, the <a href=\"https:\/\/unfccc.int\/NCQG\">New Collective Quantified Goal<\/a> (NCQG).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nevertheless, there are many contentious issues related to climate finance. Reforming multilateral lenders is one issue, but another fundamental question is who contributes to it. Developed countries, historically the main emitters of GHGs, insist that they cannot be the only ones to invest money because there are still countries, known as developing countries, that are main emitters. For example, China is currently the largest emitter. The European Union and the United States of America argue that developing countries and the Persian Gulf states should contribute more resources. According to an EU Council <a href=\"https:\/\/www.consilium.europa.eu\/en\/press\/press-releases\/2024\/11\/05\/council-publishes-2023-international-climate-finance-figures\/\">report<\/a> published in November, the European Union, the leading contributor, has contributed \u20ac28.6 billion of public funds to climate action in vulnerable countries and mobilized another \u20ac7.2 billion of private equity by 2030.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Finally, critics point out that strategies focused mainly on economic growth raise concerns related to so-called \u201cevolutionary traps\u201d: initially beneficial solutions that become detrimental in the face of the speed of change. A good example would be innovations such as electric cars since the intensive production of critical materials they require exacerbates pressure on the ecosystem. Thus, they suggest that COPs should go beyond technical and financial solutions to promote global governance oriented towards inclusive and sustainable climate policies now that exceeding the limits set by the <a href=\"https:\/\/unfccc.int\/process-and-meetings\/the-paris-agreement\">Paris Agreement<\/a> seems imminent and its effects potentially irreversible..<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<p class=\"wp-block-paragraph\"><sub>Photography: Behind the Scenes at the UNCCC COP29. Creative Commons Attribution 2.0 Generic license.<\/sub><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><sub>Noa Redondo, Ariadna Coca and David Jim\u00e9nez, trainees at the CETC, have participated in this issue of <em>Idees d\u2019actualitat<\/em>.<\/sub><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The United Nations Climate Change Conference (COP29) held in Baku has taken place in a complicated geopolitical context. This year, known as \u201cthe election year\u201d, has led to an intense political competition period and has caused several governmental and strategic alliance changes, global trade relations tensions and violent disputes. However, these factors should not distract us from the Earth\u2019s current state and the real economy: the increase in climate change effects and cost. For instance, extreme weather events, such as the Caribbean hurricanes, the Amazon drought or the European catastrophic floods \u2013as we recently saw in Valencia, Spain\u2013 are more\u2026<\/p>\n","protected":false},"featured_media":77626,"template":"","category_newspaper":[584],"segment":[],"subject":[],"class_list":["post-77775","newspaper","type-newspaper","status-publish","has-post-thumbnail","hentry","category_newspaper-584"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Idees d&#039;actualitat - COP29: sustainability and climate finance &#8211; IDEES<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/revistaidees.cat\/en\/analisis\/diari-de-les-idees\/idees-dactualitat-cop29-sostenibilitat-i-financament-climatic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Idees d&#039;actualitat - COP29: sustainability and climate finance &#8211; IDEES\" \/>\n<meta property=\"og:description\" content=\"The United Nations Climate Change Conference (COP29) held in Baku has taken place in a complicated geopolitical context. This year, known as \u201cthe election year\u201d, has led to an intense political competition period and has caused several governmental and strategic alliance changes, global trade relations tensions and violent disputes. However, these factors should not distract us from the Earth\u2019s current state and the real economy: the increase in climate change effects and cost. 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