*[Enwl-eng] Here is the latest news from the High-Level Champions!
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Mon Nov 11 16:19:51 MSK 2024
Email from UNFCCC
UN Climate Change – Global Climate Action
11 November 2024
High-Level Champions'
Newsletter
COP 29: Significant Strides by Cities,
Businesses, and Civil Society Prepare Way for Government to Accelerate the
Pace at Baku
At the outset of COP 29 in Baku, the Yearbook
of Global Climate Action 2024 has shown that climate-driven damage combined
with tangible economic growth opportunities is driving an increase in
actions to decarbonise industries and make cities more resilient.
Even amidst shifting political realities, the
annual stocktake of efforts by leaders across society and the real economy
highlights that rapid growth in clean technology, rising demand for
low-carbon solutions, and the persistent risks of climate change are likely
to drive continued and accelerating action.
The Yearbook includes significant advances
from the Marrakech Partnership network of non-State entities over the past
12 months including:
a.. Power: Renewable energy capacity
expanded by 473 GW in 2023, marking a 14% increase during the year
b.. Investment: Global investment in clean
technology manufacturing reached approximately USD 200 billion – a 70%
increase from 2022
c.. Cars: 35% growth in zero-emission
vehicle sales, now totalling 18% of global car sales in 2023 around the
world
d.. Cement: The sector reduced its carbon
intensity by 8% compared to 2020 levels and more than a third of members of
The Global Cement and Concrete Association have now set science-based
targets for emissions reduction
e.. Food: 103 agri-food businesses have
established and validated science-based targets - a more than 700 per cent
increase from 2023
These developments, alongside the continued
growth of the Global Climate Action Portal now tracking action from over
39,000 actors - demonstrate considerable headroom for governments to make
their next round of nationally determined contributions to the Paris
Agreement more ambitious than the last round in 2020.
The Yearbook also addresses areas where strong
policy leadership can both scale up climate solutions and accelerate the
breakthroughs we need to achieve both rapid decarbonisation and to protect
vulnerable communities against the increasing severity of climate shocks.
Firstly, powering up the global energy sector
will support a just transition away from fossil fuels. Building on the
momentum of COP 28, the Utilities for Net Zero Alliance (UNEZA), which
comprises 32 major utilities companies, recently announced their collective
intent to invest over US 116 billion annually in renewable energy generation
and power grid infrastructure. In addition, three-quarters of leading
businesses have increased their investments in the net zero transition over
the past three years with 90 per cent saying they would invest more if
targeted sector policy measures were implemented.
In parallel, members of the Net-Zero Asset
Owner Alliance convened under the Race to Zero campaign, redirected USD 555
billion in combined investments on climate solutions in 2023, marking a
quadrupling since 2020. Moving from pledges to plans, Race to Zero members
are offering their leadership and support to help governments develop
investable and implementable climate policy.
Finance is also a cornerstone of ambitious
climate action. The Yearbook indicates the power of private finance to
turbocharge the green transition, particularly in emerging markets and
developing economies. National climate action plans which include sectoral
targets and consistent policy frameworks can help accelerate investment in
the net-zero economy.
Nature is a key ally in effective climate
action and over the past 12 months initiatives to halt and reverse
deforestation, restore ecosystems, and transform food systems have expanded
under the leadership of the High-Level Champions and Marrakech Partnership.
For instance, over 500 business and financial
institutions are advancing at least one of the actions of the Nature
Positive for Climate Action initiative, including adoption of science-based
targets, and commitment to the Taskforce on Nature-related Financial
Disclosures (TNFD).
The Yearbook also reflects important advances
by initiatives helping people adapt to the realities of climate change. For
instance, action by partners of the Race to Resilience now cover more than 2
billion people in more than 160 countries. Members of The Mangrove
Breakthrough support the protection and restoration of more than 65,000
hectares of mangroves, and major companies such as Nestlé and Unilever have
expanded their regenerative agriculture programmes, helping to restore
degraded lands while securing supply chains, and impacting over 500,000
smallholder farmers.
In Baku, the UN Climate-Change High-Level
Champions for COP 28 and COP 29, H.E. Razan Al Mubarak and Nigar Arpadarai,
together with the Marrakech Partnership, stand ready to build on this
significant action by actors across the global economy and signal to
governments that ambitious, investable national climate action plans are
both welcome and necessary.
Ms. Arpadarai said:
“Climate-driven damage is making the world a
riskier place for people, businesses, supply chains, investors, and
communities. Storms, floods, and wildfires super-sized by climate change
have inflicted over USD 350 billion losses last year alone.
“Meanwhile, momentum towards the new clean
energy economy is set to sustain and scale, even amidst the many
uncertainties the world faces. But while the economic benefits and human
imperatives make this global transition inevitable, whether the pace of
change will be sufficient is not. And this is a choice that no one
organisation or nation can make but for the whole of the world to determine,
accelerating from Baku.”
Building on the momentum made throughout the
year, the High-Level Champions and Marrakech Partnership Programme at COP 29
will highlight concrete and impactful projects from cities, regions,
businesses, investors, and civil society that support national action and
need to be scaled to limit warming to 1.5 degrees, build resilience, and
mobilize finance at scale. In doing so, the programme aims to inspire
further climate action and collaboration across stakeholders and sectors to
maintain momentum towards a sustainable and resilient future for all.
Financing the Future: Vera Songwe’s Vision for
a Climate and Growth Agenda at COP 29
Distinguished economist and finance expert
Vera Songwe is a globally leading voice on sustainable development, climate
finance, and economic growth in emerging markets. With a wealth of
experience, including as Under-Secretary-General of the UN and Executive
Secretary of the UN Economic Commission for Africa, Songwe has been
instrumental in shaping discussions on Africa’s economic future, and the
global climate finance agenda at large.
As co-chair of the International High-Level
Expert Group (IHLEG) on climate finance, Songwe advocates for strategies to
mobilize public and private financing for climate action. Recently, she
co-authored ‘A Climate Finance Framework: Decisive Action to Deliver the
Paris Agreement’ with Nicholas Stern and Amar Bhattacharya, calling for a
dramatic increase in climate financing to support sustainable development
and green industrialization in low-income countries.
Songwe discusses the role of climate finance,
green industrialization, and the need for global cooperation to combat the
climate crisis. Her vision reflects a unified effort to fund a sustainable,
equitable global economy that aligns with urgent climate and nature goals.
COP 29 is known as ‘The finance COP’, what
does that signify to you?
We need leaders to come to the table ready to
commit the climate finance needed to address the climate crisis and drive
sustainable growth.
The Climate Finance Framework report that I
co-chaired explains that we need USD 2.4 trillion in financing—USD 1
trillion in external financing excluding China and USD 1.4 trillion in
domestic funding annually —by 2030 to support a just energy transition,
climate adaptation, and nature protection in emerging economies (excluding
China).
The only way to raise this amount of finance
is to stimulate domestic growth in low-income countries - by mobilizing
domestic resources, creating jobs, and accelerating green industrialization.
This vision for green industrialization was endorsed by African leaders at
the first Africa Climate Summit last year, and it continued under the COP 28
Presidency.
At COP 29, leaders have a critical task: to
bring green industrialization into clear, sharp focus - defining how it can
drive inclusive economic growth worldwide. Right now, we have the broad
outlines, but the vision remains blurry and mostly benefits the advanced
economies. By agreeing on a shared blueprint for green industrialization, we
can create a clear, actionable framework that benefits all countries.
What outcomes do you hope COP 29 delivers?
Firstly, the COP must fully fund the loss and
damage (L&D) fund created at COP 27 in Egypt. While initial resources were
committed at COP 28 in Dubai, and the World Bank has now established the
fund’s institutional framework, must ensure it is fully financed to meet its
mandate. Securing this would be a major milestone.
Secondly, I hope COP 29 significantly advances
the Global Climate Finance Framework, endorsed as the UAE consensus, that
was launched last year to make climate finance accessible and impactful,
especially for developing nations. The Framework’s 10-point agenda outlines
practical steps to mobilize various financing sources—from crowding in
private sector funds with credit enhancements from Multilateral Development
Banks (MDBs) and global philanthropy, to loss and damage financing, and
biodiversity protection.
Thirdly, COP 29 should strengthen the global
commitment to move away from fossil fuels. In 2022, fossil fuel subsidies
reached an astonishing USD 7 trillion, or USD 13 million per minute,
according to the IMF—far outpacing the USD 2.4 trillion needed annually to
meet global climate goals. Redirecting even half of fossil fuel subsidies to
climate finance would yield USD 3.5 trillion, greatly exceeding the
financing pledged currently.
Lastly, COP 29 should confirm what robust
transition plans should look like. This is key to determining which
transition plans get funded. Whether it’s an African country needing
external support or a Gulf nation deploying own resources to manage its
transition - clear, well-defined plans are essential. Transitioning involves
more than merely halting production; it requires phasing down brown fuels
through optimization before closure.
How can COP 29 catalyse carbon markets?
A clear space to raise finance for low-income
countries is carbon markets, so we need the COP conversations to drive
progress on Article 6 of the Paris Agreement, to unlock that potential. If
structured effectively and transparently, carbon markets can drive a huge
part of the revenue needed for green development and climate finance in
places like Africa.
To raise integrity, we need to shift from
voluntary to compliance-based carbon markets; establishing mandatory rules
and standards for measuring, reporting, and verifying emissions reductions.
This would reduce risks of greenwashing or inaccurate reporting, helping to
ensure that carbon credits genuinely represent measurable emissions
reductions, turning them into reliable financial assets.
We also need interoperability so that carbon
credits can be priced and traded consistently across regions. Currently,
many carbon markets are region-specific: two carbon credits from different
regions might be priced differently, not because one is inherently more
effective in reducing emissions, but because of regional factors like local
demand or market rules. Standardizing carbon credits to reflect the true
asset or commodity value, would streamline pricing, making credits more
comparable and tradable across global markets. This would allow investors to
transparently assess carbon credits - ultimately boosting trust in the
carbon market.
How can the New Collective Quantified Climate
Goals (NCQG) unlock stronger action?
One of the key stories of COP 29 will be
governance of the New Collective Quantified Climate Goals (NCQG), a new
global climate finance goal that leaders shall set from a floor of USD 100
billion per year, prior to 2025. It is crucial that we make significant
progress on the NCQGs, as they will underpin many countries' mitigation and
adaptation strategies. Given 80% of emissions come from just 20% of
countries, we hope G20 nations will arrive in Baku, firstly, ready to
clarify their own paths to net zero, and secondly to outline a framework to
support global efforts in a credible and sustainable manner.
The full interview with Vera Songwe can be
found here.
COP 16 Rallies Finance for Nature-Positive
Solutions
Credit: Wikimedia Commons
Building on the progress of the UAE Consensus,
COP 16 in Cali offered a unique opportunity to advance financial solutions
integrating nature and climate.
From protecting our forests to shifting global
financial flows and recognizing Indigenous People as stewards of nature, COP
16 reinforced the urgent need to synthesise action on nature and climate
change.
The UN Climate Change High-Level Champion of
the COP 28 Presidency, H. E. Razan Al Mubarak joined non-State actors and
government representatives in Cali, Colombia, to showcase progress across
sectors. An extra USD 10 million financing for protecting ocean and coral
reefs, the necessity to unlock capital for nature-based solutions,
redirecting financial flows from nature-negative to nature-positive
activities, and scaling finance for Indigenous Peoples were central in the
discussions.
H.E. Razan Al Mubarak commented:
“COP 16 provided an excellent platform to
integrate nature and climate into the core of economic policy and decision
making. Implementing this requires coherent, integrated actions across all
sectors of society and government. Building on the progress made by the UAE
Consensus, which underscored the vital role of nature in combating climate
change, we are in a pivotal moment to unite countries worldwide in a call to
halt deforestation and forest degradation by 2030.
“As a High-Level Champion, I have witnessed
remarkable mobilization, innovation, and commitment from non-State actors,
striving for a resilient, net-zero, nature-positive future.”
The Taskforce on Nature-related Financial
Disclosures (TNFD) announced that over 500 organizations with USD 17.7
trillion in assets under management committed to voluntarily nature-related
impact reporting, up by 52% this year. This supports the Kunming-Montreal
Global Biodiversity Framework’s (GBF) goals and aligns with Nature Positive
for Climate Action call to action.
New Zealand pledged USD 10 million to coral
reef protection via the Coral Reef Breakthrough. Outlining a clear agenda to
reform the international finance architecture to facilitate a transition to
a nature-positive economy, the Global Roadmap for a Nature-Positive Economy
was launched by WWF, with the support of partners, including the Climate
Champions.
Building on the momentum from COP 28, the
Urban Nature Programme was launched at the ‘Urban Nature Program’s Mayors’
Leadership Forum’ to support nature-positive and biodiversity actions at the
subnational level to achieve the global targets set out in the GBF.
The Cali-Baku Pledge to Enable Action to
tackle climate and nature-related financial risk. The Sovereign Debt
Coalition launched to scale debt conversion mechanisms for nature and
climate to promote water conservation, building on the efforts of the Task
Force on Credit Enhancements for Sustainability-Linked Sovereign Financing,
launched at COP 28.
A new funding mechanism was announced to
conserve native forests. Brazil presented its progress on the design of The
Tropical Forest Forever Facility. Announced at COP 28, the fund aims to
crowd in USD 125 billion and to start operating from COP 30, Brazil, to help
countries to reduce greenhouse gas emissions and preserve biodiversity.
Building on the progress made by the UAE
Consensus under the UNFCCC, COP 16 offered a unique opportunity to address
the twin crises of biodiversity loss and climate change together. Another
key agreement was that Parties, Observers and other key stakeholders have
committed to submit by 2025 their recommendations to improve policy
coherence, including a potential work programme to unify the Rio
Conventions. The initiative aims to promote technical information exchange
and collaboration to accelerate the implementation of the Conventions on
Biological Diversity, the GBF, the UNFCCC and the Paris Agreement.
Keep on ‘Top of the COP’ - Daily Newsletter
During COP 29, the High-Level Champions and
partners will publish a raft of announcements here on our website.
Also, to help you and your colleagues stay
informed, please pass on this link to subscribe for the ‘Top of the COP’
newsletter, your go-to morning overview of key announcements to expect at
the start of each COP day, from November 13 - 21 November.
Also, please find a short overview video
containing some of our recent speakers from the Non-State Entities ecosystem
Race to Zero Update:
SME Climate Drive Rallying 10,000 Enterprises
for Baku
Race to Zero is getting ready for COP 29, and
working to mobilize 10,000 SMEs in Baku, alongside Partner, the SME Climate
Hub.
Launched at New York Climate Week, the SME
Climate Ambition Drive, is a global campaign seeking to galvanize SMEs to
commit to reducing their carbon emissions and join the Race to Zero, through
the SME Climate Hub. 10,000 sign ups to the ‘SME Climate Commitment’, to
halve emissions by 2030, achieve net zero by 2050, and report on your
progress yearly, is the target for the campaign.
“Small and Medium Enterprises (SMEs) are the
backbone of the global economy and essential to reaching a net-zero,
resilient future for all,” said Nigar Arpadarai, the UN Climate Change
High-Level Champion for COP 29.
“Enabling SMEs to take ambitious climate
action is my core priority ahead of COP 29. I am pleased to support the
launch of the SME Climate Ambition Drive – working with all actors to
support SMEs in taking urgent and decisive action by joining the Race to
Zero, as a key pillar of my Climate Proofing SMEs campaign.”
To assist in this effort, Race to Zero
Accelerator Giki just completed its Employee Race to Zero which engaged 30
SMEs across a wide range of sectors, from vets to travel companies; banks &
building societies, to sports organizations and film studios, showing the
amazing richness and variety within the SME community, with hundreds of
employees taking part.
In case you missed it
a.. Explore the ‘Truly Global’ – Regional
Outlook on the 2030 Climate Solutions by the High-Level Champions and
Marrakech Partnership released on 5 November 2024. This report takes a
closer look at priorities, barriers, and recommended actions to accelerate
system transformation, particularly the work of innovators, entrepreneurs,
and impactful projects advancing climate goals in Africa, Asia, and Latin
America and the Caribbean. It builds on the first edition of the 2030
Climate Solutions: an Implementation Roadmap launched at COP 28 in response
to the first global stocktake (GST).
b.. The High-Level Champions also published
an updated report showcasing the insights, solutions and support offers from
the Marrakech Partnership and the wider network to assist national
governments to drive an all-of-society approach in designing and
implementing national climate plans, also as an effort to support the
advancement of the outcome of the first GST and inform climate policies and
plans.
Mark Your Calendar
a.. UNFCCC COP 29, 11-22 November, Baku,
Azerbaijan
b.. G20 Summit 2024, 18-19 November, Rio de
Janeiro, Brazil
c.. United Nations Convention to Combat
Desertification COP 16, 2-13 December, Riyadh, Saudi Arabia
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From: Global Climate Action
Sent: Monday, November 11, 2024 11:23 AM
Subject: Vladimir, here is the latest news from the
High-Level Champions!
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