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Nov 11, 2024, 12:01:45 PM11/11/24

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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:

Power: Renewable energy capacity expanded by 473 GW in 2023, marking a 14% increase during the year
Investment: Global investment in clean technology manufacturing reached approximately USD 200 billion – a 70% increase from 2022
Cars: 35% growth in zero-emission vehicle sales, now totalling 18% of global car sales in 2023 around the world
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
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.

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Nov 14, 2024, 3:40:43 PM11/14/24

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UN Climate Change – Global Climate Action

14 November 2024

High-Level Champions'

Top of the COP

Newsletter

Accelerating fair finance flows for climate solutions

THURSDAY 14 NOVEMBER

Welcome to the Top of the COP daily newsletter, brought to you by the UN Climate Change High-Level Champions. Every morning for the duration of COP 29, the Top of the COP will highlight action of real-economy actors — businesses, investors, cities and regions, Indigenous Peoples and youth — accelerating progress towards 2030 goals.

Subscribe here to receive the daily Top of the COP as soon as it’s published on LinkedIn.

Driving the day

Accelerating finance for climate solutions: COP 29 gets underway with private finance leaders showcasing increases in commitments, action and investments in climate solutions in 2024, and calling for ambitious policy outcomes at COP 29 to enable greater action. Private sector representatives at COP 29 continue to call for a high-ambition, actionable climate finance package, including investable NDCs, that gives markets the confidence to invest where it is needed most.

Today, updated analysis from the Independent High Level Expert Group (IHLEG) on Climate Finance outlines how a transition to clean, zero carbon energy, building resilience to the impacts of climate change, coping with loss and damage, protecting nature and biodiversity, and ensuring a just transition, requires a rapid step-up in investment in all countries. It recommends mobilising USD 1 trillion per year for developing countries by 2030 and states the large and rapid scale-up of finance to support a big investment push can only be achieved by harnessing all pools of finance.

Private finance is flowing

While more is urgently needed, private finance continues to show leadership, and the benefits of climate aligned investment and action. The Race to Zero campaign now includes more than 650 financial institutions across all parts of the financial system taking immediate action to halve global emissions by 2030. Members of the Net-Zero Asset Owner Alliance, a Partner of Race to Zero redirected USD 555 billion in combined investments in climate solutions in 2023, marking a quadrupling since 2020. These climate solutions investments include corporate bonds, real estate, listed equity, infrastructure and private markets.

More than 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), representing a threefold increase since COP 28.

In its third year, the Regional Platforms for Climate Projects work, launched by the High-Level Champions and the UN Regional Economic Commissions, is now collaborating with 11 partners to mobilise climate investments in developing countries. Together they are increasing collaboration among policymakers, financiers, project developers and technical assistance providers. This year’s forums identified an additional 19 investable projects in Latin America and Europe reflecting investment opportunities to advance regional needs and priorities.

These innovative investable projects include; a battery factory in Serbia, a reforestation firm using drones to build resilient ecosystems in French Guiana and Brazil, biochar initiatives using food waste to store carbon in the ground in different countries, data-driven companies using AI to mitigate climate risks and improve water use in food systems in Latin America, and a biotech company working to increase agricultural yields and restore degraded soil across South America. Collectively, these projects are seeking close to USD 3 billion in investments. More details of the projects can be found here: Latin America and Europe.

Overall investment trends are also ticking up. The World Business Council for Sustainable Development (WBSCD): The Business Breakthrough Barometer 2024 found that three-quarters of leading businesses surveyed report having 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. Analysis by the Climate Policy Initiative suggests climate finance flows are likely to have surpassed an estimated USD 1.5 trillion in 2023.

Building a highway for finance

Today, the COP 29 Business, Investment and Philanthropy Climate Platform (BIPCP) event, co-convened by the COP 29 Presidency and the High-Level Champions, will showcase these advances and more, emphasising how business, investors and philanthropies can effectively collaborate to increase finance flows to where it is needed most.

Participants will include Mikayil Jabbarov, Minister of Economy, Azerbaijan;; and Racquel Moses, CEO of the Caribbean Climate Smart Accelerator, as well as representatives from the International Finance Corporation (IFC), the Bill and Melinda Gates Foundation and the World Economic Forum. Sessions will highlight diverse financing strategies and approaches that they and their many partners are pursuing to drive financial flows to the actions and solutions needed to achieve the 2030 Climate Solutions.

The CREO Family Office Syndicate (CREO) and the Investor Leadership Network (ILN) — a CEO-led group of 14 global institutional investors with over USD 10 trillion in assets under management — jointly representing their members including family offices/foundations, pension funds, insurers and sovereign wealth funds, will announce that they are uniting to develop a shared vision and action plan to accelerate the deployment of private capital, working with enabling partners including Builders Vision, CDPQ and the Milken Institute.

The Glasgow Financial Alliance for Net Zero (GFANZ) will speak to its focus on enhancing voluntary transition planning guidance, and the over 50 organisations supporting the Global Capacity Building Coalition platform designed to be a go-to global resource for financial institutions developing climate action strategies, particularly in emerging markets and developing economies (EMDEs). Work to unlock private finance in EMDEs has included a World Bank Private Sector Lab, a Nature Investment Lab, and high integrity carbon markets.

The BIPCP, taking place in the Blue Zone for the first time, highlights the strong voices of investors, philanthropies, and businesses, calling for a fair and ambitious climate finance outcome at COP 29, and noting the importance of clear policy to enable further action. The BIPCP is an opportunity for the private sector to offer their leadership, capital, and insights to support and inform the critical work of national governments here at COP.

Recent insights and calls include:

● Atlantic Council - Six ways to scale private finance for climate adaptation, reflecting recommendations developed jointly by government and private sector representatives to accelerate the mobilisation of private finance for adaptation and resilience in support of the Sharm-El-Sheikh Adaptation Agenda.

● Investor Agenda: call on governments by 650 financial institutions managing more than USD 33 trillion in assets under management to accelerate private capital flows.

● World Economic Forum: Alliance of CEO Climate Leaders call on regulators and policy-makers to improve the business case for climate action and spur investment. The alliance comprises 117 CEOs, including 49 from the First Movers Coalition and 27 regional CEO climate group members. Collectively they represent USD 4 trillion in revenues and 12 million employees.

● The Institutional Investors Group on Climate Change – over 400 major global investors across 27 countries with USD 65 trillion in assets – are highlighting how NDCs can help investors identify long-term investment opportunities. They highlight sectoral pathways underpinned by robust policies and complemented by clear financing strategies as key elements of an investable national climate plan. See Making NDCs Investable,

Businesses and investors are sharing their insights and solutions for investment-enabling policies and trade for climate as part of the COP 29 Presidency’s Baku Initiative for Climate Finance, Investment and Trade (BICFIT) event happening today to foster integration of the global trade and climate agendas.

Insurance Breakthrough

A new paper published by the High-Level Champions and global insurance group Howden, demonstrates the critical role the insurance sector can play in accelerating decarbonisation and increasing resilience. The USD 19 trillion in investment capital that has already been committed by energy companies, governments, and private equity to financing the climate transition through to 2030 is estimated to require USD 10 trillion in innovative insurance cover in order to meet investor risk requirements.

The paper cites examples of innovative insurance solutions that have the greatest potential to help rapidly enable the delivery of the 2030 Breakthroughs - specific sector targets to keep global warming within 1.5 °C. Examples include a risk-mitigating solution which facilitated the development of a plastics renewal facility designed to process 100,000 tons of plastic waste annually; political risk insurance cover for Senegal’s first large-scale renewable energy Project; and integrating mangrove restoration with asset protection insurance to protect a wind power project, left vulnerable to tidal erosion and storm surges due to the degradation of surrounding mangroves.

Net Zero Export Credit Agencies launch target-setting guidance.

The UN-convened and Race to Zero partner, Net-Zero Export Credit Agencies Alliance (NZECA) launched its target setting guidance at COP 29 yesterday. It is the first tool of its kind to enable export credit agencies (ECAs) and export-import (ExIm) banks to set net-zero targets and put them into action to accelerate their decarbonization ambitions.

This first version provides guidance to members on setting long-term and intermediate science-based climate targets and related disclosures, helping members to fulfil the commitments they have made when joining the Alliance. NZECA also announced its membership extension welcoming Finland’s Finnvera.

Accelerating the net zero transition of high emitting sectors

The Breakthrough Agenda will launch the ‘Baku’ Priority International Actions, a set of actions to be implemented by governments and non-State actors in 2025, aimed at accelerating the decarbonisation of five high emitting sectors: power, hydrogen, steel, road transport, and buildings. These include coordinated action at the international level and between the public and private sectors on standards and certifications, demand, finance and investment, research and development, marking is a critical step forward on the path to a net zero economy. As highlighted in the recently released Breakthrough Agenda Report 2024 authored by the IEA and the High-Level Champions, good progress has been made in some areas, but we need more ambition, more action and more international collaboration in all sectors.

Green fuels for green shipping: a call to action

A good, concrete example of that action and collaboration, today 55 actors from across the maritime value chain, including 15 suppliers and 19 demand organizations have launched a set of commitments to achieve a minimum 5% - whilst striving for 10% - uptake of zero emission fuels in international shipping. This is urgently required to achieve a just and equitable transition in line with the Green Shipping 2030 Climate Solutions.

These commitments focus on supply, demand and finance and call on policy makers to maximise the success of the 2030, 2040, and 2050 goals of the International Maritime Orrganization’s 2023 GHG Strategy, and minimise the cost of shipping’s transition. The group is led by think tank RMI, with UK university UCL and the United Nations Foundation serving as experts, supported by the High-Level Champions.

Supporting Net Zero Policy

The inaugural report from The Taskforce on Net Zero Policy finds insufficient overall progress of policy reforms needed to align the activities of large corporates with a 1.5°C goal, but does include examples of progress. It notes policies related to net zero action for companies and financial institutions, often in middle income countries and developing economies, such as South Africa, Nigeria, Argentina and Indonesia. The report also found action on implementing actionable sustainable finance, like taxonomies and transition plans, has advanced around the globe.

Spotlight on SMEs

Yesterday, the International Trade Centre (ITC) endorsed the Baku Climate Coalition for SMEs, Green Transition Declaration and signed a partnership with the Small and Medium Business Development Agency of the Republic of Azerbaijan (KOBIA) and the Brazilian Support Service for Micro and Small Businesses (SEBRAE) to roll it out. The SME Declaration aims to help establish small businesses as a key stakeholder group in advancing the green transition ahead of COP 30 in Brazil.

To support the implementation of the Declaration, ITC will today launch its NDC 3.0 guidelines for countries to work with small businesses to design their Nationally Determined Contributions.

Making an impact

In the face of a climate emergency, solutions are emerging faster than ever, tackling every aspect of the challenge. The High-Level Champions’ new series, Impact Makers, shines a spotlight on those leading this change from the ground up.

Discover today’s Impact Makers, revolutionizing how we finance solutions that pave the way to a healthier and fairer world.

NGA TRAN THI THANH (JESSICA) – Accelerating Vietnam’s transition to a low-carbon economy through blended finance

GILBERTO RIBEIROL – Leading climate finance innovations for sustainable energy and land use in Brazil

LYNN VON KOCH-LIEBERT – Driving equity and access in climate finance through private lending and community partnerships

Youth voices

Climate Champions’ Youth Fellow, Amal Ridene sheds light on scaling adaptation finance at COP 29, where adaptation funding and private sector engagement are central to closing the climate resilience gap. As finance remains underfunded, she explains how COP 29 offers new opportunities for impactful investment in adaptation.

Call for inputs: COP 29 climate action announcements

The UNFCCC secretariat is tracking climate action announcements made at COP 29, including the launch of:

● climate initiatives;

● pledges and declarations;

● publications and reports;

● any other climate action announcements.

This information will be used to inform the Global Climate Action Portal (GCAP), formally known as Non-State Actor Zone for Climate Action (NAZCA), in particular, on its COP 29 event page. Please find the online form to submit your inputs here or via the QR code below.

About the High-Level Champions: The UN Climate Change High-Level Champions drive ambitious climate action by connecting the work of national governments with the many voluntary and collaborative actions and initiatives from non-Party stakeholders such as cities, regions, businesses, investors and civil society. This includes delivering the five-year plan of the Marrakech Partnership for Global Climate Action, in collaboration with the UNFCCC secretariat and other partners, using the tools and frameworks included in the 2030 Climate Solutions. H.E. Razan Al Mubarak and Ms. Nigar Arpadarai serve as the current High-Level Champions of the COP 28 Presidency and the COP 29 Presidency, respectively.

UN Climate Change | GlobalCli...@unfccc.int | unfccc.int

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From: Global Climate Action

Sent: Thursday, November 14, 2024 11:15 AM

Subject: Vladimir, here is the latest news from the High-Level Champions!

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Nov 15, 2024, 8:39:28 AM11/15/24

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UN Climate Change – Global Climate Action

15 November 2024

High-Level Champions'

Top of the COP

Newsletter

Building Resilience Today: Investing in People, Nature, and Clean Energy for a Sustainable Future.

FRIDAY, 15 NOVEMBER

Driving the day

On Energy and Resilience Day, with the launch of the Sharm el Sheikh Adaptation Agenda 2024 report and new partners joining Race to Resilience, there are clear signals of positive action on adaptation and resilience. Similar progress is reflected on energy day from non-State actors contributing to the tripling renewable energy capacity and doubling energy efficiency targets of the UAE Consensus.

Launched at COP 28 and including 45 utilities and power sector suppliers under the guidance of the International Renewable Energy Agency (IRENA) and the UN Climate Change High-Level Champions, the Utilities for Net Zero Alliance (UNEZA) announced increased membership and annual investments on grids and renewable power generation capacity, supporting the COP 29 grids and storage pledge.

The Latin America Energy Organization (OLADE) announced a Regional Target for Energy Efficiency set by member countries to deliver the doubling outcome of the Global Stocktake and a regional agreement on No More Coal-Fired Power Plants in the region. In addition, the Hydro4NetZero-LAC initiative will be launched to develop and modernise sustainable hydropower infrastructure increasing the energy systems’ flexibility and resilience.

The African Energy Commission (AFREC) launches a continental level Energy Efficiency Programm e, Strategy and Action Plan, establishing a roadmap for the industry, electricity supply (generation and grids), appliances (including clean cooking), buildings, transportation, and agriculture sectors.

This builds on earlier announcements at COP 29 including:

● The listing of the CIF Capital Markets Mechanism (CCMM), on the London Stock Exchange. As a provider of concessional catalytic finance CCMM has the potential to mobilize up to USD 75 billion in additional climate capital over the next decade to support clean energy transitions in emerging and developing economies. This will further crowd in private sector investments through innovative finance solutions for bankable packages.

● Mediterranean Countries kickstarted a new phase of their initiative to develop 1 TW of renewable capacity by 2030 - through the TeraMed initiative, led by MEDCEN steered by the Pooled International Fund for Energy, ECCO, along with key institutional partners, such as IRENA, the Global Renewables Alliance, Union for the Mediterranean, and the League of Arab States, in addition to supporters from civil society and business organisations.

● Building on the Global Methane Pledge (GMP) and leveraging the High-Level Champions’ convening power, the Global Methane Hub will support ‘Bending the Methane Curve in MENA’ that will be implemented by the Regional Center for Renewable Energy and Energy Efficiency (RCREEE). The program seeks to reduce methane emissions from the energy sector and will focus on developing robust regulatory frameworks, enhancing capacity for real-time emissions tracking, and implementing methane reduction technologies.

And supporting the transformation of the energy sector, members in the Race to Zero are taking action. Winery members collectively produce 34 million kWh of onsite renewable energy and cities including Seattle, San Francisco, Los Angeles, and New York City have divested over US$84 billion from fossil fuels, redirecting funds toward renewable energy and green job-creating climate solutions.

Non-State actors rally for resilient communities

In 2024, seven new partners joined the Race to Resilience campaign, including its first Indigenous-led initiative, the Tenure Facility. This partner aims to enhance resilience for 15 million people by securing land and forest rights across 60 million hectares. The campaign also expanded to four new regions via RegionsAdapt—Assam in India, Louga in Senegal, Pernambuco in Brazil, and Andalusia in Spain—reaching over 450 million people. These advancements are featured in the 2024 Race to Resilience Dashboard, published today. The campaign demonstrates the vital role of non-state actors in keeping adaptation and resilience at the forefront of the Global Climate Action Agenda.

Private Adaptation Finance is enabling local adaptation solutions investments

Following the six recommendations to leverage private finance for adaptation, successful catalytic capital and strategies unleash the potential to accelerate adaptation action with finance innovation, including:

● GAWA Capital and the Green Climate Fund will sign an agreement to provide an extra EUR 25 million in public finance for a EUR 300 million fund targeting smallholder farmers and small business owners in developing countries. Another EUR 5 million will be directed for technical assistance to support local businesses and generate positive environmental impact.

● The Lightsmith group launches SCALE (Systemic Capital for Adaptation Localization and Expansion) -- a virtual green bank for adaptation which serves as a one-stop shop for adaptation and climate resilience investment instruments. The private equity firm previously secured USD 100m in catalytic capital from USAID.

● Invesco is launching an adaptation finance and investments strategy focused on Emerging Markets and Developing Economies and most vulnerable regions to climate change.

● In the MENA region, the private sector is investing in regenerative agriculture and empowering smallholder farmers. SEKEM and Egypt Financial Supervisory Authority (FRA) agreed on the need to address challenges in the Voluntary Carbon Market (VCM) to allow smallholder farmers to trade validated carbon credits on the international Voluntary Carbon Market (VCM).

● The second year of MENAT Regenerative Agriculture Venture Programme was launched by Goumbook to empower and up-skill researchers, students and innovators who are addressing fundamental agricultural challenges.

● Race to Resilience partner, The International Coalition for Sustainable Infrastructure (ICSI) launched its latest Climate Resilient Infrastructure Report: A Focus on Technology, highlighting over 50 case studies, tools and initiatives that harness technology to build the resilience of over 119 million people globally through infrastructure.

2030 Climate Solutions: Scaling actions to build resilience of systems

Businesses, communities, cities and regions and financiers are intensifying their commitment to adaptation and resilience. The Sharm el Sheikh Adaptation Agenda 2024 Implementation Report highlights expanded efforts to scale impactful solutions.

Key examples of progress in 2024 include:

● Food and Agricultural Finance: Through the Forum for Insurance Transition to Net Zero (FTI), 19 insurers and reinsurers have committed to reducing risk in agricultural investments.

● Health: Launch of the Guiding Principles on Financing Climate and Health Solutions, which led to a number of financial commitments including USD 300 million from the Global Fund and USD 100 million from The Rockefeller Foundation

● Human Settlements: Initiatives like Climate Resilient Housing are enhancing the safety of 1.17 million people, including 588,013 women. In parallel, early warning systems such as EWS4All, CREWS, and DARAJA are making significant impacts, with DARAJA alone reaching one million people.

● Oceans: The Ocean Resilience and Climate Alliance (ORCA) philanthropic initiative secured USD 300 million to support ocean-climate solutions. In addition, USD 225 million in direct investments has been mobilized for the Coral Reef Breakthrough by the Global Fund for Coral Reefs (GFCR) In addition, GFCR launched its Call for Capitalisation, with donors and investors already starting to answer the call! With nearly USD30 million already committed toward the USD 150 million UN Ocean Conference target.

● Infrastructure: In 2023, USD 310 billion in investments were made toward resilient infrastructure, with significant advances in grid transmission and distribution projects to enhance climate resilience.

● Private sector investment in adaptation: Private Sector engagement in adaptation is been strongly enhanced through the launch of key frameworks and partnerships like Climate Resilience Pathways Report, Resilience4Ports and Business Action for Adaptation and Resilience.

● The Resilience Innovation through Scaling Entrepreneurship (RISE) Challenge was launched by the Global Resilience Partnership (GRP) as a Challenge to foster innovative urban resilient ideas that are meeting resilience needs in informality contexts and scale them to sustainable business ideas.

These collective efforts illustrate the power of strategic partnerships in accelerating adaptation and resilience across critical systems, safeguarding communities, and setting a strong course for climate resilience by 2030.

Making an Impact

In the face of the climate crisis, solutions are emerging faster than ever, tackling every aspect of the challenge. The High-Level Champions’ new series, Impact Makers, shines a spotlight on those leading this change from the ground up.

Discover today’s Impact Makers, helping accelerate the race to a cleaner and more resilient world.

BASIMA ABDULRAHMAN – Pioneering renewable energy solutions in Iraq

SHEELA PATEL – Building resilient, low-carbon housing solutions for informal settlements

KHALED MOHAMED NOBY – Balancing renewable energy expansion with biodiversity conservation in Egypt

RAGY RAMADAN – Delivering clean energy and safe water to underserved communities

Youth Voices

Ferdison Valmond, Race to Resilience Youth Fellow, explains how inclusive climate action can create a more resilient and fairer world, highlighting the campaign’s commitment to empowering underrepresented groups to ensure they play an active role in shaping climate resilience efforts.