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12. Agriculture and Food at COP28: Not Just More Money
- Author:
- Jose M. L. Montesclaros and Paul Teng
- Publication Date:
- 01-2024
- Content Type:
- Commentary and Analysis
- Institution:
- Centre for Non-Traditional Security Studies, S. Rajaratnam School of International Studies
- Abstract:
- The recent COP28 Climate Summit has finally given due recognition to food and agriculture given the close links between climate change and food production. While the summit saw a big push to operationalise the newly established Loss and Damage Fund, limited attention was given to agriculture in discussions on the said fund. Rather than focusing on drawing from the new fund to promote sustainable and climate-resilient agricultural practices, greater attention is needed instead to mobilising existing funds.
- Topic:
- Agriculture, Food, Climate Finance, and Conference of the Parties (COP)
- Political Geography:
- Global Focus
13. Inclusion of Loss and Damage as a Subgoal in the New Collective Quantified Goal (NCQG)
- Author:
- International Centre for Climate Change and Development (ICCCAD)
- Publication Date:
- 11-2024
- Content Type:
- Policy Brief
- Institution:
- International Centre for Climate Change and Development (ICCCAD)
- Abstract:
- The policy brief demonstrates how incorporating Loss and Damage (L&D) into the New Collective Quantified Goal (NCQG) being discussed currently at COP 29 will address not only the equity gap for developing countries, but also provide a well-rounded and well-defined climate finance landscape. By anchoring L&D as a distinct component within the NCQG, developing countries can secure finances to respond to unavoidable climate impacts and non-economic loss and damage, ensuring a more comprehensive and just response to the climate crisis.
- Topic:
- Climate Change, Development, Climate Finance, Equity, Loss and Damage (L&D), and Conference of the Parties (COP)
- Political Geography:
- Global Focus
14. Climate Finance Unchecked: How much does the World Bank know about the climate actions it claims?
- Author:
- Christian Donaldson, James Morrissey, and Jason Farr
- Publication Date:
- 10-2024
- Content Type:
- Policy Brief
- Institution:
- Oxfam Publishing
- Abstract:
- Oxfam finds that for World Bank projects, many things can change during implementation. On average, actual expenditures on the Bank’s projects differ from budgeted amounts by 26–43% above or below the claimed climate finance. Across the entire climate finance portfolio, between 2017 and 2023, this difference amounts to US$24.28–US$41.32 billion. No information is available about what new climate actions were supported and which planned actions were cut. Now that the Bank has touted its focus on understanding and reporting on the impacts of its climate finance, it is critical to stress that without a full understanding of how much of what the Bank claims as climate finance at the project approval stage becomes actual expenditure, it is impossible to track and measure the impacts of the Bank's climate co-benefits in practice. The Bank should improve its reporting practices, undertake a climate finance assessment on closed projects, standardize how it reports on climate finance in projects and create a public climate finance database.
- Topic:
- Development, Climate Finance, Accountability, Transparency, and Multilateral Development Banks (MDBs)
- Political Geography:
- Global Focus
15. Carbon Inequality Kills: Why curbing the excessive emissions of an elite few can create a sustainable planet for all
- Author:
- Mira Alestig, Dabi Nafkote, Abha Jeurkar, Alex Maitland, Max Lawson, Daniel Horen Greenford, Corey Lesk, and Ashfaq Khalfan
- Publication Date:
- 10-2024
- Content Type:
- Policy Brief
- Institution:
- Oxfam Publishing
- Abstract:
- The only way to beat climate breakdown and deliver social justice is to radically reduce inequality. This briefing paper reveals the catastrophic climate impacts of the richest individuals in the world, and proposes taking urgent action to protect people and the planet. What little carbon dioxide we can still safely emit is being burned indiscriminately by the super-rich. We share new evidence of how the yachts, jets and polluting investments of the 50 richest billionaires are accelerating the climate crisis. Oxfam’s research shows that the emissions of the world’s super-rich 1% are causing economic losses of trillions of dollars; contributing to huge crop losses; and leading to millions of excess deaths. As global temperatures continue to rise, risking the lives and livelihoods of people living in poverty and precarity, we must act now to curb the emissions of the super-rich and make rich polluters pay.
- Topic:
- Climate Finance, Investment, Loss and Damage (L&D), Conference of the Parties (COP), and Billionaires
- Political Geography:
- Global Focus
16. A climate loss and damage fund that works
- Author:
- Melanie Pill and Georgia Hammersley
- Publication Date:
- 09-2024
- Content Type:
- Policy Brief
- Institution:
- Lowy Institute for International Policy
- Abstract:
- The new Fund for responding to Loss and Damage should adopt a clear allocation mechanism based on recipient countries’ vulnerability, emission contributions, and climate change policies. Loss and Damage solutions are unlikely to result in clear financial returns, and the Fund should therefore focus on providing fast and efficient grant-based finance to the most vulnerable countries. Simplified procedures for countries and organisations to access financing and a flexible suite of implementation approaches are key. To raise more financial support, the Fund should explore the potential for engagement with philanthropies and encourage donor countries to adopt voluntary market mechanisms such as levies to raise additional funds.
- Topic:
- Climate Change, Climate Finance, and Loss and Damage (L&D)
- Political Geography:
- Global Focus
17. Climate Financing
- Author:
- Mohammed Mahmoud
- Publication Date:
- 09-2023
- Content Type:
- Video
- Institution:
- Middle East Institute (MEI)
- Abstract:
- Director of MEI’s Climate and Water Program Mohammed Mahmoud speaks to energy and sustainable infrastructure expert Lucia Fuselli on the role of climate financing - a critical component of initiatives aimed at reducing greenhouse gas emissions and bolstering climate resilience.
- Topic:
- Climate Change, Energy Policy, Water, Infrastructure, Climate Finance, Sustainability, and Carbon Emissions
- Political Geography:
- Middle East and Global Focus
18. The Future of Climate and Development Finance: Balancing Separate Accounting with Integrated Policy Responses
- Author:
- Svea Koch and Mariya Aleksandrova
- Publication Date:
- 01-2023
- Content Type:
- Policy Brief
- Institution:
- German Institute of Development and Sustainability (IDOS)
- Abstract:
- With the first Global Stocktake to be presented at the 28th Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC) in Dubai, the question of inadequate levels of climate finance for developing countries will again take centre stage. Ongoing efforts to reform climate finance include the negotiation of a New Collective Quantified Goal (NCQG) by the end of 2024; the structural reform of Multilateral Development Banks (MDBs) to provide more climate finance and to lower the cost of capital; and the setting-up and integration of the new funding stream for loss and damage. Yet, there are other longstanding issues in international climate finance that likewise need to be addressed as part of these ongoing efforts, which are mainly related to the disentanglement of the development and climate finance regimes. Official Development Assistance (ODA), per definition, aims to promote the economic development and welfare of developing countries, and at the same time plays an increasing role in the global climate finance landscape. However, sourcing climate finance from ODA is already leading to a “crowding out” of limited ODA resources for its original purposes. Moreover, the current system of reporting on and accounting for climate finance provided through ODA has significant pitfalls and weaknesses. This paper discusses some of the key challenges caused by the blurring of the development assistance and climate finance regimes and argues that the NCQG process and the integration of loss and damage into the climate finance system must go hand in hand with a separation of climate and development finance accounting mechanisms whilst ensuring integrated policy responses. We address these issues in two parts: first we focus on the current system of reporting and accounting for international climate finance (as ODA); and second on the role of ODA to finance mitigation, adaptation, and loss and damage. We argue that there is a political necessity for distinguishing between ODA and climate finance (for transparency and credibility), which contrasts with the operational reality where co-benefits of projects and development finance must be achieved by integrating climate and non-climate objectives. In this regard, the paper analyses the implications of on-going negotiations under the UNFCCC around the NCQG and loss and damage for a necessary ODA reform. In particular, we make the following recommendations: (1) Align the accounting and reporting system of the OECD (Organisation for Economic Co-operation and Development) with the NCQG: one should separate climate and development finance; reduce over-reporting; and establish triangulation of climate finance data reported by donors. (2) Introduce qualitative frameworks for monitoring and assessment of the impact of climate-related interventions; and define “fit-for-purpose” instru-ments and channels for the provision of climate finance. Looking ahead, we expect discussions on a potential enlargement of the contributor base of climate finance to give new impetus to climate finance reform.
- Topic:
- Reform, Climate Finance, Transparency, Development Policy, and Development Finance
- Political Geography:
- Global Focus
19. The Global Stocktake at COP28: Ensuring a Successful Outcome
- Author:
- Masooma Rahmaty and Gabriela Bonina
- Publication Date:
- 11-2023
- Content Type:
- Policy Brief
- Institution:
- International Peace Institute (IPI)
- Abstract:
- COP28 marks a pivotal point in the global response to the climate crisis, where countries will have the first opportunity to review and take stock of the Paris Agreement through the Global Stocktake (GST). This presents an opportunity to accelerate climate action and close the gaps needed to keep global warming below 1.5°C. To ensure a successful political outcome from the GST, the parties at COP28 could focus on the following: Keep 1.5°C alive through commitments in nationally determined contributions: Governments, especially major emitters and future major emitters, need to commit to ambitious measures to reduce greenhouse-gas emissions. The GST outcome should provide specific guidance and actionable suggestions to countries as they prepare to submit their new or updated NDCs in 2025. Phase out fossil-fuel production: Parties should agree to call for a sustained and widespread phase-out of fossil-fuel production, including the elimination of subsidies for domestic and foreign fossil-fuel extraction. The goal should be to achieve net-zero carbon emissions as close as possible to 2040 (for developed countries) and 2050 (for emerging economies). An ambitious GST outcome would also include individual and collective commitments to triple global capacity for renewable energy by 2030. Price emissions: Parties should go beyond making pledges and develop mechanisms and frameworks that incentivize action. Carbon pricing is one such mechanism. A global carbon-pricing floor should differentiate between developed and developing countries, and the price should be set based on the markets rather than on a distinction between high and low emitters. Implementing a global carbon-pricing strategy could foster cooperation between developed and developing countries to safeguard the planet’s climate. Improve the quality and quantity of climate finance: Getting countries out of debt, especially those vulnerable to climate impacts, should be a priority. Donor countries can also explore innovative strategies for utilizing the International Monetary Fund’s special drawing rights to provide grants instead of putting countries more in debt. Bridgetown 2.0 highlights a path toward reforming the global financial system to better serve developing countries through currency exchange guarantees, disaster clauses for debt deals, and reforms to multilateral development banks to increase lending. Capitalize the Loss and Damage Fund: Now that countries have agreed to establish the Loss and Damage Fund, they should make pledges and pursue innovative finance, including taxes and levies on shipping, air travel, financial transactions, and fossil fuel extraction.
- Topic:
- Climate Change, Climate Finance, Fossil Fuels, Carbon Emissions, Paris Agreement, and Conference of the Parties (COP)
- Political Geography:
- Global Focus
20. Global incentive mechanism to protect standing forests
- Author:
- Igarapé Institute
- Publication Date:
- 12-2023
- Content Type:
- Special Report
- Institution:
- Igarapé Institute
- Abstract:
- The planet’s future hinges on safeguarding the remaining tropical forests. These forests, crucial for reducing global temperature by at least 1°C, are home for two-thirds of global biodiversity and absorb 29% of the world’s annual CO2 emissions. In this Global Futures Bulletin, we present a global incentive mechanism designed to enhance, not just replace, carbon markets, and to more effectively compensate those committed to conserving forest. The core concept involves a simple and intuitive set of new incentives, enticing individuals, organizations, or nations to cease deforestation in return for yearly payments per hectare of preserved forest. Funding would come from multiple sources, including combined funding mechanisms from philanthropies, bilateral and multilateral funds, and institutional investors. This mechanism aims to cover the opportunity cost of the immediate land-use benefits from forest degradation, such as livestock farming and monoculture agriculture. Nations that possess these vital ecosystems should be at the forefront of this movement. Brazil, with 59% of its territory covered by forests and set to host COP30 in 2025, is poised to be a key player in developing a global financial framework that secures a sustainable future for the planet and its people.
- Topic:
- Climate Change, Climate Finance, Carbon Emissions, Forest, Biodiversity, and Conference of the Parties (COP)
- Political Geography:
- Global Focus