In the short term, Parties must land a positive outcome on finance at COP29. Public finance must unquestionably continue to play a central role in climate action, particularly for countries or issues that cannot attract private finance at scale. The process toward agreeing the new collective quantified goal on climate finance (NCQG) in Baku must assure developing country Parties in that regard. Additionally, given the limits to public sector donor climate finance, the NCQG must also generate confidence that climate finance will flow from many sources and will not be limited to the narrow confines of the UN Framework Convention on Climate Change (UNFCCC).

NCQG discussions could usefully consider how developing country needs could be integrated into a holistic multi-layered approach which would consider lessons learned, including precedent from other fora, such as the Kunming-Montreal Global Biodiversity Framework.

To achieve the goals of the Paris Agreement will require a shift in the dynamic of climate finance discussions, necessitating political input from finance ministers and Heads of Government. Without this, progress will continue to be limited and uncoordinated. To this end, the UN Secretary-General could consider re-launching the High-Level Advisory Group on Finance in 2025.

The post Rising to the Climate Finance Challenge appeared first on Center for Climate and Energy Solutions.

The Enhanced Transparency Framework is crucial to the climate regime. BTRs will play a vital role in the five-year ambition cycle of the Paris Agreement, representing a shift toward implementation and providing Parties context as they develop their new nationally determined contributions (NDCs) and eventually feed into the second global stocktake (GST).

Several barriers may create challenges as Parties finalize their BTRs, including due to the UN Framework Convention on Climate Change (UNFCCC) Secretariat not releasing key reporting tools until late 2024, and capacity issues as many developing country Parties prepare climate transparency reports for the first time.

The post The Enhanced Transparency Framework in Practice appeared first on Center for Climate and Energy Solutions.