Growing calls for scaled up ambition on climate finance and national climate plans marks week one of COP29

Researchers, industry experts and world leaders are in Baku, Azerbaijan for the 29th gathering of the annual UNFCCC Conference of the Parties, also known as COP29.

This year’s menu of priorities includes agreeing on ambitious targets for a New Collective Quantified Goal (NCQG) on climate finance, raising ambition through strengthened national commitments to emissions reductions in Nationally Determined Contributions (NDCs), phasing out fossil fuels to support clean energy transitions, and operationalizing a loss and damage fund.

The first week started with a big win for carbon markets. Under Article 6, governments have agreed on strong standards for a centralized carbon market under the UN. This is a good start – a product of over 10 years of work which will go a long way towards allowing for the international transfer of carbon credits and supporting the operationalization of the carbon market. This has the potential of bridging the climate financing deficit estimated in the trillions of dollars impacting the energy transitions of emerging and developing countries.

Showcasing solutions and enhancing ambition

The SEforALL delegation has been hard at work showcasing climate leadership through people-centered energy transitions. Discussions have centred on the critical role clean energy plays in fighting climate change and spurring sustainable development.

Here are our highlights of the week:

SEforALL CEO named as TIME100 leader on climate action

TIME named the CEO, Damilola Ogunbiyi, in its 2024 TIME100 Climate list, recognizing the 100 most innovative leaders driving business climate ambition. Damilola was recognized for being a steadfast voice and champion of the Global South and for her passion to accelerate a just and equitable energy transition.

Impactful Deliberations at the SDG7 Global South Pavilion

As the host of the SDG7 Global South Pavilion, SEforALL, together with its partners showcased how to unite global efforts on energy, climate and development.

In week one, the Pavilion hosted meetings and 14 events bringing together governments, the private sector, civil society, UN bodies and other stakeholders for critical discussions on just and equitable energy transitions, with a strong focus on the need to significantly increase climate and clean energy finance to emerging economies and developing nations.

The G20 Just and Inclusive Energy Transition Compact

In a landmark step toward sustainable and equitable global energy transformation, the G20 Brazil presidency with the support of SEforALL, formally unveiled the "Just and Inclusive Energy Transition Compact" at COP29 in Baku.

The Compact aims to serve as a catalyst for global action, creating a roadmap for inclusive and just energy transitions. This initiative will harness support from a wide array of stakeholders, fostering enduring commitments and contributing to sustainable, equitable energy policies globally.

More on this compact here: www.seforall.org/news/brazil-launches-new-compact-for-a-just-and-inclusive-global-energy-transition

AI-powered tools to support energy planning in developing countries

IBM and Sustainable Energy for All (SEforALL) announced new, publicly available artificial intelligence (AI)-powered solutions to inform more sustainable urban development for cities and communities around the world.

The solutions will enable decision-makers and policymakers to map urbanization and identify energy and infrastructure needs for communities in developing regions.

More on these tools here: www.seforall.org/news/sustainable-energy-for-all-and-ibm-launch-new-ai-solutions-for-energy-and-urban-development

Calls for Stronger Progress on Energy Efficiency

While energy efficiency was front and centre at COP28, the world is still off track in reaching the global goal to double energy efficiency by 2030. A coalition of countries, businesses and organizations under the aegis of Mission Efficiency called on global leaders to commit to actionable measures to unlock the energy efficiency investment that is crucial to meeting climate targets.

There were calls for individual nations to incorporate energy efficiency measures and targets in their nationally determined contributions (NDCs).

More on this Mission Efficiency call to action here: www.seforall.org/news/global-coalition-calls-for-stronger-progress-on-energy-efficiency-at-cop-29

What to expect in Week 2

At this COP, we are already seeing concrete steps being taken to get the Fund for Loss and Damage up and running, and week 2 will see more conversations and agreements on this.

The New Collective Quantified Goal on Climate Finance (NCQG) is yet to be agreed upon and billions of people around the world are hoping for a strong outcome that will see greater financial flows and support for developing countries.

Finally, at the SDG7 Global South Pavilion we have curated dedicated sessions on gender-inclusive energy transitions as well as the pivotal role youth must play if we are to win the fight against climate change. Join us at pavilion number G12a in the Blue Zone at COP29.
 

📣 Can the world unite on climate action? Our coverage of COP29 from Baku, Azerbaijan continues. Never miss an update: www.seforall.org/newsletter
 

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