Delivering on the promise of climate finance - at last

The Energy Gang

Wood Mackenzie

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🗓️ 4 December 2023

⏱️ 37 minutes

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Summary

The insight and debate from the Climate Co-Lab event at COP28

In 2009, developed countries jointly pledged to mobilise $100bn per annum to support climate action in developing countries. This target has never been met and the pledge will expire in 2025. It is estimated that approximately $5 trillion is required annually, just to avoid the worst impacts of climate change.

The New Collective Quantified Goal (NCQG) intended to replace this pledge, is currently under negotiation, due to be finalised by the end of 2024. A successful agreement will unlock the finance needed for mitigation, adaption and loss and damage funds.

The Climate Co-Lab event, at the Heriot-Watt campus and in collaboration with Wood Mackenzie and Edinburgh Science, was hosted by Ed Crooks on day 5 of COP28. Joining him to explore climate finance were:

Patricia Espinosa Cantellano, Former UNFCCC Executive Secretary, Former Minister of Foreign Affairs of Mexico, Ambassador Emeritus of Mexico, and CEO and Founding Partner of onepoint5.

Mohamed Sultan, Regional Lead Africa, Global Methane Hub

Nigel Topping CMG, UN Climate Change High-Level Champion at COP26, Member UK CCC, NED at UKIB

Together they explore what fundamental changes in global systems need to occur to scale and deliver on decarbonization.

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Transcript

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0:00.0	Hello and welcome to the Energy Gang coming to you again from the COP28 climate talks in Dubai.
0:06.5	I'm Ed Crooks. Today on the Energy Gang we're going to be talking about an event on the fringes of the COP28 meetings, which is being co-hosted by Edinburgh Science
0:15.3	and Wood Mackenzie, and it's a discussion on climate finance.
0:19.2	The title is Delivering on the Promise of climate finance at last.
0:23.9	The reason we've chosen that title is because there has been a long-running failure to achieve goals
0:31.1	that have been set for climate finance.
0:32.6	Back in 2009, rich countries made a commitment
0:35.6	that $100 billion a year should flow to low and middle income
0:39.8	countries to help support climate mitigation
0:42.2	and adaptation. And that target has never
0:44.4	formally been achieved. The most in any year recorded by the OECD was about
0:49.1	$90 billion in 2021. Now to be fair initial estimates suggests that the
0:54.5	hundred billion dollars may have been reached in fact last year but this has not
0:58.4	yet been confirmed. Now negotiations are underway over a new pledge to replace that commitment, which is called the new collective quantified goal, and that's intended to take effect from 2025.
1:11.0	And meanwhile, there's yet another financial mechanism, which was the loss and damage fund that was launched last year and one of the first decisions that came out of COP28 was that secured its first commitments of a few hundred million dollars I think six
1:24.8	hundred million was one of the numbers that's been flying around and that was as I
1:28.7	say announced here on day one of the cop As we said those numbers are pretty small compared to 100 billion dollars,
1:36.4	even smaller compared to the estimates of hundreds of billions or even trillions of dollars
1:42.3	in damages that are estimated to have been caused by climate change every year,
1:46.4	but still the principle of making some progress on getting financing for that fund is certainly significant. Finance has been one of the biggest
1:54.4	issues for low and middle income countries in particular in taking part in the global
1:59.2	effort to address climate change and that's why it's the subject we're going to be focusing on today.
	...

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