Philanthropic organizations, through partnerships with civil society organizations, the private sector and government, can play a key role in facilitating the disbursement of climate finance to communities taking climate action.
big increase in funding is the top agenda item at the United Nations Climate Change Conference (COP29) underway in Baku. This is precisely the case with regard to pledges from high-income countries to help low- and middle-income countries with the climate action fund they need for either mitigation or adaptation, as well as its realization, which seems to face barriers ceaselessly.
The Indonesian delegation to COP 29 made preparations for its diplomatic mission to ensure that, among other issues, the fund will eventually be committed.
The importance of climate funding, as well as why countries with more financial resources have an imperative to assist countries that are less endowed and more vulnerable, has been the clarion call of UN climate conferences, the Kyoto Protocol and the Paris Agreement. This can be viewed as recognition that countries’ contributions to climate change and their capacity to prevent it and tackle its consequences vary greatly.
In principle, mobilizing financial resources to meet the latest estimate of US$2.4 trillion by 2030 is expected to support the achievement of mitigation and adaptation goals.
Finance for mitigation is crucial, as we need large-scale investments to significantly reduce emissions. Equally important is finance for adaptation to accommodate adverse effects and reduce climate impacts on vulnerable communities.
At COP28 in Dubai last year and throughout meetings in the year ahead of COP29, delegations to negotiations failed to fully agree on a new collective quantified goal on climate finance (NCQG), aside from other hindering issues. The new goal emerged as a result of an understanding that the initial goal of mobilizing $100 billion per year, to which high-income countries committed, was not enough.
Accordingly, countries were called on to come to COP29 “ready to build political will and find areas of compromise” to advance ongoing and new areas of work agreed at COP28.
Share your experiences, suggestions, and any issues you've encountered on The Jakarta Post. We're here to listen.
Thank you for sharing your thoughts. We appreciate your feedback.
Quickly share this news with your network—keep everyone informed with just a single click!
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
Get the best experience—faster access, exclusive features, and a seamless way to stay updated.