@ green | November-December . 2024

Simon says COP29 must be a ‘ stand-and-deliver ’ COP

In the past decade , we ’ ve seen unprecedented climate devastation , and yet the financial response remains insufficient .

Last year , global investment in climate action exceeded a trillion dollars , a significant leap from a few hundred billion in the early 2010s .

But , as UN Climate Change Executive Secretary Simon Stiell Simon Steill argues , this is a fraction of what ’ s needed to stave off the worsening climate crisis .

In a recent address , Steill pointed out that while some progress has been made , the situation demands much more .

“ We ’ ve seen hundreds of billions in damages just this year alone ,” Steill said , reflecting on the destruction brought by hurricanes Milton , Helene , and Beryl .

His home island of Carriacou was among those hit hardest , underscoring the very real and present threat to nations large and small .

The OECD ’ s 2022 figures reveal that developed nations mobilised over US $ 100 billion in climate finance for developing countries . Still , Steill insists this isn ’ t enough .

“ The world cannot afford a two-speed transition , where clean energy becomes a privilege of the wealthy . If we don ’ t act , the consequences will be global .”

This week ’ s World Bank Annual Meetings come at a crucial time . According to Steill , multilateral development banks will play a central role in facilitating the necessary financial response .

The World Bank ’ s recent commitment to increased concessional lending for climate action is a positive step , but Steill warns that incrementalism won ’ t cut it .

“ We need scale , and we need it now ,” he urged .

Debt relief and restructuring are pivotal , particularly for developing countries already trapped in fiscal crises . Steill believes the international financial architecture must evolve , with the G20 leading efforts to properly fund and reform development banks .

“ It ’ s time for bold moves ,” Steill declared , stressing that without immediate action , progress on climate finance could stall , dealing a blow to the Paris Agreement ’ s core objectives .

The stakes couldn ’ t be higher as we approach COP29 in Baku . For Steill , this conference must be a defining moment - what he calls the “ stand-and-deliver COP ”.

Governments need to agree on a new climate finance goal that genuinely addresses the needs of vulnerable nations . Public finance , he argues , should be at the heart of this effort , complemented by strategic private investments .

“ There ’ s no time left for empty promises .

“ At COP29 , leaders must convert the pledges made at COP28

THE fourth global dialogue and investment-focused event under the Mitigation Work Programme helped promote international efforts to scale up climate ambition and action this decade urgently .

The event in October in Sharm el-Sheikh , Egypt , attracted participants from parties and observer organisations ( both online and in person ). Participants focused their discussions on boosting city-level climate action .

“ This global dialogue , together with the investment-focused event , is a vital opportunity to understand opportunities , best practices , challenges and barriers and to develop actionable and scalable solutions to accelerate ambition and implementation ,” said Daniele Violetti , UN Climate Change ’ s Senior Director of Programmes Coordination .

Under the broad theme of ‘ buildings and urban systems ’, participants at the global dialogue discussed essential elements to foster sustainable and low-carbon cities , including :

• Spatial planning and lowcarbon infrastructure .

• Electrification and switching to net-zero emission resources .

• Enhancing carbon storage through green and blue

Stiell Simon Steill

into real , tangible outcomes - triple renewable energy capacity , double energy efficiency , and advance adaptation efforts ,” Steill warned .

Steill ’ s message is clear : the climate crisis doesn ’ t recognise borders , and neither should the solutions .

As the world prepares for COP29 , the pressure mounts for global leaders to rise to the occasion . The future of billions of lives and the stability of economies everywhere depend on it .

infrastructure .

The investment-focused event kicked off with a panel discussion focusing on structural barriers related to mobilising investment , followed by a presentation on lessons learned to unlock finance at the city level .

It also included a Pitch Hub where countries ‘ pitched ’ project ideas to investors , financial institutions , and other policymakers to facilitate investment and project preparation .

Some key points highlighted by participants :

• Integrated urban planning that emphasises circular economy principles , material reuse , and inclusive design is essential for achieving deep emission reductions and fostering climate-resilient development despite the challenges in quantifying its mitigation potential due to its inherent complexity .

• Retrofitting older infrastructure for energy efficiency and decarbonisation faces vital barriers , including financial constraints , long project timelines , social resistance , and lack of stakeholder engagement , which are complicated by waste management and rapid urbanisation . Addressing informal settlements , job creation , and energy poverty is also essential for enhancing urban resilience .

• Knowledge and learning exchanges grounded in regional perspectives can identify practical climate actions and policymaking strategies on urban emissions and address opportunities for emissions avoidance , lowcarbon infrastructure , and renewable energy . Under the guidance of the mitigation work programme ’ s co-chairs , the secretariat will prepare a summary report of the fourth global dialogue and investment-focused event , as well as the annual report of the Sharm el-Sheikh mitigation ambition and implementation work programme , ahead of COP29 . – @ green