ESG Communications’ Post

COP29 Presidency Action Agenda Letter to Parties was released. - It outlined initiatives, platforms, campaigns, and outcomes that will shape the ‘COP 29 Action Agenda’ – a “collective global effort” that seeks “to build momentum to enhance ambition and enable action and move forward in solidarity for a green world.” - The 20-page letter includes 16 annexes summarizing the Presidency’s initiatives and anticipated outcomes and outlining the COP 29 agenda and thematic days. Summary of the COP29 Presidency Initiatives and Outcomes - Climate Finance Action Fund (CFAF) - The Baku Initiative for Climate Finance, Investment and Trade (BICFIT) - Green Energy Zones and Corridors - Energy Storage and Grids - Hydrogen Action - COP Truce Appeal  - Green Digital Action - The Baku Initiative on Human Development for Climate Resilience - The Baku Harmoniya Climate Initiative for Farmers - Methane Reduction from Organic Waste  - Multisectoral Actions Pathways (MAP) for Resilient and Healthy Cities - Enhanced Climate Action in Tourism - Water for Climate Action  - The Baku Global Climate Transparency Platform (BTP) Details attached.  

📢 My reaction to the announcement of the Climate Finance Action Fund by the COP29 Presidency "The announcement of a new fund undeniably puts a spotlight on the fossil fuel industry's role in the climate crisis. However, its proposed design dangerously grants a social license for the ongoing extraction of gas, oil, and coal. This is far from the robust accountability we have long demanded to hold the fossil fuel industry responsible for denying and delaying climate action. "The COP29 Presidency's plan for the climate summit this November lacks the ambition to phase out fossil fuels and falls massively short in supporting a just transition for developing nations. True climate justice means holding the fossil fuel industry financially responsible for the destruction it has caused, not facilitating its continued operation under the guise of tiny contributions to climate solutions." - Harjeet Singh, Global Engagement Director for the Fossil Fuel Non-Proliferation Treaty Initiative #COP29 #ClimateJustice #ClimateEmergency #FossilFuels #JustTransition #FossilFuelTreaty #GlobalWarming #RenewableEnergy #Climate #ClimateChange #Adaptation #Mitigation

COP28 witnessed remarkable developments, including substantial pledges and the establishment of the Global Climate Finance Centre. In her latest article, Allegra delves into the remarkable strides made by COP28 in climate action, with a special emphasis on the vital role of finance. This analysis sheds light on the challenges and opportunities in sustainable finance, emphasizing the urgent need for greater investments to achieve Net Zero and combat climate change. ✍ Allegra Ianiri, MainStreet Partners; Sue Whitbread, IFA Magazine #cop28 #sustainablefinance #climateaction Read the full article here: https://lnkd.in/dpJmXNCU

Fossil-fuel-producing countries and companies are being invited to contribute voluntarily to a new international fund being established by Azerbaijan, the host of the Cop29 UN climate summit, to help poorer countries cope with the impacts of climate change.  The Climate Finance Action Fund is seeking $1 billion from at least 10 countries and large companies and would use the funds to invest in projects that help developing countries reduce GHG emissions and build resilience to extreme weather events. Critics argue that the fund is insufficient and could serve as a distraction from more rigorous climate action and fossil fuel phase-out efforts. https://lnkd.in/eKAm2XXH

🌍 One of the central discussions at #COP28 revolved around how the public and private sectors can unlock finance for a sustainable future. Far beyond a climate imperative, taking actions like decarbonization brings benefits. The big question is how can we do it? The IDB as the strategic partner of choice of the region supports countries from policy to innovative financial mechanisms to build a sustainable future. Watch more of IDB's participation at COP28 here: https://bit.ly/470KTMn #ImprovingLives

Challenges persist for the #COP28 Loss and Damage Fund as operational details remain unclear. Despite substantial pledges, experts highlight the need for specificity in financial commitments and swift action to bridge the gap between demand and supply for climate finance. #lossanddamage #climatefinance Read More⬇️: https://lnkd.in/dAWfcCJv

The #COP29 presidency has announced what it aims to achieve at the next #ClimateChange conference in Baku, Azerbaijan. Its flagship goal is to create a Climate Finance Action Fund (CFAF) made up of voluntary contributions from countries and companies producing #FossilFuels to finance climate mitigation, adaptation, research and development – and fund rapid responses to natural disasters in climate-vulnerable countries. Azerbaijan's agenda for the conference has been met with scepticism from the likes of Andreas Sieber of 350.org and Paul Polman, former CEO of Unilever, now a climate and peace activist. https://lnkd.in/e2Er6ruU #ChiefSustainabilityOfficer #ClimatePolicy #EnergyTransition

After a year of intense scrutiny into the credibility of existing #carboncredits and a continued lack of agreement over international #carbon trading rules at the #COP28 climate summit, carbon markets are striving to exit the doldrums.

At least 15 countries and the EU have pledged support for the fund, totaling more than $650 million, with Italy, France, Germany and UAE pledging $100M and the U.S. pledging $17.5M. L&D will go to developing countries that were not primary contributors to climate change, but must 1. adapt with resiliency, 2. develop infrastructure for clean energy and zero-low emissions going forward. https://lnkd.in/e9tE6GRG

Two days left at COP 28, and the journey continues with a lot of work ahead! 🌍💼 Here's a snapshot of key topics: ✨ Loss and Damage: Day 1 agreement supplemented with additional guidance nearing finalization. ✨ Global Stocktake and Fossil Fuel Phaseout: Language tweaked but still emphasizing fossil fuel phaseout. ✨ Global Goal on Adaptation: Calls for doubled adaptation finance with plans for assessments, lacking specifics. ✨ Scaling Climate Finance: Commitments made, but official text lacks numbers for post-2025 and long-term finance. ✨ Carbon Markets: Progress on supervisory body and credit accounting, with questions on permanence. ✨ Hosting COP 29: Baku to host, resolving objections for a smooth transition. Let's navigate these critical discussions and work towards impactful climate action! 💪🌐 #COP28Updates #ClimateNegotiations #ClimateActionNow #NetZero #ParisAgreement #DubaiConference #Adaptation #Mitigation #ClimateFinance #LossAndDamage