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COP29: Climate finance talks lose pace, leaving the crucial issues for week two

November 16, 2024 – As the first week of negotiations at COP29 draws to a close, progress on some of the most important issues has stalled.

There is an abundance of evidence to demonstrate the scale and gravity of the climate crisis. Yet negotiators remain far from an agreement on many of the most pressing issues, particularly on a strong, fit-for-purpose new funding goal -the New Collective Quantified Goal (NCQG) – to support climate-vulnerable developing countries to address the climate crisis they contributed to the least.

CARE International calls on Ministers taking over the negotiations to grasp the urgency of this moment – their decisions will affect the lives and livelihoods of millions of people in the most marginalised communities.

On adaptation
“The negotiations on the Global Goal on Adaptation (GGA) are key to meeting the target of the Paris Agreement, particularly on building resilience and reducing vulnerabilities for the most at-risk populations. As parties deliberate on setting clear metrics and indicators to measure the GGA, CARE wants to remind them on the importance of a progressive decision on including indicators that track means of Implementation, particularly finance, to better implement and accelerate adaptation actions at national and sub-national levels.”
 Marlene Achoki, Global Policy Lead

On climate finance
“It is time for the EU to step up and prove that it truly is the global leader on climate that it claims to be. The first week of finance negotiations at COP29 has been overshadowed by a disappointing lack of progress, primarily due to the reluctance of wealthy nations to commit support to the world’s poorest and most vulnerable people and countries. So far, no serious proposals have been presented from their side, and the talks are progressing at a snail’s pace. Wealthy nations continue to reject the inclusion of finance for loss and damage in the NCQG, effectively shifting the burden onto those most affected by the climate crisis.”
John Nordbo, Senior Climate Adviser

On Loss and Damage
“The bubble of hope to get the Loss and Damage Fund up and running has burst. We are pretty much where we were last year when the Fund was operationalised: it is there but countries’ pledges are thousands of times below what is needed. Developed countries still disagree on if and how the NCQG will support loss and damage; if their line and they refuse to step up, developing countries risk to fail to secure long term-financing for loss and damage. As we proceed to the second week, we urge developed countries to scale up their commitments and pledge meaningful funding to meet the needs of climate-vulnerable communities. The new quantum must include a sub-goal on Loss and Damage to secure new, additional, and adequate resources to ever-growing challenges.”
Obed Koringo, Climate Policy Adviser

On gender
“Climate finance remains a hot topic, with developed countries determined to keep it outside the gender negotiations. Yet it is fundamental: only about 0,2% of international funding for climate adaptation directly reaches grassroots women’s organizations, many of which are pivotal in leading community-driven resilience efforts. Negotiations on the Lima Work Programme on Gender progressed but the language remains contentious: the text should be more on supporting gender work, inclusive, and measurable, with clear timeframes and adequate resources for implementation. However, some parties have shown reluctance to commit to stronger language or financial support for these objectives.
Also, it is disheartening that there were only eight women in the head of state family photo, surrounded by 78 men – women must be at the decision table, and their voice must be heard.”
Chikondi Chabvuta, Southern Africa Region Advocacy Advisor

About CARE Climate Justice Center    
The CARE Climate Justice Center (CJC), headquartered in The Hague, The Netherlands, leads and coordinates the integration of climate justice and resilience across CARE’s development and humanitarian work. To learn more, visit www.careclimatechange.org .

For media inquiries, contact Monica Ellena, Global Advocacy and Communication Lead at CARE’s Climate Justice Center, ellena@careinternational.org, or email usa.media@care.org.

Note to Editors     

  • CARE is a pioneer in climate justice. In 2002 CARE Bangladesh launched the first climate community-based climate adaptation project, aimed at reducing the vulnerability to climate change-related disasters. In 2023, CARE implemented 273 projects contributing to building climate resilience for nearly 4,5 million people in 62 countries.
  • CARE’s work on climate change has the most vulnerable at the center: the effects of the climate crisis disproportionately affect marginalised communities and groups, particularly women and girls, those who are least responsible for causing it.
  • CARE’s COP29 Position Paper can be accessed HERE (in English, Arabic, French, and Spanish).
  • CARE International spokespeople available in Baku during COP29:
  1. Marlene Achoki, Global Policy Lead
  2. Chikondi Chabvuta, Southern Africa Region Advocacy Advisor
  3. Mrityunjoy Das, Deputy Director, Humanitarian and Climate Action Program
  4. Obed Koringo, Climate Policy Advisor
  5. John Nordbo, Senior Climate Adviser
  6. Francesca Rhodes, Senior Policy Adviser on Climate and Gender
  7. Rosa van Driel, Senior Gender Advisor
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