On the road to COP29: what to expect? [Global Gas Perspectives]

On the road to COP29: what to expect? [Global Gas Perspectives]

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Natural Gas News

Summary

COP29 should be “an enabling COP, delivering concrete outcomes to start translating the pledges made in last year's historic UAE Consensus into real-world, real-economy results,” the UN’s climate chief has said. by: Charles Ellinas

The top priority for COP29 is to agree to a new climate finance goal, known as the New Collective Quantified Goal (NCQG). COP29’s president-designate Mukhtar Babayev confirmed that the NCQG is the main priority of the COP29 Presidency. It is for this reason that COP29 has been dubbed a “Finance COP.” But the Summit Action Agenda, announced by Babayev, lacked any direct mention of transitioning away from fossil fuels. The message from Simon Stiell, UN climate chief, to governments mid-October was that COP29 should be “an enabling COP, delivering concrete outcomes to start translating the pledges made in last year's historic UAE Consensus into real-world, real-economy results”. He called for a “quantum leap” in climate finance – “a new deal between developed and developing countries.” The top task for this year’s COP is to agree a new climate finance goal to start in 2025. But that will not be easy. For a start, globally money is tight, and climate finance needs are huge and rising. And on top of this there is increasing pressure on richer developing countries, such as China, Saudi Arabia, the UAE, India and Brazil, to step in to help out poorer countries, but this is meeting a great deal of resistance. Even Euro...

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