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UN Climate Change – Global Climate Action

11 November 2024

High-Level Champions'

Newsletter

COP 29: Significant Strides by Cities, Businesses, and Civil Society Prepare Way for Government to Accelerate the Pace at Baku

At the outset of COP 29 in Baku, the Yearbook of Global Climate Action 2024 has shown that climate-driven damage combined with tangible economic growth opportunities is driving an increase in actions to decarbonise industries and make cities more resilient.

Even amidst shifting political realities, the annual stocktake of efforts by leaders across society and the real economy highlights that rapid growth in clean technology, rising demand for low-carbon solutions, and the persistent risks of climate change are likely to drive continued and accelerating action.

The Yearbook includes significant advances from the Marrakech Partnership network of non-State entities over the past 12 months including:

Power: Renewable energy capacity expanded by 473 GW in 2023, marking a 14% increase during the year
Investment: Global investment in clean technology manufacturing reached approximately USD 200 billion – a 70% increase from 2022
Cars: 35% growth in zero-emission vehicle sales, now totalling 18% of global car sales in 2023 around the world
Cement: The sector reduced its carbon intensity by 8% compared to 2020 levels and more than a third of members of The Global Cement and Concrete Association have now set science-based targets for emissions reduction
Food: 103 agri-food businesses have established and validated science-based targets - a more than 700 per cent increase from 2023

These developments, alongside the continued growth of the Global Climate Action Portal now tracking action from over 39,000 actors - demonstrate considerable headroom for governments to make their next round of nationally determined contributions to the Paris Agreement more ambitious than the last round in 2020.

The Yearbook also addresses areas where strong policy leadership can both scale up climate solutions and accelerate the breakthroughs we need to achieve both rapid decarbonisation and to protect vulnerable communities against the increasing severity of climate shocks.

Firstly, powering up the global energy sector will support a just transition away from fossil fuels. Building on the momentum of COP 28, the Utilities for Net Zero Alliance (UNEZA), which comprises 32 major utilities companies, recently announced their collective intent to invest over US 116 billion annually in renewable energy generation and power grid infrastructure. In addition, three-quarters of leading businesses have increased their investments in the net zero transition over the past three years with 90 per cent saying they would invest more if targeted sector policy measures were implemented.

In parallel, members of the Net-Zero Asset Owner Alliance convened under the Race to Zero campaign, redirected USD 555 billion in combined investments on climate solutions in 2023, marking a quadrupling since 2020. Moving from pledges to plans, Race to Zero members are offering their leadership and support to help governments develop investable and implementable climate policy.

Finance is also a cornerstone of ambitious climate action. The Yearbook indicates the power of private finance to turbocharge the green transition, particularly in emerging markets and developing economies. National climate action plans which include sectoral targets and consistent policy frameworks can help accelerate investment in the net-zero economy.

Nature is a key ally in effective climate action and over the past 12 months initiatives to halt and reverse deforestation, restore ecosystems, and transform food systems have expanded under the leadership of the High-Level Champions and Marrakech Partnership.

For instance, over 500 business and financial institutions are advancing at least one of the actions of the Nature Positive for Climate Action initiative, including adoption of science-based targets, and commitment to the Taskforce on Nature-related Financial Disclosures (TNFD).

The Yearbook also reflects important advances by initiatives helping people adapt to the realities of climate change. For instance, action by partners of the Race to Resilience now cover more than 2 billion people in more than 160 countries. Members of The Mangrove Breakthrough support the protection and restoration of more than 65,000 hectares of mangroves, and major companies such as Nestlé and Unilever have expanded their regenerative agriculture programmes, helping to restore degraded lands while securing supply chains, and impacting over 500,000 smallholder farmers.

In Baku, the UN Climate-Change High-Level Champions for COP 28 and COP 29, H.E. Razan Al Mubarak and Nigar Arpadarai, together with the Marrakech Partnership, stand ready to build on this significant action by actors across the global economy and signal to governments that ambitious, investable national climate action plans are both welcome and necessary.

Ms. Arpadarai said:

“Climate-driven damage is making the world a riskier place for people, businesses, supply chains, investors, and communities. Storms, floods, and wildfires super-sized by climate change have inflicted over USD 350 billion losses last year alone.

“Meanwhile, momentum towards the new clean energy economy is set to sustain and scale, even amidst the many uncertainties the world faces. But while the economic benefits and human imperatives make this global transition inevitable, whether the pace of change will be sufficient is not. And this is a choice that no one organisation or nation can make but for the whole of the world to determine, accelerating from Baku.”

Building on the momentum made throughout the year, the High-Level Champions and Marrakech Partnership Programme at COP 29 will highlight concrete and impactful projects from cities, regions, businesses, investors, and civil society that support national action and need to be scaled to limit warming to 1.5 degrees, build resilience, and mobilize finance at scale. In doing so, the programme aims to inspire further climate action and collaboration across stakeholders and sectors to maintain momentum towards a sustainable and resilient future for all.

Financing the Future: Vera Songwe’s Vision for a Climate and Growth Agenda at COP 29

Distinguished economist and finance expert Vera Songwe is a globally leading voice on sustainable development, climate finance, and economic growth in emerging markets. With a wealth of experience, including as Under-Secretary-General of the UN and Executive Secretary of the UN Economic Commission for Africa, Songwe has been instrumental in shaping discussions on Africa’s economic future, and the global climate finance agenda at large.

As co-chair of the International High-Level Expert Group (IHLEG) on climate finance, Songwe advocates for strategies to mobilize public and private financing for climate action. Recently, she co-authored ‘A Climate Finance Framework: Decisive Action to Deliver the Paris Agreement’ with Nicholas Stern and Amar Bhattacharya, calling for a dramatic increase in climate financing to support sustainable development and green industrialization in low-income countries.

Songwe discusses the role of climate finance, green industrialization, and the need for global cooperation to combat the climate crisis. Her vision reflects a unified effort to fund a sustainable, equitable global economy that aligns with urgent climate and nature goals.

COP 29 is known as ‘The finance COP’, what does that signify to you?

We need leaders to come to the table ready to commit the climate finance needed to address the climate crisis and drive sustainable growth.

The Climate Finance Framework report that I co-chaired explains that we need USD 2.4 trillion in financing—USD 1 trillion in external financing excluding China and USD 1.4 trillion in domestic funding annually —by 2030 to support a just energy transition, climate adaptation, and nature protection in emerging economies (excluding China).

The only way to raise this amount of finance is to stimulate domestic growth in low-income countries - by mobilizing domestic resources, creating jobs, and accelerating green industrialization. This vision for green industrialization was endorsed by African leaders at the first Africa Climate Summit last year, and it continued under the COP 28 Presidency.

At COP 29, leaders have a critical task: to bring green industrialization into clear, sharp focus - defining how it can drive inclusive economic growth worldwide. Right now, we have the broad outlines, but the vision remains blurry and mostly benefits the advanced economies. By agreeing on a shared blueprint for green industrialization, we can create a clear, actionable framework that benefits all countries.

What outcomes do you hope COP 29 delivers?

Firstly, the COP must fully fund the loss and damage (L&D) fund created at COP 27 in Egypt. While initial resources were committed at COP 28 in Dubai, and the World Bank has now established the fund’s institutional framework, must ensure it is fully financed to meet its mandate. Securing this would be a major milestone.

Secondly, I hope COP 29 significantly advances the Global Climate Finance Framework, endorsed as the UAE consensus, that was launched last year to make climate finance accessible and impactful, especially for developing nations. The Framework’s 10-point agenda outlines practical steps to mobilize various financing sources—from crowding in private sector funds with credit enhancements from Multilateral Development Banks (MDBs) and global philanthropy, to loss and damage financing, and biodiversity protection.

Thirdly, COP 29 should strengthen the global commitment to move away from fossil fuels. In 2022, fossil fuel subsidies reached an astonishing USD 7 trillion, or USD 13 million per minute, according to the IMF—far outpacing the USD 2.4 trillion needed annually to meet global climate goals. Redirecting even half of fossil fuel subsidies to climate finance would yield USD 3.5 trillion, greatly exceeding the financing pledged currently.

Lastly, COP 29 should confirm what robust transition plans should look like. This is key to determining which transition plans get funded. Whether it’s an African country needing external support or a Gulf nation deploying own resources to manage its transition - clear, well-defined plans are essential. Transitioning involves more than merely halting production; it requires phasing down brown fuels through optimization before closure.

How can COP 29 catalyse carbon markets?

A clear space to raise finance for low-income countries is carbon markets, so we need the COP conversations to drive progress on Article 6 of the Paris Agreement, to unlock that potential. If structured effectively and transparently, carbon markets can drive a huge part of the revenue needed for green development and climate finance in places like Africa.

To raise integrity, we need to shift from voluntary to compliance-based carbon markets; establishing mandatory rules and standards for measuring, reporting, and verifying emissions reductions. This would reduce risks of greenwashing or inaccurate reporting, helping to ensure that carbon credits genuinely represent measurable emissions reductions, turning them into reliable financial assets.

We also need interoperability so that carbon credits can be priced and traded consistently across regions. Currently, many carbon markets are region-specific: two carbon credits from different regions might be priced differently, not because one is inherently more effective in reducing emissions, but because of regional factors like local demand or market rules. Standardizing carbon credits to reflect the true asset or commodity value, would streamline pricing, making credits more comparable and tradable across global markets. This would allow investors to transparently assess carbon credits - ultimately boosting trust in the carbon market.

How can the New Collective Quantified Climate Goals (NCQG) unlock stronger action?

One of the key stories of COP 29 will be governance of the New Collective Quantified Climate Goals (NCQG), a new global climate finance goal that leaders shall set from a floor of USD 100 billion per year, prior to 2025. It is crucial that we make significant progress on the NCQGs, as they will underpin many countries' mitigation and adaptation strategies. Given 80% of emissions come from just 20% of countries, we hope G20 nations will arrive in Baku, firstly, ready to clarify their own paths to net zero, and secondly to outline a framework to support global efforts in a credible and sustainable manner.

The full interview with Vera Songwe can be found here.

COP 16 Rallies Finance for Nature-Positive Solutions

Credit: Wikimedia Commons

Building on the progress of the UAE Consensus, COP 16 in Cali offered a unique opportunity to advance financial solutions integrating nature and climate.

From protecting our forests to shifting global financial flows and recognizing Indigenous People as stewards of nature, COP 16 reinforced the urgent need to synthesise action on nature and climate change.

The UN Climate Change High-Level Champion of the COP 28 Presidency, H. E. Razan Al Mubarak joined non-State actors and government representatives in Cali, Colombia, to showcase progress across sectors. An extra USD 10 million financing for protecting ocean and coral reefs, the necessity to unlock capital for nature-based solutions, redirecting financial flows from nature-negative to nature-positive activities, and scaling finance for Indigenous Peoples were central in the discussions.

H.E. Razan Al Mubarak commented:

“COP 16 provided an excellent platform to integrate nature and climate into the core of economic policy and decision making. Implementing this requires coherent, integrated actions across all sectors of society and government. Building on the progress made by the UAE Consensus, which underscored the vital role of nature in combating climate change, we are in a pivotal moment to unite countries worldwide in a call to halt deforestation and forest degradation by 2030.

“As a High-Level Champion, I have witnessed remarkable mobilization, innovation, and commitment from non-State actors, striving for a resilient, net-zero, nature-positive future.”

The Taskforce on Nature-related Financial Disclosures (TNFD) announced that over 500 organizations with USD 17.7 trillion in assets under management committed to voluntarily nature-related impact reporting, up by 52% this year. This supports the Kunming-Montreal Global Biodiversity Framework’s (GBF) goals and aligns with Nature Positive for Climate Action call to action.

New Zealand pledged USD 10 million to coral reef protection via the Coral Reef Breakthrough. Outlining a clear agenda to reform the international finance architecture to facilitate a transition to a nature-positive economy, the Global Roadmap for a Nature-Positive Economy was launched by WWF, with the support of partners, including the Climate Champions.

Building on the momentum from COP 28, the Urban Nature Programme was launched at the ‘Urban Nature Program’s Mayors’ Leadership Forum’ to support nature-positive and biodiversity actions at the subnational level to achieve the global targets set out in the GBF.

The Cali-Baku Pledge to Enable Action to tackle climate and nature-related financial risk. The Sovereign Debt Coalition launched to scale debt conversion mechanisms for nature and climate to promote water conservation, building on the efforts of the Task Force on Credit Enhancements for Sustainability-Linked Sovereign Financing, launched at COP 28.

A new funding mechanism was announced to conserve native forests. Brazil presented its progress on the design of The Tropical Forest Forever Facility. Announced at COP 28, the fund aims to crowd in USD 125 billion and to start operating from COP 30, Brazil, to help countries to reduce greenhouse gas emissions and preserve biodiversity.

Building on the progress made by the UAE Consensus under the UNFCCC, COP 16 offered a unique opportunity to address the twin crises of biodiversity loss and climate change together. Another key agreement was that Parties, Observers and other key stakeholders have committed to submit by 2025 their recommendations to improve policy coherence, including a potential work programme to unify the Rio Conventions. The initiative aims to promote technical information exchange and collaboration to accelerate the implementation of the Conventions on Biological Diversity, the GBF, the UNFCCC and the Paris Agreement.

Keep on ‘Top of the COP’ - Daily Newsletter

During COP 29, the High-Level Champions and partners will publish a raft of announcements here on our website.

Also, to help you and your colleagues stay informed, please pass on this link to subscribe for the ‘Top of the COP’ newsletter, your go-to morning overview of key announcements to expect at the start of each COP day, from November 13 - 21 November.

Also, please find a short overview video containing some of our recent speakers from the Non-State Entities ecosystem

Race to Zero Update:

SME Climate Drive Rallying 10,000 Enterprises for Baku

Race to Zero is getting ready for COP 29, and working to mobilize 10,000 SMEs in Baku, alongside Partner, the SME Climate Hub.

Launched at New York Climate Week, the SME Climate Ambition Drive, is a global campaign seeking to galvanize SMEs to commit to reducing their carbon emissions and join the Race to Zero, through the SME Climate Hub. 10,000 sign ups to the ‘SME Climate Commitment’, to halve emissions by 2030, achieve net zero by 2050, and report on your progress yearly, is the target for the campaign.

“Small and Medium Enterprises (SMEs) are the backbone of the global economy and essential to reaching a net-zero, resilient future for all,” said Nigar Arpadarai, the UN Climate Change High-Level Champion for COP 29.

“Enabling SMEs to take ambitious climate action is my core priority ahead of COP 29. I am pleased to support the launch of the SME Climate Ambition Drive – working with all actors to support SMEs in taking urgent and decisive action by joining the Race to Zero, as a key pillar of my Climate Proofing SMEs campaign.”

To assist in this effort, Race to Zero Accelerator Giki just completed its Employee Race to Zero which engaged 30 SMEs across a wide range of sectors, from vets to travel companies; banks & building societies, to sports organizations and film studios, showing the amazing richness and variety within the SME community, with hundreds of employees taking part.