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Bonn climate talks to focus on finance

  • Market: Emissions
  • 03/06/24

The agenda of the UN Framework Convention on Climate Change (UNFCCC) talks in Bonn, Germany, has been adopted on the first day of the discussions, with parties focused on the key issues of climate finance and the implementation of Article 6 ahead of the UN Cop 29 summit in Baku in November.

Opening the meeting today, UNFCCC executive secretary Simon Stiell urged for "serious progress" to be made on finance and for parties to move from "zero-draft to real options for a new collective quantified goal on finance (NCQG)".

A new climate finance goal — the so-called NCQG — must be decided at Cop 29, following on from the current $100bn/yr target from developed countries to developing nations. "We cannot afford to reach Baku with too much work still to do," Stiell said.

Parties must also make progress on the implementation on Article 6, "to move towards better carbon markets", and on "bolder" and more ambitious Nationally Determined Contributions (NDCs) — or climate plans — which are due in 2025.

The Bonn climate talks agenda was adopted quickly today in comparison to last year, even though Russia threatened to block the process over visa issues. Russia was quickly assured that missing visas for some members of its negotiating team would be granted, and the country subsequently agreed to adopt the agenda.

But Moscow warned that if Germany was not "living up to its promise" it could still block sessions, including on Article 6 and "just transition" work. The meeting was also stopped because of a pro-Palestinian protest.

The climate talks in Bonn mark a halfway point between UN Cop climate summits, and parties highlighted discussions on a new climate finance goal and Article 6 as some of the priorities for the talks.

Uganda — on behalf of the G77 and China group — reiterated that developed countries must take the lead on emissions reductions and on finance. The group said that ambitious climate finance goals will need to be in the trillions of dollars.

Parties will need to make progress on an amount for climate finance but also timeframes and sources. The EU is seeking a finance goal "reflecting the scale and urgency of the challenge" and "insuring the mobilisation of finance from a wide variety of sources". The bloc said the new finance goal should be a global effort that should capture the "the dynamic nature of economic capabilities" as "public resources alone will not suffice".

Brazil said the new goal needs to reach "well beyond the $100bn/yr floor" and have "public sources at its very core". Brazil and Egypt stressed the need for more clarity on the definition of climate finance, while the UAE reminded delegates that the focus must be on delivering the Cop 28 agreement, including commitments to triple global renewable capacity by 2030 as well as transitioning away from fossil fuels in energy systems.


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