The two-day World Leaders Climate Ambition Summit concluded on Wednesday with significant momentum, as more than 80 heads of state and world leaders making speeches, showing progress, and announcing new commitments on climate action.
Brazil launched its new national climate action plan, while France, Kenya, and Barbados launched the Coalition for Solidarity Levies.
The Global Climate Action High-Level Event opened the two-week Global Climate Action Agenda at the 2024 UN Climate Conference (COP29) in Baku, Azerbaijan, dubbed the "Finance COP".
Andorra, Guyana, Panama, Japan, Spain, Turkey, Kazakhstan, the Netherlands, and Singapore submitted their Biennial Transparency Reports under the Enhanced Transparency Framework.
The UN Secretary-General Antonio Guterres delivered remarks to the High Ambition Coalition meeting and the Small Island Developing States Summit.
"The rich cause the problem, the poor pay the highest price. The most vulnerable are being abandoned to climate extremes. We need climate justice. Now," he emphasised.
The Food and Agriculture Organisation of the United Nations (FAO) formalised its membership as a founding member of the Global Alliance Against Hunger and Poverty -- a G20 initiative championed by Brazil to dramatically expedite efforts to achieve the eradication of poverty and hunger by 2030 as well as to reduce inequalities.
The High Ambition Coalition (HAC) which includes some of the missing G7 members at COP29, like Canada, France, the Netherlands, etc., said in a statement that "Developed countries must continue to take the lead and live up to existing finance commitments".
Brazilian Vice-President Geraldo Alckmin, representing President Lula da Silva, announced the country's new national climate plan.
The 44-page document details how Brazil plans to reach its goal to cut emissions between 59 and 67 per cent by 2035.
Analysts have welcomed Brazil's early submission and improvement on its previous Nationally Determined Contribution (NDC), highlighting its prioritisation of adaptation measures, strong domestic policy plans, and its reaffirmed commitment to COP28 agreements to transition away from fossil fuels, triple renewable energy capacity, and double energy efficiency gains.
However, analysts say a lack of transparency could undermine ambition, in particular, they called for specific timelines and steps on how Brazil will transition away from fossil fuels.
In response to Brazil's NDC, Climate Group Executive Director for Governments and Policy, Champa Patel, said: "Brazil is a key country, and it can show real climate leadership. With the US likely to step back in the coming years, we need others to step up more than ever and Brazil's NDC is a test of its ambition. It is welcome that the country aims to reduce emissions by up to 67 per cent -- but to stay within 1.5 degrees of temperature rise, we need a higher ambition, especially as it's hosting COP30."
Key expected outcomes of COP29 include a new collective quantified goal on climate finance to replace the current $100 billion per year goal and guidance on the operationalisation of the new loss and damage fund, including eligibility criteria.
The co-chairs of the New Collective Quantified Goal (NCQG), described as the workable basis for discussion, contact group published the first iteration of a draft decision text for the COP29 Presidency's top negotiating priority -- a new climate finance goal.
The COP29 Presidency had encouraged the co-chairs to produce this draft as early as possible to guide conversations around potential landing zones and help to identify concerns.
Parties welcomed the decision to transition to a draft text and, for the first time in the three-year technical process, described it as a workable basis for discussion.
The NCQG draft recognises the synergies between finance for climate, biodiversity, land degradation, and sustainable development goals.
And some positive signs for indigenous peoples. It explicitly recognises the contributions of indigenous peoples and local communities in nature stewardship and climate leadership. Brazil, Canada, and New Zealand are all pushing in the negotiations for strong language on climate finance that respects their rights.
Responding to the draft, Arunabha Ghosh, CEO, the Council on Energy, Environment and Water (CEEW), told IANS, "The voluminous NCQG text with an abundance of brackets and options is indicative of various Parties maintaining their existing positions. Much more work needs to be done to achieve agreement on key aspects of the NCQG such as quantum, quality, and timelines."
"Ultimately, the NCQG should be aligned with the needs of developing countries and should amount to at least $1 trillion per year, composed primarily of grants and concessional finance. Climate finance must be concessional, catalytic, convenient, and credible."
Climate activists released the Tax Their Billions Dossier, a report spotlighting eight billionaires as examples of a super-rich class who could be taxed much more to generate trillions of dollars -- to help tackle the climate crisis and pay for climate damage as negotiators turn to the critical question of 'who pays' at COP29.
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