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With COP29 running overtime, on Saturday late night Parties were counting upwards instead of a hasty countdown. There were still major fault lines between them on climate finance New Collective Quantified Goal on climate finance, NCQG and mitigation earlier during the day. When contributing countries have upped their offer to provide and mobilise finance for developing countries to billion US dollars per annum by from their previous offer of billion US dollars per annum, the rhythm of negotiations has speeded up.
This sum can help developing nations prepare for and prevent climate change. In more detail, the Parties finally agreed on NCQG with South-South cooperation on a voluntary basis in line with what I was proposing in a more in-depth article on this subject in my article published on the 13th of November.
It was a huge step towards strengthening the donor base. There is also a second layer of the target of scaling up all public and private sources of climate finance to at least U.
Thanks to the final arrangements for the Fund for Responding to Loss and Damage FRLD , with the Philippines signing the host country agreement for the Board of the FRLD and the World Bank signing its host agreement, the fund can begin disbursing financing for loss and damage in of its pool of near million US dollars, thanks to Australia and New Zealand, who pledged new contributions to it in Baku. On carbon markets, Parties finalised the guidance to fully operationalise Article 6 of the Paris Agreement by agreeing on a dual-layer international registry system with an accounting basic function and an additional transaction function for Parties requesting it, the timing for applying crediting adjustments, the elements of this authorization, the resolution of inconsistencies before a transfer can take place.
