The UN Climate Change Conference COP29, gets underway today, Monday, 11 November 2024 in Baku, Azerbaijan, and Ghana is expected to be adequately represented by a wide range of state officials from the Environment Ministry, Lands and Forestry, as well as the Environmental Protection Agency (EPA).
Also expected to be at Baku are private institutions, and in Ghana, Joseph Siaw Agyapong, the CEO of Jospong Group of Companies, is leading a team of officials of some of his companies, including Zoomlion Ghana Limited, a waste management firm.
On the trip, is a team of Ghanaian journalists who are to among other things, get up to date with how climate impacts inflict growing human and economic costs in every country, and how every COP is a vital global moment that must deliver major progress, and COP29 is no exception.
Joseph Siaw Agyapong and his Jospong Group, have for some years now been very active with the climate change conundrum, as far as Ghana’s duties and responsibilities are concerned.
Ambitious outcomes in Baku are vital, because unless all countries can cut emissions and build more resilience into global supply chains, no economy – including the G20 – will survive unchecked global heating, and no household will be spared its severe inflationary impacts.
An Adaptation Gap Report 2024, released just ahead of the COP29 climate talks in Baku, the United Nations Environment Programme (UNEP), finds that nations must dramatically increase adaptation efforts to address rising climate impacts, starting with a commitment to act on finance at COP29.
“We need developed countries to double adaptation finance to at least $40 billion a year by 2025 – an important step to closing the finance gap. We need to unlock a new climate finance goal at COP29,” said UN Secretary-General António Guterres.
UN Climate Change Quarterly Update, said key issues are on the table at COP29, and wide-ranging preparatory work is taking place so governments can arrive in Baku with concrete outcomes within reach.
Bolder new national climate plans, formally called Nationally Determined Contributions or NDCs, due in 2025, are vital to avert the worst impacts of the climate crisis hitting every economy. Done well, they can also serve as blueprints for stronger economies and societies, spreading more widely the vast co-benefits of bolder climate action.
At COP29, the secretariat is organizing more than 20 side events and special events with other partners related to NDCs 3.0.
These events will provide a crucial platform for Parties and stakeholders to exchange insights, showcase innovative solutions, and deepen collaboration on critical issues related to the next generation of NDCs.
Last month, the UN Climate Chief called for an urgent overhaul in Climate Finance saying trillions are needed to avert global crisis.
In a powerful address at the Brookings Institution’s Global Economy and Development Programme Virtual Event on October 17, 2024, UN Climate Change Executive Secretary, Simon Stiell, underscored the critical need for an overhaul in international climate finance to stave off escalating climate devastation.
Reflecting on the current state and future trajectory of climate finance, Stiell called for rapid, systemic changes to ensure funding reaches all corners of the global economy, emphasizing that “we simply can’t afford a world of clean energy haves and have-nots.”
Progress Made, But Challenges Remain
Stiell acknowledged the strides made in climate finance over the last decade, noting that global investments in climate action exceeded a trillion dollars last year, up from a few hundred billion a decade ago. However, he was quick to caution that while progress has been made, these funds are a fraction of what’s necessary to combat the increasingly severe impacts of climate change. He highlighted recent examples of climate devastation, such as Hurricanes Milton and Helene in the U.S., and Hurricane Beryl’s impact on his home island of Carriacou, underscoring the urgent need for more substantial financial investments.
Trillions Required for a Global Transition
“We know trillions more are needed,” Stiell emphasized, framing climate finance as a crucial investment to protect the global economy. He pointed out that without scaled-up international support, nations—particularly those in developing regions—face economic and environmental collapse. Climate finance, he argued, must grow exponentially to meet the scale of the climate challenge.
Stiell pointed to the World Bank and the International Monetary Fund (IMF) as essential players in this transition. He highlighted the World Bank’s recent moves toward concessional lending and the IMF’s efforts to integrate climate action into their financial assessments, but he stressed that incremental improvements won’t suffice. “On climate finance, we have a need for speed,” he urged, calling for major reforms and increased funding from multilateral development banks.
Debt Relief, G20 Action, and Private Sector Involvement
Stiell argued that many developing nations face crushing debt burdens that hinder climate investment, describing these situations as “fiscal straight-jackets.” He called for more debt relief initiatives, climate-related debt clauses, and replenishment of funds like the World Bank’s International Development Association. He also underscored the importance of G20 countries, especially under Brazil’s current leadership, to fund development banks adequately and press for financial reforms.
Beyond public finance, Stiell highlighted the need for climate investments from private sectors and financial markets, signaling that “green is where the gains are.” He proposed leveraging private funds wherever possible to amplify the impact of public finance.
The Role of COP29 in Setting a New Climate Finance Goal
Looking ahead to COP29 in Baku, Stiell urged world governments to agree on a new, ambitious climate finance goal that meets the unique needs of developing countries. He emphasized that while this goal must include substantial public finance, it should also facilitate private sector engagement and establish mechanisms to ensure funds are actually delivered.
Key priorities for COP29 include tripling renewable energy investments, doubling energy efficiency efforts, and setting up a fully operational Loss and Damage Fund to support countries bearing the brunt of climate impacts. Stiell stressed that delivering on these goals is essential to “save the global economy and billions of lives” from climate-induced ruin.
A Path Forward: Avoiding a “Game-Over” Moment in Climate Action
In closing, Stiell painted a stark picture of the future if the world fails to act, warning of a “game-over” scenario in the climate fight. Yet, he also expressed optimism, framing the need for bolder, faster, and larger climate finance as an opportunity to achieve “stronger growth, more jobs, better health, [and] secure and affordable clean energy” for all nations.
“This is the only pathway to every nation surviving and thriving,” he concluded, urging nations to take a collective approach to climate finance and embrace the solutions that can drive a sustainable future.
