{"id":51601,"date":"2024-06-10T11:35:42","date_gmt":"2024-06-10T10:35:42","guid":{"rendered":"https:\/\/www.climatechangenews.com\/?p=51601"},"modified":"2024-06-11T15:00:37","modified_gmt":"2024-06-11T14:00:37","slug":"bonn-bulletin-crunch-time-for-climate-finance","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2024\/06\/10\/bonn-bulletin-crunch-time-for-climate-finance\/","title":{"rendered":"Bonn bulletin: Crunch time for climate finance"},"content":{"rendered":"<table role=\"presentation\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td valign=\"top\">\n<table width=\"100%\">\n<tbody>\n<tr>\n<td class=\"x_mceTextBlockContainer\">\n<div id=\"x_dataBlockId-10\" class=\"x_mceText\" data-block-id=\"10\">\n<p><strong>It\u2019s the start of the second and final week of the annual mid-year UN climate talks, half-way between COPs, which take place every year in Bonn &#8211; the old capital of West Germany and the birthplace of Beethoven.<\/strong><\/p>\n<p>As the 8,000 or so delegates make their way to the World Conference Centre, next to the River Rhine and UN Climate Change\u2019s tower block headquarters, Joe Lo and Matteo Civillini are headed there on the Eurostar thanks to your\u00a0generous donations!<\/p>\n<p>The first week of the talks passed off relatively smoothly \u2013 despite leaving a fair amount of work to finish by Thursday, the last day of the so-called SB60 meetings. Last year,\u00a0<a href=\"https:\/\/climatehomenews.us1.list-manage.com\/track\/click?u=6316d25f7b68919349e54a251&amp;id=2ffa426c5d&amp;e=a38266d1a6\" data-auth=\"NotApplicable\" data-linkindex=\"2\">it took nine days<\/a>\u00a0and\u00a0<a href=\"https:\/\/climatehomenews.us1.list-manage.com\/track\/click?u=6316d25f7b68919349e54a251&amp;id=24b58f2994&amp;e=a38266d1a6\" data-auth=\"NotApplicable\" data-linkindex=\"3\">desperate pleading<\/a>\u00a0to even agree on an agenda. This year, that was wrapped up without fuss on the opening morning.<\/p>\n<blockquote>\n<style type=\"text\/css\">\n<p>                #mc_embed_signup{background:#fff; clear:left; font:14px Helvetica,Arial,sans-serif; }<\/p>\n<p>                \/* Add your own Mailchimp form style overrides in your site stylesheet or in this style block.<\/p>\n<p>                   We recommend moving this block and the preceding CSS link to the HEAD of your HTML file. *\/<\/p>\n<\/style>\n<div id=\"mc_embed_signup\">\n<form id=\"mc-embedded-subscribe-form\" class=\"validate\" action=\"https:\/\/climatehomenews.us1.list-manage.com\/subscribe\/post?u=6316d25f7b68919349e54a251&amp;id=bf939f9418\" method=\"post\" name=\"mc-embedded-subscribe-form\" novalidate=\"\" target=\"_blank\">\n<div id=\"mc_embed_signup_scroll\">\n<p><label for=\"mce-EMAIL\">Want climate news from the Bonn talks in your inbox? Sign up for free to get our weekly newsletter and occasional extra bulletins<\/label><input id=\"mce-EMAIL\" class=\"email\" name=\"EMAIL\" required=\"\" type=\"email\" value=\"\" placeholder=\"your email address\" \/><\/p>\n<div style=\"position: absolute; left: -5000px;\" aria-hidden=\"true\"><input tabindex=\"-1\" name=\"b_6316d25f7b68919349e54a251_bf939f9418\" type=\"text\" value=\"\" \/><\/div>\n<div class=\"clear\"><input id=\"mc-embedded-subscribe\" class=\"button\" name=\"subscribe\" type=\"submit\" value=\"Subscribe to Climate Weekly\" \/><\/div>\n<\/div>\n<\/form>\n<\/div>\n<\/blockquote>\n<p>That\u2019s not to say there was no drama. At the start of the opening plenary, the head of Climate Action Network (CAN) International Tasneem Essop and Argentine climate justice activist Anabella Rosemberg \u2013 got up on stage uninvited.<\/p>\n<p>Essop held up a Palestine flag and Rosemberg a sign saying \u201cNo B.A.U. [business as usual] during a genocide\u201d. Both said they were doing it in a personal capacity, rather than as a part of CAN.<\/p>\n<p>After the session was briefly suspended, they were\u00a0<a href=\"https:\/\/climatehomenews.us1.list-manage.com\/track\/click?u=6316d25f7b68919349e54a251&amp;id=9c8909ace1&amp;e=a38266d1a6\" data-auth=\"NotApplicable\" data-linkindex=\"4\">escorted off<\/a>\u00a0the stage and out of the venue by UN security. The badges needed to access the talks were taken off them.<\/p>\n<p class=\"x_last-child\">A\u00a0<a href=\"https:\/\/climatehomenews.us1.list-manage.com\/track\/click?u=6316d25f7b68919349e54a251&amp;id=74e2fa819d&amp;e=a38266d1a6\" data-auth=\"NotApplicable\" data-linkindex=\"5\">video of the incident<\/a> shows the camerawoman \u2013 CAN&#8217;s head of communications, Danni Taaffe &#8211; telling a UN security guard \u201cyou\u2019re hurting me\u201d. He replies \u201cgood\u201d. Taafe told Climate Home she has asked the UNFCCC how to file a complaint but has yet to receive a response.<\/p>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"x_mceBlockContainer\" align=\"center\" valign=\"top\"><span class=\"x_mceImageBorder\"><img decoding=\"async\" class=\"x_imageDropZone x_mceImage alignleft\" role=\"presentation\" src=\"https:\/\/mcusercontent.com\/6316d25f7b68919349e54a251\/images\/df6353a6-267c-f2ea-f5a7-6e16572911c9.jpg\" alt=\"\" width=\"564\" height=\"auto\" data-imagetype=\"External\" data-block-id=\"44\" \/><\/span><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<table width=\"100%\">\n<tbody>\n<tr>\n<td class=\"x_mceTextBlockContainer\">\n<div id=\"x_dataBlockId-56\" class=\"x_mceText\" data-block-id=\"56\">\n<p class=\"x_last-child\"><em>Anabella Rosemberg and Tasneem Essop protest at the opening plenary (<a href=\"https:\/\/climatehomenews.us1.list-manage.com\/track\/click?u=6316d25f7b68919349e54a251&amp;id=6282429c2d&amp;e=a38266d1a6\" data-auth=\"NotApplicable\" data-linkindex=\"6\">Photo: Kiara Worth\/IISD ENB<\/a>)<\/em><\/p>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<table width=\"100%\">\n<tbody>\n<tr>\n<td class=\"x_mceTextBlockContainer\">\n<div id=\"x_dataBlockId-57\" class=\"x_mceText\" data-block-id=\"57\">\n<p>Shortly after the session re-started, the Russian government said it would block the agenda in protest at some of its delegation not receiving visas from the German government.<\/p>\n<p>After some frantic phone calls to the German foreign office, the talks&#8217; co-chairs received assurances that the visas were being sorted ASAP and the Russians agreed to resume.<\/p>\n<p>Climate Home has heard from three sources that visa issues are not limited to the Russians and that some African delegates \u2013 both from government and civil society \u2013 had not received their visas either, or only did so after a lot of stress.<\/p>\n<p>CAN Uganda\u2019s Proscovier Nnanyonjo Vikman told Climate Home she arrived five days late and had to rebook her flight because of visa delays. She said the talks should be moved away from Germany to a place everyone can access.<\/p>\n<p class=\"x_last-child\">\u201cWe don\u2019t need to die coming to Bonn \u2013 let&#8217;s move\u201d she said, adding that many feel \u201cthey are being harassed to enter a country that obviously doesn\u2019t like them\u201d.<\/p>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"x_mceBlockContainer\" valign=\"top\">\n<table class=\"x_mceDividerContainer\" role=\"presentation\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\" data-block-id=\"58\">\n<tbody>\n<tr>\n<td class=\"x_mceDividerBlock\" valign=\"top\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"x_mceBlockContainer\" align=\"center\" valign=\"top\"><span class=\"x_mceImageBorder\"><img decoding=\"async\" class=\"x_imageDropZone x_mceImage alignleft\" role=\"presentation\" src=\"https:\/\/mcusercontent.com\/6316d25f7b68919349e54a251\/images\/3f6526e3-e280-d9d9-8745-39ef92938edf.jpg\" alt=\"\" width=\"564\" height=\"auto\" data-imagetype=\"External\" data-block-id=\"53\" \/><\/span><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<table width=\"100%\">\n<tbody>\n<tr>\n<td class=\"x_mceTextBlockContainer\">\n<div id=\"x_dataBlockId-55\" class=\"x_mceText\" data-block-id=\"55\">\n<p class=\"x_last-child\"><em>Finance negotiators wear pink to show commitment to gender-inclusive financing on June 8, 2024 (<a href=\"https:\/\/climatehomenews.us1.list-manage.com\/track\/click?u=6316d25f7b68919349e54a251&amp;id=e1ffb6d561&amp;e=a38266d1a6\" data-auth=\"NotApplicable\" data-linkindex=\"7\">Photo: IISD\/ENB Kiara Worth<\/a>)<\/em><\/p>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"x_mceBlockContainer\" valign=\"top\">\n<table class=\"x_mceDividerContainer\" role=\"presentation\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\" data-block-id=\"11\">\n<tbody>\n<tr>\n<td class=\"x_mceDividerBlock\" valign=\"top\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<table width=\"100%\">\n<tbody>\n<tr>\n<td class=\"x_mceTextBlockContainer\">\n<div id=\"x_dataBlockId-46\" class=\"x_mceText\" data-block-id=\"46\">\n<h3>Money talks<\/h3>\n<p><strong>With the agenda adopted last Monday, negotiators on the post-2025 finance goal \u2013 known as the New Collective Quantified Goal (NCQG) &#8211; started exchanging opinions on a 63-page draft text. \u00a0<\/strong><\/p>\n<p>At this early stage \u2013 with the NCQG due to be agreed at COP29 in Baku in November &#8211; many countries are keeping suggestions on specific figures close to their chest, particularly as the UN is due to release a needs determination report in October which will offer guidance.<\/p>\n<p>But the Arab Group has put forward a figure of $1.1 trillion a year from 2025 to 2029. Of this, $441 billion should be public grants and the rest should be money mobilised from other sources, including loans offered at rates cheaper than the market.<\/p>\n<p>The group, backed on this by the G77+China, has\u00a0<a href=\"https:\/\/climatehomenews.us1.list-manage.com\/track\/click?u=6316d25f7b68919349e54a251&amp;id=7994bae3d8&amp;e=a38266d1a6\" data-auth=\"NotApplicable\" data-linkindex=\"8\">even suggested<\/a>\u00a0how developed countries could raise that sum &#8211; through a 5% sales tax on developed countries\u2019 fashion, tech and arms companies \u2013 plus a financial transaction tax.<\/p>\n<p>Military emissions account for 5% of the global total, said Saudi Arabia\u2019s negotiator. This surprised many observers, as Saudi Arabia is the world\u2019s\u00a0<a href=\"https:\/\/climatehomenews.us1.list-manage.com\/track\/click?u=6316d25f7b68919349e54a251&amp;id=f164ba3799&amp;e=a38266d1a6\" data-auth=\"NotApplicable\" data-linkindex=\"9\">fourth-biggest<\/a>\u00a0per capita spender on the military and gets much of its equipment from Western arms companies.<\/p>\n<p>But developed countries insist they can\u2019t stump up all the money and are asking for help. The EU\u2019s negotiator said the NCQG should be a \u201cglobal effort\u201d while Canada\u2019s said it should come from a \u201cbroad set of contributors\u201d. In other words, wealthier and more polluting developing nations like the Gulf nations should also play their part.<\/p>\n<p>But developing countries remain, at least publicly, united against these attempts to differentiate between them. They say developed countries have the money \u2013 it&#8217;s just a question of whether they have the \u201cpolitical will to prioritise climate change\u201d.<\/p>\n<p>The other emerging divide is whether to include a sub-target for loss and damage in the NCQG. Developing countries want this but developed countries are opposed.<\/p>\n<p>Asked why, the EU\u2019s negotiator told Climate Home the Paris Agreement \u201cdoes not provide any basis for liability or compensation\u201d, and that climate finance under the NCQG should consist only of two categories: mitigation and adaptation.<\/p>\n<p class=\"x_last-child\">The talks\u2019 co-chairs \u2013 Australian Fiona Gilbert and South African Zaheer Fakir have slimmed down the sprawling\u00a0<a href=\"https:\/\/climatehomenews.us1.list-manage.com\/track\/click?u=6316d25f7b68919349e54a251&amp;id=74f1d366cc&amp;e=a38266d1a6\" data-auth=\"NotApplicable\" data-linkindex=\"10\">63-page document<\/a>\u00a0they presented to Bonn into a mere\u00a0<a href=\"https:\/\/climatehomenews.us1.list-manage.com\/track\/click?u=6316d25f7b68919349e54a251&amp;id=bee7d20942&amp;e=a38266d1a6\" data-auth=\"NotApplicable\" data-linkindex=\"11\">45-page<\/a>\u00a0one. Negotiators will continue hashing it out this week. Talks continue (and are livestreamed) at 3-5 pm\u00a0<a href=\"https:\/\/climatehomenews.us1.list-manage.com\/track\/click?u=6316d25f7b68919349e54a251&amp;id=8edf8a21de&amp;e=a38266d1a6\" data-auth=\"NotApplicable\" data-linkindex=\"12\">today<\/a>\u00a0and\u00a0<a href=\"https:\/\/climatehomenews.us1.list-manage.com\/track\/click?u=6316d25f7b68919349e54a251&amp;id=d167c0e3cd&amp;e=a38266d1a6\" data-auth=\"NotApplicable\" data-linkindex=\"13\">tomorrow<\/a>.<\/p>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"x_mceBlockContainer\" align=\"center\" valign=\"top\"><span class=\"x_mceImageBorder\"><img decoding=\"async\" class=\"x_imageDropZone x_mceImage alignleft\" role=\"presentation\" src=\"https:\/\/mcusercontent.com\/6316d25f7b68919349e54a251\/images\/8df00875-6bc8-3843-b4bd-8b116dbc6de9.png\" alt=\"\" width=\"564\" height=\"auto\" data-imagetype=\"External\" data-block-id=\"47\" \/><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"x_mceBlockContainer\" valign=\"top\">\n<table class=\"x_mceDividerContainer\" role=\"presentation\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\" data-block-id=\"43\">\n<tbody>\n<tr>\n<td class=\"x_mceDividerBlock\" valign=\"top\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<table width=\"100%\">\n<tbody>\n<tr>\n<td class=\"x_mceTextBlockContainer\">\n<div id=\"x_dataBlockId-18\" class=\"x_mceText\" data-block-id=\"18\">\n<h3><b><span data-contrast=\"auto\">Technical fights over carbon markets<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/h3>\n<p><strong>After talks over the Paris Agreement\u2019s carbon offsetting mechanisms collapsed in dramatic fashion at COP28, negotiators are trying to pick up the pieces.<\/strong><\/p>\n<p>A vast number of issues remain on the table, but diplomats have selected a number of highly technical elements to wrangle over in Bonn.<\/p>\n<p>Observers said the mood is more cordial than in Dubai, but the underlying battle between a tighter regulatory regime and a \u2018no-frills\u2019 approach is still very much alive.<\/p>\n<p>Much discussion time last week was taken up with the thorny issue of establishing a process for countries that host offsetting projects to authorise the release of carbon credits.<\/p>\n<p>This is important as approval triggers a so-called \u2018corresponding adjustment\u2019, meaning governments can no longer count those emissions reductions towards their national climate targets.<\/p>\n<p>A sizeable group of developing nations &#8211; including China, Brazil, the African Group and least-developed countries (LDCs) &#8211; want to be able to revoke or revise those authorisations in certain circumstances under Article 6.2 &#8211; the mechanism for bilateral exchange of credits.<\/p>\n<p>That would afford them flexibility in case they give out too many offsets and this puts hitting their own climate targets at risk. But a group of developed countries and small-island states are pushing back.<\/p>\n<p>Negotiators are also debating once again whether activities aiming to \u201cavoid\u201d &#8211; rather than reduce &#8211; emissions should be allowed in the new UN carbon market under Article 6.4. Most countries are against that, while only the Philippines are actively pushing for their inclusion.<\/p>\n<p class=\"x_last-child\">As some observers have pointed out, giving a green light to the inclusion of emission avoidance could create some perverse incentives, such as fossil fuel companies promising to leave some oil or gas fields unexplored, then quantifying the avoided emissions and selling them as carbon offsets.<\/p>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"x_mceBlockContainer\" valign=\"top\">\n<table class=\"x_mceDividerContainer\" role=\"presentation\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\" data-block-id=\"54\">\n<tbody>\n<tr>\n<td class=\"x_mceDividerBlock\" valign=\"top\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<table width=\"100%\">\n<tbody>\n<tr>\n<td class=\"x_mceTextBlockContainer\">\n<div id=\"x_dataBlockId-48\" class=\"x_mceText\" data-block-id=\"48\">\n<h3><b><span data-contrast=\"auto\">Transparency call<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/h3>\n<p><strong>UN Climate Change head Simon Stiell has just made a speech reiterating a call by COP29 host nation Azerbaijan for countries to get their biennial transparency reports in by November\u2019s Baku summit.<\/strong><\/p>\n<p>These reports are new. Only\u00a0<a href=\"https:\/\/climatehomenews.us1.list-manage.com\/track\/click?u=6316d25f7b68919349e54a251&amp;id=aed7acd1b0&amp;e=a38266d1a6\" data-auth=\"NotApplicable\" data-linkindex=\"14\">Andorra<\/a>\u00a0and\u00a0<a href=\"https:\/\/climatehomenews.us1.list-manage.com\/track\/click?u=6316d25f7b68919349e54a251&amp;id=b731f25404&amp;e=a38266d1a6\" data-auth=\"NotApplicable\" data-linkindex=\"15\">Guyana<\/a>\u00a0have published them so far. They are intended, as Stiell put it, to \u201cshine a light on progress\u201d, showing whether countries are on track with their national climate plans or \u201care the lights flashing red on the console?\u201d<\/p>\n<p class=\"x_last-child\">They don\u2019t have to be perfect, he said. \u201cNobody is expecting countries facing enormous human and economic challenges to submit a platinum-standard report first time around\u201d. But, he added, \u201cI encourage you all to submit the best possible report you can, this year.\u201d<\/p>\n<p><iframe loading=\"lazy\" title=\"Executive Secretary Simon Stiell on Why This Year is Critical for Transparency\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/bw7cVIdR27w?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"x_mceBlockContainer\" align=\"center\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<table width=\"100%\">\n<tbody>\n<tr>\n<td class=\"x_mceTextBlockContainer\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"x_mceBlockContainer\" valign=\"top\">\n<table class=\"x_mceDividerContainer\" role=\"presentation\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\" data-block-id=\"50\">\n<tbody>\n<tr>\n<td class=\"x_mceDividerBlock\" valign=\"top\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">\n<table width=\"100%\">\n<tbody>\n<tr>\n<td class=\"x_mceTextBlockContainer\">\n<div id=\"x_dataBlockId-52\" class=\"x_mceText\" data-block-id=\"52\">\n<h3>News in brief<\/h3>\n<p><strong>Costly climate damage:\u00a0<\/strong>Extreme weather\u00a0<a href=\"https:\/\/climatehomenews.us1.list-manage.com\/track\/click?u=6316d25f7b68919349e54a251&amp;id=9d963a2c27&amp;e=a38266d1a6\" data-auth=\"NotApplicable\" data-linkindex=\"17\">has caused<\/a>\u00a0more than $41 billion in damage in the six months since COP28, according to a new report by Christian Aid. Four extreme weather events in this time &#8211; all scientifically shown to have been made more likely and\/or intense by climate change &#8211; killed over 2,500 people, it says. They encompass flooding in Brazil, the UAE and East Africa, and heatwaves across Asia. The charity says these figures underscore the need for more loss and damage funding.<\/p>\n<p><strong>How to set a \u2018good\u2019 2035 target:\u00a0<\/strong>Climate Action Tracker (CAT) has released <a href=\"https:\/\/climatehomenews.us1.list-manage.com\/track\/click?u=6316d25f7b68919349e54a251&amp;id=19733a8820&amp;e=a38266d1a6\" data-auth=\"NotApplicable\" data-linkindex=\"18\">a guide<\/a>\u00a0for the 2035 targets countries must include in their next NDCs, saying they should be ambitious, fair, credible and transparent, with developed countries ramping up climate finance. They also need to strengthen their existing 2030 targets, which \u201care far from\u201d aligned with the 1.5C global warming limit, it adds. Climate Analytics CEO Bill Hare warns that the CAT projection of warming from current policies is still at 2.7C &#8211; unchanged from 2021. \u201cGovernments appear to be flatlining on climate action, while all around them the world is in climate chaos, from heatwaves to floods and wildfires,\u201d he warns.<\/p>\n<p><strong>Raise the bar for NDCs 3.0:\u00a0<\/strong>A\u00a0<a href=\"https:\/\/climatehomenews.us1.list-manage.com\/track\/click?u=6316d25f7b68919349e54a251&amp;id=60240bca6f&amp;e=a38266d1a6\" data-auth=\"NotApplicable\" data-linkindex=\"19\">new briefing<\/a>\u00a0from the Energy Transitions Commission, a coalition of industry and other players in the energy sector, says that if governments reflect existing policy commitments made at COP28 and nationally, as well as the latest technological progress, in the next round of NDCs (known as NDCs 3.0), overall ambition levels could almost triple. That would save around 18 gigatonnes of CO2e per year in 2035 and put the world on a trajectory to limit warming to 2C, the commission says.<\/p>\n<p class=\"x_last-child\"><strong>Forests missing in NDC action:\u00a0<\/strong>Despite global commitments to halt deforestation by 2030, only eight of the top 20 countries most responsible for tropical deforestation have quantified targets on forests in their current NDCs, says a\u00a0<a href=\"https:\/\/climatehomenews.us1.list-manage.com\/track\/click?u=6316d25f7b68919349e54a251&amp;id=eca7359b84&amp;e=a38266d1a6\" data-auth=\"NotApplicable\" data-linkindex=\"20\">new report<\/a> from the UN-REDD Programme. Current NDC pledges submitted between 2017\u20132021 do not meet the 2030 goal to halt and reverse deforestation, it adds. NDCs must integrate existing national strategies to reduce emissions from deforestation and forest degradation (REDD+) &#8211; which 15 of the 20 countries have adopted &#8211; while the NDCs 3.0 should include concrete, measurable targets on forests, it recommends.<\/p>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"Negotiators take on tricky topics in a slimmed-down\u00a0finance text as UN climate chief calls for country transparency reports to shed light on NDC progress","protected":false},"author":196,"featured_media":51605,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3863,208,3822,1483],"tags":[4201,4989,3884],"coauthors":[5149,4545,4974],"class_list":["post-51601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-climate-finance","category-indcs","category-un-climate-talks","tag-bonn-climate-talks","tag-carbon-markets","tag-climate-finance","type-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bonn bulletin: Crunch time for climate finance<\/title>\n<meta name=\"description\" content=\"At Bonn, negotiators take on tricky topics in a slimmed-down\u00a0climate finance text, as the UN climate chief urges reports on NDC progress.\" \/>\n<meta name=\"robots\" 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