The urgency to tackle climate change is more pressing than ever and let’s ACT now at #COP29. This #COP29 is pivotal for addressing the political and financial obstacles that have stalled meaningful climate action. The world is watching, and the stakes are incredibly high.
Adaptation finance is crucial to the #NCQG on climate finance, a key focus at #COP29. The NCQG aims to mobilize at least $1 trillion annually to support climate action in developing countries, addressing mitigation and adaptation needs. However, the current allocation for adaptation finance needs to be increased, with only a small portion directed towards building resilience in vulnerable communities.
The NCQG should adopt a comprehensive approach that includes public finance, private sector investment, and national budget allocations. This structure should prioritize adaptation finance, ensuring mitigation efforts do not overshadow it. The goal should also address barriers to private sector investment and enhance the transparency of financial flows.
Political gridlock is a major obstacle to effective climate action. Developed countries must lead by example, actively participating in international climate agreements and fulfilling their obligations. This includes timely submission of transparency reports and increased ambition in #NDCs. Developed nations must also accelerate their transition to net-zero emissions, setting ambitious targets that align with the 1.5°C pathway.
COP29 #ClimateAction #AdaptationFinance #NCQG #ClimateFinance #ClimateAdaptation #ClimateResilience #GlobalSolidarity #NDCs #1Point5Degrees #ClimateJustice #DevelopingCountries
Bapon (SHM) Fakhruddin, PhD 