COP29 and the NCQG: linking climate, debt and gender justice
#COP29 #PayUpforClimateFinance #Aid #FfD4 #EurodadIC25
Top story
COP29 and the NCQG: linking climate, debt and gender justice
COP29 takes place in Baku, Azerbaijan this week. The conclusion of the ongoing negotiations of the post-2025 climate goal, also known as the New Collective Quantified Goal on Climate Finance or NCQG, will be top of the agenda. In this blog, we look at how the quantity and quality of the goal set this week will impact climate, debt and gender justice in the global south.
Read the blog by Polina Girshova and Iolanda Fresnillo (Eurodad)
COP29
COP29 expectations document: achieving fair climate finance to deliver resilience, ambition and a just transition
by Climate Action Network International
Impacts of climate change, driven by fossil fuel use, have continued to escalate in frequency and intensity, disrupting and devastating especially developing countries and populations that have been made vulnerable and that bear the least responsibility in the genesis of the climate crisis. Despite the clear evidence of a spiraling crisis, the scale of the response so far has been woefully lacking. This year, the ‘Year of Finance’, must be a turning point. COP29 carries the potential to decide the direction and fate of climate action as outlined in the Paris Agreement and the outcomes of the first Global Stocktake.
Read the analysis
Debt swaps won’t save us: the urgent need for debt cancellation and grant-based climate finance
by Debt Justice UK, APMDD, Climate & Commmunity institute, Eurodad, LATINDADD, Christian Aid and Action Aid
Debt swaps for climate and conservation goals have experienced a resurgence in recent years. As COP29 negotiations kick off, they are presented as a dual solution for debt and climate issues, however they fall short in practice and pose risks that threaten to harm global south countries and communities. This briefing explains why instead of debt swaps, we need urgent debt cancellation and grant-based climate finance.
What MDB climate finance is actually being spent on and where
by Recourse
Climate finance from multilateral development banks (MDBs) is funding fossil fuels and highly polluting projects, and failing to prioritise the most climate-vulnerable countries, according to new research published at the UN climate summit.
Videos:
• Watch a video message by Vanessa Nakate: English version, Spanish version
News
Registration is open for Eurodad 2025 International Conference - Get your early bird ticket by 30 November
The Eurodad international conference – which takes place every two years – is a leading forum for discussion, idea-sharing and collective strategising for civil society groups across the world. Taking place in Barcelona (Spain) on 28-29 January, this edition brings together experts working on economic justice in the lead-up to the fourth UN Financing for Development Conference (FfD4).
Call for sub-grant proposals related to FfD4 under the ‘Connecting the Dots’ EU DEAR project
Is your organisation engaged in campaigning or capacity building activities related to the Fourth UN Financing for Development Conference (FfD4) process? Or maybe you are interested in becoming actively engaged on FfD processes for the first time? As part of a first round of call for proposals, Eurodad is looking for sub-grantees under the 'Connecting the Dots' EU DEAR project.
Blogs
A global public banking ecosystem breakthrough
by Ali Rıza Güngen, Lavinia Steinfort, Thomas Marois and María José Romero
To usher in sustainable and equitable development, the world needs at least $30 trillion in additional investment over eight years. At the current pace of investment, countries will miss one climate target after the other. Two reasons underpin this failure: an over-reliance on private finance and under-utilisation of public finance capacity. What alternative action can deliver the required financing for climate action and equitable development? One viable and much needed solution is the intentional and coordinated mobilisation of the world’s existing public banking capacity.
Reports
Trading with our future: IFC trade finance commitments for fossil fuels
by Urgewald
In fiscal 2023, the IFC committed $16.1 billion to its trade finance programs, with 29% of that amount, or $4.7 billion, estimated to go towards fossil fuel projects. In comparison to fiscal 2022, this is an increase of 17% in total trade finance and 28% in fossil fuel commitments. As already highlighted in an analysis from last year, transparency still remains an issue across all programs. The exact nature of the financed goods and businesses, especially those tied to fossil fuels, remains unclear.
Useful resources
Rewatch the webinar "The murky business of Private Sector Instruments"
This panel aimed to initiate a critical dialogue on the current Private Sector Instrument (PSI) agreement one year after it came into force. The intention was to foster a greater understanding about how PSIs work and everything CSOs need to know to engage with them in their work.
United Nations Human Rights Council Social Forum 2024:
Roundtable on debt and debt sustainability
Without adequate financial support and favourable economic conditions, poorer nations are caught in a cycle of debt and underdevelopment, hindering their ability to achieve long-term sustainable growth and improve the well-being of their populations. At the Human Rights Council Social Forum 2024 a panel focusing on debt and debt sustainability looked at the possible outcomes of the fourth Financing for Development Conference on this issue.
Rewatch the roundtable | View Iolanda Fresnillo's (Eurodad) presentation slides
Undue high expectations of the G20 common framework: urgent need to reform the international debt architecture
by Yuefen Li, Economist and Special Advisor on South-South Cooperation and Development Finance, South Centre
In an environment of slow global economic growth, high real interest rates and trade fragmentation, the concern about sovereign defaults is real and acute. However, no insolvency or bankruptcy regimes for sovereign debtors exist under which their effective and orderly restructurings can be worked out. The world is facing a “non-system” for sovereign-debt restructuring—a longstanding gap in the international debt architecture.
Events
26 November | Online | Aid webinar - The role of guarantees in Official Development Assistance and climate finance
This is the second in a series of events exploring the relationship between private finance and aid. It will be an opportunity to launch a report by Eurodad’s Farwa Sial and C.P. Chandrasekhar on guarantees for development and climate action.
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This newsletter has been produced with co-funding from the European Union, Bread for the World and Norad. The contents of this publication are the sole responsibility of Eurodad and can under no circumstances be regarded as reflecting the position of the funders. |
