Bonn in focus

 

On Finance: "The need for specificity about the quality of finance was emphasized. It was acknowledged that public finance alone is inadequate and can lead to more debt, with 60% of climate finance being debt-inducing.

"Globally, we need to move beyond debt-building public finance to focus on more sustainable and equitable sources of funding.

"Ensuring finance is not only about meeting a numerical target but also addressing rising needs, including loss and damage, in the new financial goals is essential.

"There is a need to think innovatively about transforming the existing infrastructure, and leveraging public-private partnerships will play a key role. Governments, businesses, financial institutions and international organisations will need to work in lockstep to convert ambition into action.

"There is a strong business case for private sector organisations to deliver the investment that will place them at the vanguard of this transformation.”

On Public-Private Collaboration: "With 200 days left for NDC submissions next year, it is crucial that the focus shifts to swift and just implementation involving all of society. 

"To achieve maximum acceleration, it is essential that government cabinets and boardrooms align on priorities. Spotlighting investable solutions and breaking down silos between sectors will be vital. Additionally, it is necessary to continue the dialogue from COP28 and build momentum towards COP29. 

"We will of course be doing our utmost to facilitate that throughout 2024 and beyond, through our high-level summits, partnership and coalition-building.” 

On SMEs: "SMEs are incredibly significant in the context of climate finance and renewable technology innovation. They represent 50% of the global market and 80% of employment, making them the backbone of the global economy.  

"SMEs are responsible for 25-30% of private sector innovation in renewable technologies. Therefore, supporting SMEs is crucial for driving sustainable economic growth and technological advancements in the fight against climate change.” 

On Fossil Fuels and the ‘Just Transition’: "The divergence in conversations about phasing out fossil fuels between the global north and south is rooted in differing interpretations of a ‘just transition.’ There seems to be a collective memory oversight about promises made in previous COP meetings, such as COP28.  

"The lack of dialogue between countries in Bonn has been a significant issue, with no substantial conversations addressing the specifics of fossil fuel phase-out tailored to the distinct needs of the global north and south.  

"To bridge this gap, it is essential to facilitate meaningful dialogues between countries to understand and address their specific challenges and needs regarding fossil fuel phase-out. 

"We need to clearly define what a just transition means for different regions to ensure fair and equitable progress, and we must revisit and uphold commitments made in previous climate agreements to maintain trust and accountability.” 

In Conclusion: "The mood among officials and policymakers was one of urgency and concern, particularly as current trends point towards a 2.7 degrees Celsius annual rise in global temperatures, as noted by the UNFCCC chair.  

"There was a call for more focus on locally led adaptation efforts, highlighting a structural problem in the way dialogues are conducted. Many cities that could benefit from these discussions have not been participating in the SB 60 meetings.  

"There is significant in the lack of movement on finance, with a need for a greater emphasis on quality, justice, transparency, and income sources in climate finance.”