Bonn Climate Conference Focuses on Finance Goals

June 7, 2024

Climate funding is still an important part of the global effort to stop climate change. The Bonn Climate Change Conference, which is also known as the 60th Session of the UNFCCC Subsidiary Bodies, began on June 3, 2024. This meeting was very important for getting ready for the 29th Conference of Parties (COP 29) in Baku, Azerbaijan, where a new climate finance goal will be decided.

Emergence of New Collective Quantified Goal (NCQG)

Simon Stiell, Executive Secretary of the UNFCCC, stressed how important it is to set a New Collective Quantified Goal on climate funding (NCQG) as soon as possible. The NCQG’s goal is to get developed countries to promise to give money to poor countries so that they can take action on climate change. At the conference, differences between developed and developing countries were brought to light, especially when it came to the NCQG’s financial standards and structures. The European Union pushed for a more diverse approach to funding, but the G77 and China, which form the largest group of developing countries, stressed the need for a big, needs-based goal that would be mostly paid for by public funds from developed countries.

Technical Expert Dialogue on NCQG

The talks at the 10th Technical Expert Dialogue (TED 10) built on earlier talks from a meeting in Colombia. They covered important topics like the NCQG’s goals, transparency, and organization. There were still different points of view. Developing countries wanted flexible financing and clear accounting, while developed countries wanted a multi-layered financial system. The idea of “additionality” was also brought up again, and the sincerity of past financial promises as real extra resources rather than repurposed help was called into question.

Enhanced Transparency Framework (ETF)

The Enhanced Transparency Framework (ETF) under Article 13 of the Paris Agreement was also talked about at the meeting. When countries report on their climate action, the ETF tells them how to do it, with a focus on making sure that the details of financial, technical, and capacity-building support are clear. There are mandatory reporting requirements for developed countries that show what kind of help they give, while there are less strict recommended reporting requirements for developing countries. It was stressed how important it is to have a consistent meaning of “climate journalism” to avoid confusion and make sure that people are held responsible.

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