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Bonn, 31 May 2024 The Bonn Climate Conference meets at a time of urgency where 80% of the global carbon budget (which is associated with a 50% probability of keeping global temperatures under the 1.5°C warming threshold) has already been depleted. Many vulnerable developing countries find themselves suffering from insufferable heat waves or floods, debt distress and inadequate financial support to protect their citizens from climate impacts.
Climate Finance in Focus
Setting a new goal for the provision of climate finance from developed countries to developing countries is the top line task for COP29, where the decision on a New Collective Quantified Goal (NCQG) is expected to be delivered. The Conference in Bonn is tasked with moving on from technical exchange, to reach substantive agreements. These agreements will then serve the political negotiations by narrowing down the post-2025 climate finance goal in terms of size, potential sub-goals for spending purposes (such as mitigation, adaptation and loss and damage), as well as its financial form in terms of grants and loans.
CAN Europe expects the EU to make clear moves towards supporting an ambitious agreement later this year at COP29 as a cornerstone of a much needed deep transformation of the current unjust financial system. Our key demands for EU finance ministers in this regard can be read in full here.
‘International climate finance is essential to strengthening climate security and protecting those at the front line of the climate crisis’ said Emilia Runberg, Climate & Development Policy Coordinator at CAN Europe. ‘The EU must be a driving force for agreeing a robust new climate finance goal for post 2025 that centres public finance and is needs-based, fair and equitable, and reflects developed countries’ particular legal obligations. In Bonn, we expect the EU to make constructive moves towards supporting an ambitious agreement later this year at COP29 as a cornerstone of a much needed deep transformation of the current unjust financial system.’
National Climate Plans to Accelerate Fossil Fuel Phase-Out
Nationally Determined Contributions (NDCs) are due to be submitted early next year. During COP28 all countries, including the EU, reconfirmed the need to enhance ambition to keep the 1.5°C limit within reach. The first Global Stocktake dialogue in Bonn will serve as a critical opportunity to advance the important COP28 agreement to transition away from fossil fuels in an equitable manner, and to integrate this transition into the NDCs and financial transformation.
CAN Europe is calling on other countries present in Bonn to push the EU towards higher ambition and an early delivery of their next NDC, with the aim to reach climate neutrality by 2040 as well as increased action on the implementation of the 2030 target. The EU has a critical role as a first-mover, to accelerate the worldwide shift to renewable energy away from fossil fuels in a just manner, whilst also financing and helping other countries towards ambitious climate policies and NDCs.
‘The EU has started to discuss its next 2040 emission reduction target, but yet lacks a clear way forward for delivering a highly ambitious next national climate plan in time for the agreed deadline of February 2025’ said Sven Harmeling, Head of Climate at CAN Europe. ‘Other countries should push at the meeting towards higher ambition, with the aim to reach climate neutrality already by 2040, and a quick NDC delivery. Accelerating the shift to renewable energies away from fossil fuels will bring multiple socio-economic benefits.’
Event Invitation
During the Bonn Climate Change Conference, CAN Europe is launching new research that analyses the state of play of international climate finance from the EU and its Member States. The report assesses the EU’s provision of international climate finance in relation to goals set by the UNFCCC to increase international climate finance to developing countries to $100 billion per year, between 2020 and 2025.
The event is open to the media and will include a presentation of the report’s findings, reactions from an EU representative and a recipient country, as well as space for questions.
When: Thursday 6 June 2024, 12:30 – 13:30 CET
Where: Online, Zoom – Register here
Spokespersons
A number of CAN Europe’s experts will be present in Bonn during the Climate Conference and are available for print/broadcast comment, as well as background conversations:
Chiara Martinelli, Director
Sven Harmeling, Head of Climate
James Trinder, International Climate Policy Coordinator
Emilia Runberg, Climate & Development Policy Coordinator
Additionally, a number of representatives from CAN Europe’s Member Organisations will be present in Bonn, who are available to provide national perspectives.
ENDS
Notes to the editors:
- CAN International has produced a political briefing paper for the Bonn Climate Conference which highlights key civil society expectations on finance mitigation, adaptation and loss and damage.
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