Attachments
Key messages
• COP29 in Baku (November 2024) produced mixed results: developed countries’ climate finance pledges for developing countries were raised to $300 billion a year by 2035, tripling the amount previously set in 2009, yet still remain below the demands that developing nations had raised.
• As indicated in latest NDC submissions, Africa’s total climate finance needs (mitigation, adaptation, loss & damage and cross-cutting) add up to $1.6- $1.9 trillion until 2030.
• While COP29 finalised the institutional setup of the Fund for Responding to Loss & Damage (FRLD) under the auspices of the World Bank and committed to starting payouts in 2026, pledges to the FRLD currently only cover $700 million, equivalent to only 0.6% of climate-related damages Africa is estimated to face by 2030.
• Framework negotiations to track the Global Goal on Adaptation outlined in Article 7 of the Paris Agreement, which gained traction at COP28, have stalled with no final agreement to date.
• While talks at COP16 in Riyadh (December 2024) focused on finance for restoration and land degradation neutrality, the UNCCD’s estimated financing gap is still sitting at a total of $2.6 trillion by 2030.
• Despite incremental progress, COP16 failed to deliver a long-awaited binding agreement on tackling drought worldwide. Decisions were instead deferred to COP17, scheduled to take place in Mongolia in 2026.
• After being suspended in November 2024 before Parties could reach an agreement on resource mobilisation, COP16 on biodiversity successfully resumed in February 2025 in Rome.
• In a landmark agreement, participating nations agreed in Rome to mobilise at least $200 billion a year by 2030 to close the biodiversity finance gap.