Bonn Climate Change Conference

The road to 29th Conference of Parties (COP29) to the United Nations Framework Convention on Climate Change in Baku appears bumpy after the mid-year climate talks in Bonn, Germany concluded.

• In Bonn, Germany, discussions centered around crucial adaptations and the functionality of international carbon markets as outlined in Article 6 of the Paris Climate Agreement.
• The conference marked progress on adaptation indicators, essential for measuring effectiveness in climate action efforts.

New Collective Quantified Goal (NCQG):

• First proposed at COP21, the NCQG is designed for post-2025 climate finance initiatives.
• Despite the initial $100 billion annual goal set in 2009, developed countries have not fully met these targets.
• The NCQG aims to not only meet but exceed the $100 billion target, addressing current funding inadequacies.
• Simon Stiell, UNFCCC Executive Secretary, underscored the urgency of establishing the NCQG.
• Developing nations advocate for a goal that relies primarily on public funds from wealthier countries.
• Conversely, the European Union supports a varied funding strategy to meet these financial goals.