Climate talks continue in Bonn with discussions on finance target
The UN climate change negotiations will continue in Bonn, Germany on 3-13 June. The negotiations among public officials will pave the way for decisions to be made at the Climate Change Conference in Baku concerning e.g. the finance target, and will continue the efforts to phase out fossil fuels.
Year by year, the progress of climate change is causing more serious damages. More international financing is needed for climate change mitigation and adaptation and for remedying the damages.
At the COP29 Climate Change Conference to be held in Baku, Azerbaijan this year, an agreement should be reached on the post-2025 climate finance target, the New Collective Quantified Goal (NCQG). The meeting of public officials in Bonn will pave the way for the political negotiations on the finance target in November.
“We need sufficient and targeted financing to limit the rise in global temperature to 1.5 degrees as stated in the Paris Agreement. Climate risks have grown and climate damages cause costs especially in the most vulnerable regions, such as small and poor island states. Obviously, all possible sources of financing will be need,” says Finland’s Chief Negotiator Marjo Nummelin.
Besides the amount of financing, i.e. the level of the goal, the questions to be considered in the negotiations on the finance target include the type of financing, i.e. what kind of financing we are talking about, access to and sources of financing, and transparency arrangements by which the progress towards the target can be monitored. At this point, the views of different countries are still far from each other.
According to the OECD report, 2022 was the first year when developed countries exceeded the present annual climate finance target of USD 100 billion. The report published at the end of May showed that in 2022 the financing for climate action in the developing countries totalled USD 115.9 billion.
Steps forward needed to phase out fossil fuels
At the Dubai Climate Change Conference last December, the countries of the world made the historical decision to phase out the use of fossil fuels. The work on this and on promoting the implementation of the decisions reached in Dubai will continue in Bonn. The countries’ new national emission reduction targets must contain a clear plan on how they will contribute to the decisions. The National Determined Contributions (NDC) are not expected to be ready until next year, before COP 30, but progress will have to be made this year as well. In the discussions on the energy transition, a particular focus will be on events related to the implementation and monitoring of the decisions made in Dubai and on the Mitigation Work Programme that aims to prepare more accurate means to reduce emissions.
The agenda of the meeting in Bonn also includes the finalisation of the rules for the international market mechanism and the reform of the work programme concerning gender equality and climate.
Negotiations in different forums during summer and autumn
Besides the official meeting in Bonn, preparations for the Baku Climate Change Conference will take place at various meetings to be held during the summer and autumn. Negotiations will also be held among the G7 and G20 countries.
Efforts to boost climate action will also be made at the climate summit to be convened by the UN Secretary-General during the UN General Assembly week in September. The EU will outline its own negotiation targets for the BAKU Climate Change Conference at the meeting of environment and climate ministers on 14 October 2024. In addition, the Economic and Financial Affairs Council Ecofin will draw up separate conclusions on climate finance in October.
More information
Marjo Nummelin
Finland’s Chief Negotiator
tel. +358 40 523 3710
[email protected]
Ministry of the Environment
Outi Honkatukia
Director of Climate Unit
tel. +358 50 341 1758
[email protected]
Ministry of the Environment