The insight and debate from the Climate Co-Lab event at COP28
In 2009, developed countries jointly pledged to mobilise $100bn per annum to support climate action in developing countries. This target has never been met and the pledge will expire in 2025. It is estimated that approximately $5 trillion is required annually, just to avoid the worst impacts of climate change.
The New Collective Quantified Goal (NCQG) intended to replace this pledge, is currently under negotiation, due to be finalised by the end of 2024. A successful agreement will unlock the finance needed for mitigation, adaption and loss and damage funds.
The Climate Co-Lab event, at the Heriot-Watt campus and in collaboration with Wood Mackenzie and Edinburgh Science, was hosted by Ed Crooks on day 5 of COP28. Joining him to explore climate finance were:
Patricia Espinosa Cantellano, Former UNFCCC Executive Secretary, Former Minister of Foreign Affairs of Mexico, Ambassador Emeritus of Mexico, and CEO and Founding Partner of onepoint5.
Mohamed Sultan, Regional Lead Africa, Global Methane Hub
Nigel Topping CMG, UN Climate Change High-Level Champion at COP26, Member UK CCC, NED at UKIB
Together they explore what fundamental changes in global systems need to occur to scale and deliver on decarbonization.
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