UK sets out key goals for COP29

By Finance News On Nov 12, 2024

Secretary for Energy Security and Net Zero, Ed Miliband, detailed the UK’s focus areas for the COP29 climate summit in Baku, Azerbaijan.

Ed Miliband highlighted the need for a new international climate finance goal to succeed the $100 billion (£77.7bn) annual target, which has been deemed insufficient.

Known as the New Collective Quantified Goal (NCQG), the updated target aims to mobilise resources from both public and private sectors.

The UK is committed to working with international partners to create a finance framework that will support nations most vulnerable to climate impacts while acknowledging constraints on public finances.

To uphold the Paris Agreement’s target of limiting global warming to 1.5°C, Ed Miliband emphasised the need for more ambitious climate commitments from all countries.

He urged nations to submit enhanced Nationally Determined Contributions (NDCs) for 2035 that align with the 1.5°C target.

The UK itself will submit an updated NDC at COP29 and will promote international cooperation through initiatives like the Global Clean Power Alliance and the Breakthrough Agenda, which work to expand clean energy access, mobilise climate finance, and address energy needs in developing countries.

The UK will also advocate for increased adaptation finance within the NCQG process and seek progress on establishing the Global Goal on Adaptation.

The UK will also support the operationalisation of the Fund for Responding to Loss and Damage, which is aimed at addressing irreversible impacts of climate change on vulnerable regions.