Friday, December 12, 2024, New York; CfRN’s strong negotiating presence at COP29 in Azerbaijan contributed to both an historic deal on climate finance for developing countries and the completion of Article 6. The Article will provide a new, transparent, UN backed mechanism under the Paris Agreement to finance carbon reductions.

CfRN’s goal going into COP29 was to mobilize finance to help developing countries to reverse deforestation and transition their economies while adapting to ongoing climate change. By the end of the summit, all countries had agreed to triple climate finance for developing countries from $100 to $300 billion annually by 2035.

“While this new Collective Quantifiable Goal on climate finance (NCQG) appears meaningful, it is recognized to be insufficient to address the full effect of climate change on our countries. Our goal for COP30 will be to scale up climate finance from all sources to $1.3 trillion annually by 2035,” Kevin Conrad, Executive Director, CfRN.

CfRN also helped achieve an historic agreement for private sector engagement with the new market mechanism under Article 6 of the Paris Agreement. CfRN steadfastly advocated for a transparent, UN backed, authorization process that ensures:

• the environmental integrity of the Paris Agreement,
• a verification process which calls for country accountability,
• incentives for best practices, and
• finance for national efforts to reverse deforestation.

Highlights from Article 6 completion include:

• Clear authorization requirements by the host country to include the cooperative approach, its use, the ITMOs, and entities included, if applicable.
• Clear reporting and sequencing of the ITMOs.
• A clear Article 6 review with identification of any inconsistencies, especially if significant and persistent, to be publicly displayed in the Centralized Accounting and Reporting Platform (CARP) until they are addressed.

Leading up to COP30 next year, CfRN will contribute to a work-program exploring how $1.3 trillion by 2035 can be mobilized. CfRN will work closely with the Brazilian government under the United for Our Forests initiative to formulate a new, international declaration, based on the latest climate science, to finance and protect the Amazon, Congo-basin, Asia Pacific and the last remaining rainforests across the planet.

“COP30, Brazil will be a rainforest COP. It will represent the last opportunity to save our tropical rainforests. The Brazilian government and CfRN are committed to getting it right,” said Federica Bietta, Managing Director, CfRN.

For more information, please contact Mark Grundy – mark@cfrn.org