The 29th Conference of the Parties (COP29) of the United Nations Framework Convention on Climate Change (UNFCCC), held in Baku, Azerbaijan, in November 2024, was widely dubbed the “Finance COP” for its pivotal role in mobilising financial resources from developed countries to aid developing nations in their transition towards net-zero pathways. This effort largely centred on establishing the “New Collective Quantified Goal” (NCQG) on climate finance.Nonetheless, this year’s climate talks failed to deliver substantive outcomes on critical fronts such as scaling up climate finance, advancing a global goal on adaptation, operationalising the Loss and Damage Fund, and enhancing directives for countries to set ambitious emissions reductions in their NDCs 3.0.
Action for Finance: Transport in Climate Finance and the Loss & Damage Fund
At COP29, SLOCAT and our partners are calling for ambitious efforts to urgently close the transport finance gap. Our messages focus on preventing communities from being locked into carbon-intensive systems and advocating for an ambitious global climate finance goal that delivers on the First Global Stocktake Decision. We urge countries to boost financial flows for transport and engage key transport stakeholders, while prioritising an adequate response package for transport in the Loss and Damage Fund. Additionally, we call for more ambitious transport commitments in NDCs 3.0 that can promote broader financial reforms for action towards a low-carbon, energy-efficient and resilient transport future.
Political ambition and capacity building for the next NDCs
Transport Decarbonisation Index: to assist Low and Middle-Income Countries in Africa and South Asia in reducing greenhouse gas emissions in surface transport by providing a diagnostic toolkit, with UK’s HVT, UEMI. Prof. Lew Fulton, Pierpaolo Cazzola, Jacob Teter.
One more year, SLOCAT is compiling publicly available information about transport-focused events, including events organised by SLOCAT Partners, the wider transport community and the COP29 Presidency.