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The World Bank has secured $100 billion for its International Development Association (IDA) to aid the world's poorest nations, despite a slight increase in donor pledges to $23.7 billion. This funding aims to enhance climate resilience and address food insecurity and conflict, although experts warn that inflation may diminish its real value. The IDA, which has become vital for climate finance, will channel resources primarily to African nations, with a commitment to allocate 45% of its funding to climate projects by mid-2025.
South Africa's investment plan focuses on electricity, new energy vehicles, and green hydrogen, but skills development remains a low priority. Concerns arise in coal-reliant communities about future employability as coal plants decommission, with slow progress in reskilling initiatives. The Just Energy Transition Partnerships (JETPs) face challenges, including limited grant funding and delays in project implementation, raising skepticism about their effectiveness and commitment to a people-centered approach.
At COP29 in Baku, countries made progress on carbon market rules under the Paris Agreement, particularly Article 6, but concerns remain over the quality of credits and transparency in emissions trading. The global goal on adaptation faced delays due to financial disagreements and a lack of consensus on implementation indicators. Meanwhile, the Lima Work Programme was renewed for another decade, focusing on gender-responsive climate policies despite pushback on human rights language from some nations.
At COP29, a fierce debate over the New Collective Quantified Goal (NCQG) is anticipated, as wealthy nations seek to shift responsibilities to emerging donors and the private sector. Despite a doubling of climate finance to $1.46 trillion, a significant increase is needed to meet climate goals, with vulnerable nations facing a funding gap of $187-359 billion for adaptation efforts. Meanwhile, major oil and gas producers plan to expand production, undermining global climate commitments and risking lower returns for investors in the LNG sector.
Vivian Chime
People
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World Bank Secures 100 Billion for Climate Resilience in Poorest Nations
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