Open letter on local weather finance

As we method COP30, Minister White of the UK and State Secretary Flasbarth of Germany, in affiliation with plenty of main contributors to worldwide local weather finance, underscore that we’re dedicated to be amongst the international locations taking the lead in reaching the objective of at the very least USD 300 billion per 12 months and, as a part of the worldwide effort, work to scale up financing to growing nation Parties for local weather motion to at the very least USD 1.3 trillion by 2035.

The New Collective Quantified Goal (NCQG) resolution reaffirms all elements of Article 9 of the Paris Agreement – it’s inclusive of commitments to each present and mobilise local weather finance from all sources, in addition to enhance entry, obtain steadiness, and tackle system boundaries to scaling-up local weather motion such because the excessive price of capital. It is a crucial final result, agreed within the face of serious challenges and all of us are dedicated to doing our half to ship it. We will proceed to fulfil our commitments beneath the Paris Agreement, together with as articulated in Article 9, in a clear method.

The NCQG additionally outlines the worldwide context of bilateral and multilateral local weather finance. The improve in ambition within the core objective of the NCQG is accompanied by an excellent greater activity of utilizing the billions to unlock the trillions, which would require all actors working collectively.

As we enter the second half of this important decade, we recognise the extra efforts that should be made to reinforce local weather motion and ambition. We welcome the brand new NDCs submitted, together with NAPs, BTRs and different nationwide plans, and encourage these Parties but to submit their NDCs and NAPs to take action as quickly as attainable.

We be aware in the present day’s (30 October) OECD announcement, which outlines that primarily based on preliminary information and evaluation, finance for local weather motion continued to movement in 2023 at a stage much like 2022. This is a transparent demonstration of us collectively “continuing to take the lead.”

At the nationwide stage, we reiterate our agency dedication to local weather finance, striving to attain a steadiness between adaptation and mitigation, taking into consideration our nationwide circumstances and legislative and budgetary necessities. We additionally acknowledge that specializing in the accessibility of finance and making certain it displays native wants is important, and we’re dedicated to taking motion on these fronts, significantly for essentially the most susceptible.

Collectively, adaptation finance stays a precedence. We welcome the MDB joint experiences which have proven constant will increase in adaptation finance over current years, together with as much as 2024. The NCQG settlement reaffirms the Paris Agreement’s intention to attain a steadiness between adaptation and mitigation finance within the context of significant and bold motion on mitigation, adaptation, and transparency in implementation. We acknowledge the NCQG textual content outlining the necessity to dramatically scale up adaptation finance. We will proceed to work in direction of it together with via joint efforts with Multilateral Development Banks and to assist triple outflows via the Multilateral Climate Funds.

We recognise and welcome that many international locations able to take action are additionally contributing in direction of the worldwide effort in an indication of south-south cooperation, as inspired within the NCQG. As capabilities improve, there is a chance to repeatedly enhance and evolve finance for growing international locations – for mitigation in addition to adaptation. We sit up for working with all companions to additional strengthen the implementation of our joint local weather ambition.

Parliamentary Under-Secretary of State Katie White MP, Minister for Climate
Department for Energy Security and Net Zero
UK Government

State Secretary Jochen Flasbarth
Federal Ministry for the Environment, Climate Action, Nature Conservation and Nuclear Safety
Federal Government of Germany