Would you like to receive notifications on latest updates of the following headlines?

CAN to COP Troika: prioritise fair, grant-based climate finance for 1.5-aligned NDC

POSTED ON September 25, 2024 •   Breaking News      BY Abiodun Saheed Omodara
COP Troika: King Charles III with Sultan Al Jaber, the President of COP28 (second left); Mukhtar Babayev, the President-designate of COP29 (left); and Ana Toni, the Brazilian National Secretary for Climate Change (right)

Ahead of the meeting of the COP Presidencies Troika holding on Thursday, September 26, 2024, in New York City, the CAN International has urged the Presidencies to prioritise public, grant-based financing as the bedrock of equitable and ambitious climate action.

It said the development would embed just energy transition plans in the upcoming cycle of Nationally Determined Contributions (NDCs).
Initiated at COP28 in December 2023, the COP Troika comprises UAE, Azerbaijan and Brazil, that have decided to join forces and work actively together to keep the 1.5 degree Celsius climate goal within reach.

In its letter to the Troika, the climate network of almost 2,000 organisations warned against the exclusive focus and reliance on private investment to fund countries’ climate plans, which could disproportionately burden developing countries and ordinary people, and severely hinder progress towards the collective 1.5°C climate goal.

Tasneem Essop, Executive Director of CAN International, said, “There can be no climate ambition without equity. To achieve equity and ambition, developing countries need climate finance at a scale responsive to their needs, predictable and non-debt inducing. 

"This is why we need developed countries to include their contributions of public finance in this new cycle of Nationally Determined Contributions (NDCs). 

"Relying only on private sector investments has not provided the results expected in previous years and has allowed developed nations an escape door in delivering their obligations to providing climate finance as agreed in the Paris Agreement. Grant-based public financing is essential and achievable.”

In CAN’s view, the journey towards the global goal of limiting warming to 1.5°C should begin with an equitable, time-bound phaseout of fossil fuel production and consumption starting with developed countries, which have for far too long shirked their responsibilities and turned a blind eye to the rapidly worsening impacts of climate change around the world.

Fernanda Carvalho, WWF Head of Policy for Climate and Energy, said: “Nationally Determined Contributions (NDCs) are more than just numbers on mitigation, although they are a crucial element. 

"Civil society expects the Troika to deliver a roadmap for NDCs that will collectively deliver 1.5°C alignment and climate justice. Neither is possible without significantly scaled up, grant-based public finance from developed countries to support developing countries in the transition. This is the real pact our future depends upon.”

David Knecht, climate expert at Fastenaktion Switzerland, said: “The next Nationally Determined Contributions (NDCs) will determine whether the world can course-correct to 1.5°C and deliver climate justice. 

"The next NDCs must catalyse community-driven development. At the same time, the NDCs 3.0 need to include concrete fossil fuel phaseout plans, as agreed upon in Dubai, and we expect developed countries to lead on this, as well as on providing direly needed grant-based finance for the global transition. To signal to the world what is needed, the Troika must step-up and present NDCs that set the highest expectations.”

The NDC Troika meeting, taking place on the sidelines of the UN General Assembly, will feature government representatives from the United Arab Emirates, Azerbaijan, and Brazil. 
CAN International urged the Troika to champion a just and equitable approach to financing the NDC cycle, ensuring that climate action benefits all, not just the wealthy.

READ ALSO
India-Pakistan Ceasefire in Jeopardy: Accusations Fly Amidst Fragile Peace
BY Abiodun Saheed Omodara May 11, 2025 0

India and Pakistan exchanged accusations of violating a ceasefire early Sunday, just hours after US...

READ ALSO
1,006 Foreign Nationals Granted Citizenship Since 2017
BY Abiodun Saheed Omodara May 11, 2025 0

ABUJA, Nigeria (NAN) - The Federal Government officially granted Nigerian citizenship to at least 1,...

READ ALSO
EU Commits €300M to Empower Nigeria's North-West and North-East Regions
BY Abiodun Saheed Omodara May 10, 2025 0

ABUJA,Nigeria (NAN) - The European Union has committed 300 million euros for new initiatives in Nige...

READ ALSO
Shettima Unveils $158m Agricultural Initiative to Combat Poverty
BY Abiodun Saheed Omodara May 8, 2025 0

ABUJA, Nigeria - The federal government On Wednesday, signed a financing agreement for the Value Cha...

READ ALSO
NIMC Introduces NINAuth Platform to Streamline Access to Government Services in Nigeria
BY Abiodun Saheed Omodara May 6, 2025 0

The Federal Government of Nigeria has formally introduced the NIN Authentication Service (NINAuth),...

READ ALSO
BREAKING: EFCC Breaks Silence on VDM Arrest, Cites Financial Crime Allegations
BY Abiodun Saheed Omodara May 6, 2025 0

The Economic and Financial Crimes Commission (EFCC) has confirmed the arrest of Martins Vincent Otse...

READ ALSO
Crude Oil Prices Fall Below $60 as Nigeria Faces Budgetary Challenges Amid Production Struggles
BY Abiodun Saheed Omodara May 6, 2025 0

Crude oil prices have dipped below $60 per barrel, causing worries about the ability of federal and...

READ ALSO
Tinubu to Inaugurate 30-Kilometre Lagos-Calabar Coastal Highway Section Before May 25
BY Abiodun Saheed Omodara May 6, 2025 0

The Minister of Works, Dave Umahi, has announced that President Bola Tinubu is set to inaugurate a 3...

OUR CHANNELS:

Dangote Rejects Claims of Inadequate Fuel Supply Amidst Marketers' Accusations
BY Abiodun Saheed Omodara May 12, 2025 0

The Dangote Petroleum Refinery has dismissed accusations from oil marketers claiming that the facili...


Students Seek Justice: 2025 UTME Candidates Prepare to Sue JAMB Following Exam Failures
BY Abiodun Saheed Omodara May 12, 2025 0

Thousands of participants of the 2025 Unified Tertiary Matriculation Examination are planning to tak...


Nigeria's Public Debt Hits N144.67 Trillion as Government Borrows Heavily
BY Abiodun Saheed Omodara May 12, 2025 0

Nigeria's overall public debt increased by N57.3 trillion in the first 18 months of the current admi...


Onigbongbo LCDA Chairman Rejects APC Primary Results, Calls Process a 'Sham
BY Abiodun Saheed Omodara May 12, 2025 0

The chairman of Onigbongbo Local Council Development Area (LCDA), Olufunke Hassan, has dismissed the...


European Football: Premier League, La Liga, Serie A, Bundesliga, and Eredivisie Set for Action
BY Abiodun Saheed Omodara May 11, 2025 0

Football enthusiasts are set for a thrilling day of matches in Europe’s premier leagues today,...


India-Pakistan Ceasefire in Jeopardy: Accusations Fly Amidst Fragile Peace
BY Abiodun Saheed Omodara May 12, 2025 0

India and Pakistan exchanged accusations of violating a ceasefire early Sunday, just hours after US...


1,006 Foreign Nationals Granted Citizenship Since 2017
BY Abiodun Saheed Omodara May 11, 2025 0

ABUJA, Nigeria (NAN) - The Federal Government officially granted Nigerian citizenship to at least 1,...


PDP's Internal Strife: Gov’s Convene Key Meeting to Tackle Defections and Future Strategy
BY Abiodun Saheed Omodara May 12, 2025 0

In a broader discussion on how to tackle the recent surge of defections and the turmoil within the P...


Ibas vows to tackle piracy, oil theft in Rivers
BY Abiodun Saheed Omodara May 11, 2025 0

The Rivers State Government has urged for enhanced collaboration among security agencies, community...


Lagos APC: Four LCDAs Announce Consensus Candidates for Primaries
BY Abiodun Saheed Omodara May 12, 2025 0

LAGOS, Nigeria - In preparation for the local government election on July 12 in Lagos State, four Lo...


More Articles

Load more...

Menu