At first glance, finance does not feature prominently on the agenda of the Subsidiary Bodies. But this is before considering the many finance-related dialogues taking place in Bonn, as well as the strong desire to address finance as a transversal issue across various negotiating items.
Reflecting on the experience of preparing and submitting the first biennial transparency reports under the Paris Agreement, parties discussed the support provided to developing countries through the Global Environment Facility. Many called for simplifying the approval processes for such support and for enhanced coordination among the relevant implementing agencies.
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In Presidency consultations on the relevant roadmap, participants heard that the goal to mobilize USD 1.3 trillion in climate finance is the “largest ever financial goal to come from a UN process.” A workshop on the potential of finance flow alignment highlighted, among others:
- Indonesia’s fossil fuel subsidy reform that led to a reduction in subsidies from USD 8.6 billion in 2014 to 3.4 billion in 2017;
- Peru’s platform for tracking domestic climate finance flows at the local, regional, and national level and across sectors; and
- developing countries’ worries that climate risk accounting will deter investments and increase the cost of capital.
One of the breakthroughs of the climate negotiations in 2024 was the operationalization of the market-based cooperative approaches for implementing the Paris Agreement (Articles 6.2 and 6.4). Building on this, parties are now discussing arrangements for the Adaptation Fund to receive the related share of proceeds. They are also reflecting on a timeline to sunset the Kyoto Protocol’s Clean Development Mechanism.
A number of parties are hoping to sunset the consideration of Kyoto Protocol-related issues more generally, as this would help free up capacity to discuss other issues. One of the urgent issues for 2025 is the submission of new nationally determined contributions (NDCs): the incoming COP 30 Presidency urged all parties to submit these before 1 September to be included in the NDC synthesis report.
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All ENB photos are free to use with attribution. For SB62 please use: Photo by IISD/ENB - Kiara Worth
Informal Consultations Throughout the Day
Informal consultations on arrangements for intergovernmental meetings (AIM)
Informal consultations on the operation of the Clean Development Mechanism (CDM)
Informal consultations on research and systematic observations
Informal consultations on the dialogue for implementing the Global Stocktake (GST) outcomes
Informal consultations on the Technology Implementation Programme
Delegates consult informally during the day
Presidency-led Consultation on the the Baku to Belém Roadmap to USD 1.3 Trillion in Climate Finance
Discussions continue on the roadmap to achieving USD 1.3 trillion in climate finance
Ana Toni, COP 30 Executive Director
Yalchin Rafiyev, COP 29 Presidency
Luiz de Andrade Filho, Ministry of Foreign Affairs, Brazil, and Tatiana Rosito, Ministry of Finance, Brazil
Simon Stiell, UNFCCC Executive Secretary
Jeremy Anderson, Trade Union NGOs (TUNGO)
Bryan Abimael Bixcul Par, Indigenous Peoples Organizations (IPOs)
Timon Dominik Steger and Marguerita Delgado Martins, Youth NGOs (YOUNGOs)
Eda Kosma, Research and Independent NGOs (RINGOs)
Carlos de Freitas, Local Governments and Municipal Authorities (LGMA)
Delegates listen to the interventions
Action for Climate Empowerment (ACE) Dialogue
The ACE dialogue takes place to share experiences, and exchange ideas, good practices, and lessons learned for climate action
Joanna Broumana, UNICEF
João Paulo Mello Amaral, Alana Institute
Delegates hold a world café to share ideas
Different ideas are recorded
Gabriel Kpaka, Least Developed Countries Expert Group (LEG)
Gao Xiang, Mitigation Ambition and Implementation Work Programme
Princess Abze Djigma, Paris Committee on Capacity-building (PCCB)
Ephraim Shitima, CDM Executive Board
Julia Gardiner, SBI Chair
Simon Stiell, UNFCCC Executive Secretary
GST NDC Dialogue
The annual GST NDC Dialogue takes place in Chamber Hall
Adonia Ayebare, SBSTA Chair
Daniele Violetti, Senior Director, UNFCCC Secretariat
Iman Ustadi, COP 28 Presidency
Shahin Shahyarov, COP 29 Presidency
A number of countries present information on their NDC development
Country-specific slides about how GST outcomes are incorporated into NDC development are shared
Christopher Bartlett, Vanuatu, and Kathy Jetn̄il-Kijiner, Marshall Islands
Richwell Musoma, Zimbabwe
Delegates listen to the presentations
Workshop on Finance Flow Alignment
Panel speakers during the workshop on finance flow alignment with the Paris Agreement
Esmyra Javier, Asian Development Bank (ADB), and Natalia Alayza, World Resources Institute (WRI)
A slide highlights the role that multilateral development banks (MDBs) can play in climate finance
Interpretation into Portuguese is provided for Brazilian delegates
Mariam Allam, Adaptation Agenda, UN High Level Champions
A slide provides information on the Sharm el-Sheikh Adaptation Agenda and its relation to climate finance
Article 6.2 Ambition Dialogue
Delegates continue discussions on Article 6.2 ambition
Malin Ahlberg, Federal Ministry for the Environment, Germany (BMUKN)
El Hadji Mbaye Diagne, African Group
Delegates sit on the floor as the room is filled to capacity
Moderators Kate Hancock, Australia, and Sonam Tashi, Bhutan
Jan-Willem van de Ven, European Bank for Reconstruction and Development (EBRD)
Around the Venue
UN Security around the venue
Simon Stiell, UNFCCC Executive Secretary, speaks with Ana Toni, COP 30 Executive Director
Harry Vreuls, the Netherlands, spots himself in the 'Finding Common Ground' photography exhibition
