Rich nations agreed to channel at least $300 billion a year by 2035 for developing countries to ramp up climate action under a new finance goal adopted at the COP29 climate summit, after bad-tempered talks in which vulnerable countries pushed for a bigger slice of the pie.
The new goal, which kicks in after 2025, replaces the existing annual target of $100bn, which was met two years late in 2022 and is widely seen as insufficient to meet rocketing needs among poorer nations to shift to clean energy and adapt to extreme weather and rising seas.
The $300bn goal – with developed countries “taking the lead” in providing money and mobilising private-sector investment – will be at the core of a wider effort to scale up financing to at least $1.3 trillion per year by 2035 “from all public and private sources”.
UN climate chief Simon Stiell described the new finance goal as “an insurance policy for humanity, amid worsening climate impacts hitting every country”.
“This deal will keep the clean energy boom growing and protect billions of lives,” he said, warning that “like any insurance policy – it only works – if the premiums are paid in full, and on time.”
In the closing plenary of the two-week summit, some developing nations, including Cuba and India, expressed dissatisfaction with the New Collective Quantified Goal (NCQG), criticising its “paltry size” and the weight given to funding from multilateral development banks. They said it does not respond to their requirements to grow sustainably and keep their people safe.
“The goal is too little. Too distant,” Chandni Raina, an adviser with India’s Ministry of Finance told the closing plenary. “The proposed goal shall not solve anything for us.”
Tina Stege, climate envoy for the Marshall Islands, said her Pacific island state was leaving “with a small portion of the funding climate-vulnerable countries urgently need”. “It isn’t nearly enough, but it’s a start, and we’ve made it clear that these funds must come with fewer obstacles so they reach those who need them most,” she added.
“Tale of delivery”
But EU climate commissioner Wopke Hoekstra told the plenary that COP29 would be remembered “as a start of a new era for climate finance”, saying the EU believes “it is ambitious, it is needed, it is realistic and it is achievable. We are confident this will be a tale of delivery,” he added.
The agreement came after a day of drama as the COP29 talks in Baku ran overtime, with groups of the poorest nations and small island states staging a temporary walkout, raising fears that a deal would not be reached at the so-called “Finance COP”.
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Those vulnerable groups wanted to ensure they would get fixed amounts under the new goal, arguing they are hit hardest by the impacts of global warming and have the least resources to protect their people and go green. In the end, they compromised, settling for a process that will explore options to “design and implement” allocation floors for them.
Baku to Belem Roadmap
That effort will be part of a “Baku to Belem Roadmap to $1.3 trillion” that will look for “additional resources” to drive low-carbon, climate-resilient development and support the rollout of developed-country plans for cutting emissions and adapting to climate change.
This roadmap, which will be developed over the coming year leading up to the COP30 conference in Belem, Brazil, was put forward by the African Group, Barbados, Colombia, Honduras and Panama in Baku this week.
Details remain sketchy but Colombia’s environment minister Susana Muhamad referred to “innovative possibilities that our countries have been working on”. A taskforce co-led by France, Kenya and Barbados, for example, has been considering how to introduce levies on shipping, aviation, fossil fuels and financial transactions.
Win for China, Gulf states
The final COP29 deal on the new finance goal was a compromise between efforts by rich countries to limit the amount of additional government finance they will have to stump up – with many citing fiscal constraints – and the growing gap between funding and needs in climate-stressed parts of the world.
Developing countries rejected a strong push by wealthy governments to include their richer, more polluting members, especially China and Gulf nations, in the official donor base. The text only “encourages” developing countries to make contributions to the new finance goal “on a voluntary basis”.
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As the talks in Baku got dangerously close to ending without an agreement, the Azerbaijan presidency came in for sharp criticism for putting a proposed figure for the government-led core of the finance goal on the table too late.
It eventually did so on Friday, which should have been the final day of the two-week talks, with an initial suggestion of $250 billion a year provoking disappointment and anger from developing countries, who argued they were being forced to sacrifice their people.
Compromises
In the end, they settled for not much more in return for commitments to avoid worsening already high debt levels and easing access to funding, including from the UN’s dedicated climate funds. The text promises to pursue efforts to at least triple annual outflows from those funds from 2022 levels by 2030, rather than earmarking a percentage of the goal for them, as earlier proposed.
Developing countries also capitulated on demands for sub-goals to channel more money to under-funded work on adaptation, as well as repairing growing loss and damage from droughts, floods, storms and rising oceans. These sub-goals were left out of the agreed text.
Climate justice activists slammed the new goal for being far too low and failing to set a target that would prioritise grants over loans.
Champa Patel, executive director of governments and policy with the Climate Group, said $300bn a year “doesn’t even come close to the transformational finance needed to tackle the climate crisis”.
Don’t mention fossil fuels
As drama unfolded over finance, countries also adopted at COP29 a weakened decision on cutting carbon emissions, which failed to explicitly mention last year’s pledge to transition away from fossil fuels in energy systems. A second text on mitigation was postponed to mid-2025, after it was also weakened by opposition from Saudi Arabia.
The adopted Mitigation Work Programme, a non-binding process meant to enhance climate mitigation, was adopted at the closing plenary. The adopted version fails to mention last year’s landmark decision to reduce reliance on fossil fuels, which it did include in earlier versions.
A second text meant to be the main outcome on cutting emissions in Baku did not reach consensus, after also getting weakened. The “UAE Dialogue” follows up on last year’s review of climate policies known as the Global Stocktake (GST) – the main decision from last year’s COP in Dubai.
The last version of the UAE Dialogue referenced “paragraph 28” of the UAE consensus, where the fossil fuel transition was included, but the text falls short of explicitly mentioning the landmark pledge to reduce fossil fuels.
Instead, the latest draft reaffirmed the role of “transitional fuels” also mentioned in last year’s GST, which experts interpreted to mean fossil gas among other technologies.
Saudi Arabia successfully blocked any fossil fuel language at COP29, after their negotiators said at a plenary session on Thursday that they would “not accept any text that targets any specific sectors including fossil fuel”. The Saudi government has also blocked this in other major environmental summits, among them the biodiversity COP16 and the G20.
In the last draft, the COP29 presidency also removed two proposals to expand energy storage capacity to 1,500 gigawatts by 2030 and to add 25 million km of power grids by 2030. Both would have been new targets building on the decision to triple renewable energy capacity by the same date.
At the closing plenary, several country groups expressed their disappointment with the text and said they could not accept it in its current form.
“We are concerned to see attempts to backtrack the agreements made last year,” said Chilean lead negotiator Julio Cordano. “The text does not enjoy consensus”.
“We made historic commitments a year ago, including to transition away from fossil fuels. We came here to translate that commitment into meaningful action, and quite simply, we have fallen short,” said a delegate from Canada.
In the end, COP president Mukhtar Babayev opted to defer the text until next year, when countries will review the process again in mid-year talks in Bonn. A final decision is expected at COP30.
The UAE Dialogue was one of the key agreements meant to inform the upcoming round of new nationally determined contributions (NDCs). Most of them will now have to make progress without an explicit mandate from the COP.
As COP29 came to a close, UN Secretary General Antonio Guterres said in a statement that he “had hoped for a more ambitious outcome – on both finance and mitigation – to meet the great challenge we face. But this agreement provides a base on which to build,” he added.
(Reporting and editing by Megan Rowling, Joe Lo and Sebastian Rodriguez)
The post Fractious COP29 lands $300bn climate finance goal, dashing hopes of the poorest appeared first on Climate Home News.
Fractious COP29 lands $300bn climate finance goal, dashing hopes of the poorest
Aviation is on track to be responsible for 80% of the UK’s carbon dioxide (CO2) emissions by 2050, according to the Climate Change Committee (CCC).
Emissions from flying have more than doubled since 1990 – driven by rising passenger numbers – even as the climate impact of every other sector in the UK economy has fallen.
The UK does not have “credible” policies in place to reverse this trend of rising emissions, says the CCC in new advice to the government on future aviation policy.
The government has signalled its support for expanding Heathrow, the nation’s largest airport, while relying on “techno-fixes” such as “sustainable aviation fuels” (SAFs) to cut emissions.
Yet, even without Heathrow expansion, the CCC says aviation emissions are on track to be higher in 2050 than they are today – reaching 38m tonnes of CO2 (MtCO2).
As the chart below shows, this would account for most of the remaining CO2 from the UK economy, all of which would need to be removed from the atmosphere in order to meet the legal target of net-zero emissions.
Expanding Heathrow would add another 2.4MtCO2 in 2050, amounting to around 5% of all the UK’s emissions. (This would increase to 4.5MtCO2 when expansion is complete in 2054.)
With a final decision on Heathrow expansion expected by 2029, the government asked the CCC for its advice on whether the plan is compatible with the UK’s climate targets.
The CCC has concluded that the UK simply lacks sufficient policies to reduce aviation emissions and “expanding Heathrow would compound the problem”. In a press briefing, CCC chair Nigel Topping told journalists:
“The UK does not currently have a credible plan to reduce [aviation emissions] in line with net-zero, so that creates a serious challenge for meeting our climate commitments.”
The “jet-zero strategy”, launched by the previous Conservative government in 2022, set out plans to cut aviation emissions. However, the Labour government has since accepted that the strategy’s expectations for SAFs, electric planes and fuel-efficiency improvements were unrealistic.
The CCC says a “credible and robust net-zero policy framework for aviation” should be set out in a revised strategy, which is planned for 2027. Only then could Heathrow expansion be aligned with the net-zero goal, adds the committee.
As part of this new strategy, the CCC says the “aviation sector needs to take responsibility for its emissions”. It says policies should be designed based on the “polluter pays” principle, requiring the aviation industry to fund its own SAFs and CO2 removal.
Specifically, the committee says funding will be needed for “engineered removal” technologies, such as direct air carbon capture and storage (DACCS).
These technologies are currently “not yet available at the scale required”, but are vital for the kind of permanent CO2 removal needed to mop up aviation emissions, says the CCC.
(“Natural solutions” such as tree planting are the other main way CO2 is expected to be removed from the atmosphere. However, the CCC envisages these removals offsetting the remaining methane emissions from livestock agriculture in the UK, whereas it says “engineered removals” would be required to remove and store CO2 from flights.)
The CCC acknowledges that placing decarbonisation costs on airlines would likely lead to higher ticket prices. It estimates that this could mean an increase, in 2024 prices, of around £150 for a return trip to Alicante, Spain, and £400 for a return trip to New York by 2050.
However, it says this is preferable to a public spending approach, which would result in the roughly 50% of the population who do not fly paying for flight-related CO2 removals.
In addition, the committee notes that higher costs would help to manage demand for flights, which would otherwise be expected to increase considerably over the coming decades.
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The post CCC: Heathrow expansion could push flights to ‘80% of UK emissions by 2050’ appeared first on Carbon Brief.
CCC: Heathrow expansion could push flights to ‘80% of UK emissions by 2050’
A fifth of the world’s greenhouse gas emissions are linked to international trade in goods and services, a new tracker shows, spotlighting a little-studied issue that researchers say should be tackled by the UN climate process.
Currently, as part of the Paris Agreement, every country is responsible for counting and reducing the planet-heating emissions that are produced within its territory. Manufacturing countries, for example, may have high emissions even if what they make is exported for consumption elsewhere.
But new analysis from the European Climate Foundation (ECF) and climate consultancy Matière, based on the tracker’s data, shows that some countries have a high footprint of “imported emissions” from goods and services they ship in. These emissions are often ignored in the places where the products are consumed because they are not formally counted under greenhouse gas inventories.
In the European Union, for example, while domestic emissions have declined since 2015, imported emissions have remained unchanged, the analysis shows. In some countries, like Austria or Sweden, they are as high as the country’s entire annual carbon footprint.
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Former EU lead climate negotiator Jacob Werksman said that under the Paris Agreement, these traded emissions are accounted for in the countries where they are originally produced, but importing countries can also take responsibility for their consumption.
“It starts with a wide recognition by many jurisdictions around the world that we need to know the carbon content of these products, and we then need to agree what is a fair, effective, transparent and relatively easy-to-implement way of measuring that carbon in traded products,” he told a launch event for the trade emissions tracker, which contains data for different countries, sectors and gases.
Trade and its role in addressing climate change has become a higher priority at UN climate talks after a push led by emerging economies including China, India and South Africa led to the first trade and climate change dialogue held this year at the mid-year session in Bonn.
At the upcoming COP31 UN summit in Antalya, some voluntary initiatives like the Brazil-led Integrated Forum on Climate Change and Trade are expected to continue, but the issue does not feature in Türkiye’s Action Agenda of climate initiatives and formal negotiations are not scheduled on the topic.
China: the world’s top emissions exporter
As a manufacturing powerhouse, China ranks first in the new tracker as the world’s top-emitting country, but the data shows that a large chunk of the country’s carbon emissions – an amount larger than Brazil’s entire annual carbon footprint – are linked to products that are exported and consumed abroad.
Russia, Brazil, the US and the EU rank as the top destinations for Chinese trade-related emissions, which are mostly linked to components for power generation, basic metals like copper and lead, and non-metallic minerals like graphite and phosphorus.
Yet China is also the world’s top emissions importer, related mostly to agricultural products, fossil fuels and minerals brought from the US, the EU, Japan and India, among others. The US ranks second by a close margin, with both countries importing about 1.6 billion tonnes of CO2 equivalent.
China’s industrial engine starts to break its fossil fuel habit
Richard Baron, ECF’s industrial policy and trade director, said Chinese clean energy products are key for reducing emissions around the world, adding that Europe is “not able to do without those technologies” for its energy transition.
“China has an emissions trading system that counts CO2 differently there. But if China and the EU were to agree on some kind of translation mechanism to say ‘this is how we measure it’, and companies can understand the protocol to navigate both markets, that would set the tone for a lot of other conversations,” he said at the platform’s launch event last week.
The analysis suggests that if the EU and China aligned their climate requirements for products, the resulting standards could influence trade flows representing about 7% of global emissions.
Baron said there’s “a plethora” of multilateral spaces to hold these discussions, including the climate and trade dialogue at the UN climate talks or the Climate Club at the Organisation for Economic Co-operation and Development (OECD), which seeks to cut industrial emissions.
Trade breaks into agenda of UN climate talks – but will it have teeth?
Controversial trade measures
Instruments like the Europe’s Carbon Border Adjustment Mechanism (CBAM) – a recent piece of legislation that penalises emissions-heavy imported products – are one tool that could be used to address trade-related emissions, said Antoine Oger, executive director at the Institute for European Environmental Policy.
He said a significant portion of imported emissions in Europe are already covered by CBAM, as it includes sectors like cement, iron and steel, fertilisers and aluminium. This then allows the EU “to engage in constructive dialogue with our trade partners”, he added.
But across diplomatic summits, including at UN climate talks, emerging economies have pushed back heavily against the CBAM and other trade measures. The most recent BRICS declaration adopted on Saturday by 11 such countries – including China, India and Russia – condemns “protectionism under the guise of environmental objectives”.
The declaration calls for the “elimination of such unlawful measures”, which they argue have “far-reaching negative implications for the human rights, including the rights to development, health and food security” of vulnerable communities.
“The question of responsibility is a political question,” Oger said. “These emissions exist – they are emitted somewhere to make a product that will be consumed elsewhere. So you can debate responsibility but the idea is for the two parts to recognise there’s a problem.”
The aim, he added “is not to point fingers, but to accept this is a reality of our emissions profiles and ask what we can do about it”.
The post International trade linked to 20% of global emissions – but imports ignored appeared first on Climate Home News.
International trade linked to 20% of global emissions – but imports ignored
All the ambulance services in England experienced some of their busiest-ever days during this summer’s record-breaking June heatwave, according to data obtained by Carbon Brief.
In June, temperatures climbed past 37C in parts of the country as authorities declared only the second ever “red” extreme heat warning.
Four out of 10 NHS ambulance services, including London’s, responded to unprecedented numbers of life-threatening emergencies on at least one day from 23-27 June.
Another two services – in the south-west and east of the country – received their highest volume of 999 calls on record.
Ambulance services provided data on their busiest days since records began, in response to freedom-of-information (FOI) requests from Carbon Brief.
The results show how demand during the June heatwave exceeded levels seen during the traditionally busy winter season in other years – and even the height of the Covid-19 pandemic – for many services.
Heat demand
Extreme heat ramps up the risk of numerous life-threatening conditions, including heart disease and respiratory problems.
England experienced record-breaking temperatures at the end of June, with the whole country covered by amber or red “heat health alerts” from the government.
A red alert, which was issued for the entire Midlands and south of England, indicates “significant risk to life for even the healthy population”. This was only the second time such an alert has been triggered.
Researchers calculated that there were nearly 3,000 heat-related deaths in the UK this summer. There has also been unprecedented demand for A&E departments and some ambulance services.
To investigate the strain facing ambulances, Carbon Brief sent FOI requests to the 10 NHS ambulance trusts in England, asking for lists of their busiest days.
This covered both the total volume of 999 calls and “category 1” responses – referring to incidents involving “life-threatening injuries and illnesses”, such as heart attacks.
The chart below shows the busiest days on record for England’s ambulances, including both total calls and category 1 responses. Most services were able to provide records back to the 2010s. (See: Methodology.)
The five-day period from 23-27 June is overrepresented in these results, with at least two heatwave days ranking in the top 20 for every service in the country.
This trend is especially pronounced in the south and east of England, where June temperatures exceeded 36C and even approached 38C in some regions.
London, South East Coast, South Central and North East ambulance services all reported daily records for responding to life-threatening emergencies during the heatwave.
For the South East Coast and South Central services – which cover a region stretching from Oxfordshire to Kent – 25, 26 and 27 June all saw unprecedented numbers of category 1 callouts.
South Western and East of England services both saw record numbers of 999 calls on 26 June, the same day the highest-ever June UK temperature was reported in Norfolk.
It is worth noting that demand for ambulance services – including category 1 calls – has been growing for many years, driven by factors such as an ageing population, more complex health conditions and growing mental-health pressures.
This helps to explain why dates from before the 2020s are rare in the top rankings provided to Carbon Brief.
Beyond the heatwave, 2026 as a whole is on track to be a record year for ambulance demand.
‘Stifling heat’
On 26 June, the busiest day of the heatwave, ambulances across England responded to 4,084 life-threatening emergencies.
The average daily volume of such incidents is normally around 2,500 during the summer months.
Stu Holliday, head of emergency preparedness, resilience and response at North East Ambulance Service, tells Carbon Brief:
“During periods of hot weather, we typically see an increase in calls from people affected by dehydration, heat exhaustion and heatstroke, as well as those whose existing health conditions, particularly heart and respiratory illnesses, can be made worse by prolonged high temperatures.
“Older people, young children and pregnant people can be especially vulnerable.”
Ambulance teams are generally busier in the winter because cold weather and seasonal illnesses drive up the number of severe medical emergencies.
However, the data from June shows that extremely hot days are starting to match or even edge out cold ones as the busiest days. This is a trend seen across the healthcare system.
While not every service provided records back to 2019, the data broadly shows that ambulances were busier during the heatwave than at the height of the Covid-19 pandemic.
As well as patients, heatwaves put pressure on ambulance workers. The UNISON union has warned of crews facing “stifling heat with faulty or no air conditioning” and “back-to-back callouts” due to increased demand.
Methodology
Carbon Brief requested data on the top 50 busiest days for England’s 10 main ambulance services.
These are: London; South East Coast; South Central; South Western; West Midlands; East Midlands; East of England; North East; Yorkshire; and North West.
Data was requested for as far back as service records go. Most were able to provide records going back to some point in the 2010s, with the exception of North East and South Central, which only had records from 2021 and 2022 onwards, respectively.
Rising annual demand for ambulance services means that most of the busiest days for ambulances have been in the 2020s. For example, all but four of the busiest days for category 1 emergencies reported to Carbon Brief were in the 2020s.
Carbon Brief requested data on ambulance demand for all the UK nations. In Scotland and Northern Ireland – where temperatures are cooler – services did not see call volumes reach the top 50 rankings during the June heatwave. The Welsh Ambulance Service did not respond to Carbon Brief’s request.
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The post Revealed: England’s June 2026 heatwave sparked record demand for ambulances appeared first on Carbon Brief.
Revealed: England’s June 2026 heatwave sparked record demand for ambulances
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