Key Impact Points:
- Transformative Finance Goal: WWF calls for a new climate finance goal to replace the US$100bn per annum target, essential for decarbonizing sectors and protecting nature.
- Doubling Adaptation Finance: Urges doubling adaptation finance from 2019 levels by 2025 to combat increasing climate impacts.
- National Climate Plans: Emphasizes the need for countries to submit ambitious new climate plans by 2025 to reduce emissions significantly by 2030, 2035, and achieve net-zero by 2050.
- Climate-Nature Workstream: Proposes a new workstream within the Paris Agreement to drive joint solutions for climate and nature crises.
Importance of the Bonn Climate Change Conference
As negotiations for COP29 in Baku begin, WWF is urging countries to demonstrate high ambition in climate finance and the next round of national climate plans. The Bonn Climate Change Conference, taking place from June 3-13, is a critical moment for advancing these goals.
Call for a New Climate Finance Goal
Manuel Pulgar-Vidal, WWF Global Climate and Energy Lead, and COP20 President, stated:
“Bonn is an important stepping stone to COP29, and should be used to lay the foundations for an ambitious new climate finance agreement. The measures needed to decarbonize every sector, conserve and restore nature, and to protect people from climate impacts, simply will not be possible without a significant and sustained uplift in finance from developed countries. If delivered on, an ambitious new finance agreement could trigger the step-change in global climate and nature action needed to avoid climate catastrophe and secure a safer, fairer and more prosperous future.”
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Doubling Adaptation Finance
The WWF highlights the necessity for countries to double adaptation finance from 2019 levels by 2025 to address the increasing need for protection against climate impacts. Additionally, the Loss and Damage Fund requires significantly more funds to be effective.
Emphasis on New National Climate Plans
Fernanda Carvalho, WWF Global Climate and Energy Policy Lead, added:
“With this new round of national climate plans, countries have an opportunity to course-correct and reset climate ambition and action in line with limiting global warming to 1.5°C. Chief among the measures in these plans should be roadmaps to equitably phase out fossil fuels and replace them with 100% renewable energy. For developing countries, these plans can double as national investment plans, demonstrating how climate finance from various sources could power their sustainable development.”
Proposal for a Climate-Nature Workstream
WWF’s COP29 Expectation Paper also proposes establishing a new climate-nature workstream within the Paris Agreement framework to address both crises together. This coordinated approach is vital for maximizing benefits for people, climate, and nature.
