From meeting Mafalda Duarte, the Executive Director of the Green Climate Fund, in line for coffee to hearing Ministers from climate change-affected countries like Fiji and Pakistan explain their climate investment strategies, my week at COP29 was filled with fascinating experiences that brought politics of climate change to life in a new way. It was also an amazing opportunity to explore Baku, a vibrant city with a unique history --- even if it was a bit surreal to see an oil pumpjack in the distance during one of my morning walks given the conference purpose. 

As this was the “finance COP,” I largely followed the negotiations over the New Collective Quantified Goal (NCQG) along with discussions over replenishment and strategic refresh of the multilateral climate funds. Despite a series of fervent debate throughout the week, the negotiations largely stalled by the end of the first week. The draft text is 25 pages long and contains 415 brackets, representing the multitude of areas lacking agreement. Contentious topics include deciding on a quantum target for annual climate finance; creating subgoals for adaptation, mitigation, and loss and damage; and determining how to ensure the accessibility of financing for developing countries.

It was also interesting to see how the US delegation positioned itself given the recent election and the likelihood that Trump may alter the direction of American climate policy. Senior Climate Envoy John Podesta and his team emphasized their expectations about the lasting impact of the Inflation Reduction Act (IRA) and the fact that subnational governments within the US, along with many civil society and business leaders, will remain committed to climate action. Notably, President Biden also announced that the US met a 2021 pledge to increase public climate finance for developing countries to $11 billion per year by 2024. This will likely factor into the final week of negotiations over the NCQG.

I will be watching the second week of COP29 from afar, eagerly awaiting to see whether high-level government officials are able to come to an agreement on climate finance mobilization.