As 2024 comes to a close we look back at the most important climate events, meetings, negotiations and initiatives from the last twelve months. Our research and data, articles and projects reveal a year that has been rich with developments and change in both the climate itself and what we can expect from the future.
From Obama to Trump, then Biden and Trump again. The US presidents who have come and gone over the past quarter century have brought different visions and policies when it comes to climate finance. Leveraging her experience in policy analysis of international environmental and climate agreements, CMCC researcher Semercioglu Nazlicicek outlines the history of US contributions to loss and damage funding and what we can expect from a second Trump term in office.
Climate finance was front and center, while a leading actor was relegated to a sideline role. In a CMCC webinar, negotiators returning from Baku take stock of key aspects of COP29, such as the complex context of the negotiations, decisions on the New Collective Quantified Goal, the Baku-to-Belem roadmap, news on the carbon market, global cooperation, and adaptation. Throughout, it emerges that bridging scientific insights with policy is more essential than ever to transform commitments into meaningful climate action.
The focus of the ongoing COP is to decide on a new finance regime. Major polluters will be asked to massively increase their financial contributions to developing nations. Researchers from IIASA and CMCC show that Loss and Damage needs of vulnerable countries range between roughly 130 and 940 billion Dollars in 2025 alone. On top of money for mitigation and adaptation.
Mitigation and adaptation finance are critical elements in climate negotiations aimed at building a more resilient future. “COP29 has already been called ‘the Finance COP’ due to the importance of the New Collective Quantified Goal on Climate Finance (NCQG), which will replace the previous USD 100 billion goal,” says Marta Ellena, CMCC researcher and member of the Italian delegation to COP29. Frontier climate research, such as that conducted at CMCC, can support international and local climate financing mechanisms by quantifying needs, evaluating and devising effective policies, and ensuring accountability and transparency of financial flows.
“We need to pull together and scale up resources within and beyond the UNFCCC and the Paris Agreement, and ensure that these resources reach those most in need,” say CMCC experts in the buildup to COP29. Following the creation of the Loss and Damage Fund, economic and adaptation experts have focused on estimating the amount of financial resources needed to support vulnerable regions whilst promoting a just allocation that reflects the unequal distribution of climate impacts. After the official operationalization of the Fund and the first round of commitments, pledges have reached over 700 million USD in 2024.
“Wind and solar energy are inherently free,” though research is crucial to understanding the true costs and benefits of renewable energy projects. As renewable energy evolves, with technical barriers dissolving and costs declining, challenges persist in navigating public perception and policy hurdles. CMCC researcher Wei Guo explores the multifaceted journey of overcoming historical obstacles and envisioning a sustainable transition, delving into the complexities that will shape our renewable energy future.
At times, climate policies are divisive and polarizing, others they do not even reach party platforms. At first glance, climate policies should carry significant weight in voters’ decisions, but the situation is much more complex. To better understand it, we reckon with political short-term goals, the parties’ ability to engage citizens in decision-making, and even the role of misinformation. A review of how climate change and electoral consensus are interlinked.
The Marshall Islands, a nation of low-lying atolls threatened by rising sea levels, is facing an existential crisis. Yet, amidst this adversity, the Marshallese people are not only adapting to climate change but also charting a path for survival. Drawing inspiration from their rich maritime heritage, the Marshall Islands have developed a groundbreaking National Adaptation Plan for Survival (NAP). This plan, unveiled at COP28, outlines a comprehensive strategy for addressing the climate crisis over the next century.
Directing increasing funds towards climate change adaptation solutions is not only a widely shared necessity but also an opportunity for the private sector, both in emerging and developed markets. Part of the challenge is quantifying the actual adaptation finance gap and tracking funds already allocated to resilience worldwide. Experts from the Climate Policy Initiative guide us through this aspect of climate finance and how its narrative is changing, including successful experiences with private sector investments in the field.
The loss and damage fund has been established, and initial pledges have been made, but how much money should be directed into it and how should it be organized? Massimo Tavoni, director of the CMCC-RFF European Institute on Economics and the Environment, explains how climate-economic science and modeling can support the loss and damage debate. The latest evidence indicates that an adequate fund should be in the order of [140-822] USD billion and that it should differ from existing funding arrangements used for mitigation and adaptation.
On the opening day of COP28 in Dubai, Carlo Carraro highlights three fundamental dimensions to understanding the landscape of funding for climate change mitigation and adaptation in the context of international negotiations: the magnitude of funding, its allocation, and the critical role of finance in supporting global climate goals.
