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Climate Finance

COP29 Spotlight | A collective financial goal for a just transition

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.

COP29 Spotlight | Loss and Damage: At the forefront of climate impacts

“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.

yellow pinwheel in green grass field

The grass is always greener, in my backyard: Perception and impacts of renewable energy

“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.

The climate vote

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.

Isole Marshall

“We will not go silently to our watery graves”: How to save a nation from drowning

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.

Revolutionizing climate adaptation financing: The untapped potential of private investment in resilience

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.

COP28 | MASSIMO TAVONI. “Science points to a loss and damage fund of several hundred billion USD”

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.

COP28 | CARLO CARRARO. The road ahead for climate finance

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.

Climate-related disclosure: Bridging the data gap

High quality data is essential if we are to achieve our global climate related goals. Sue Armstrong-Brown, Global Director of Environmental Standards and Thought Leadership at CDP, explains how data obtained through disclosure informed the Global Stocktake to be agreed at COP28 and how the world is taking action to fill the shortage of climate-related information.

Finance, resilience, action: Three climate keywords for Africa

Africa stands at the forefront of the disproportionate impacts of climate change despite having contributed minimally to global greenhouse gas emissions historically. In September, the first Africa Climate Summit aimed at finding common finance solutions to foster a green and sustainable growth for the continent. The results are summarized in the Nairobi declaration, highlighting the urgency of a strong climate finance strategy, throughout the continent and at an international cooperation level.