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illuminem summarizes for you the essential news of the day. Read the full piece on World Economic Forum or enjoy below:
🗞️ Driving the news: The countdown to COP29, scheduled in Baku from November 11-22, has begun, with a focus on making this the "finance COP."
• The conference aims to address key issues such as climate finance, carbon markets under Article 6 of the Paris Agreement, and the operationalization of the Loss and Damage Fund
• Creative solutions, particularly from the private sector, are essential to move these priorities forward
🔭 The context: COP29 follows COP28, which highlighted the need for enhanced climate action
• Key issues include finalizing the New Collective Quantified Goal (NCQG) on climate finance, advancing carbon market regulations, and expanding the Loss and Damage Fund to address global climate impacts
🌍 Why it matters for the planet: Robust progress at COP29 is critical for aligning global finance with climate goals, advancing carbon market integrity, and ensuring that vulnerable nations receive necessary support for loss, damage, and adaptation as climate impacts intensify
⏭️ What's next: In the lead-up to COP29, negotiations will focus on finalizing Article 6 guidelines, securing financing commitments, and appointing leadership for the Loss and Damage Fund
• The involvement of the private sector and innovative finance mechanisms will be pivotal
💬 One quote: "We will need 'all hands on deck' to successfully advance the event's two 'pillars': the enhancement of ambition; and the enabling of action." — COP29 President-Designate Mukhtar Babayev
📈 One stat: COP28 was the largest attended climate COP in history, with 97,000 delegates and over 150 heads of state
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