A new stocktake report from independent climate change think tank E3G assesses the progress and next steps on the climate and development agenda discussed at the 31 March Climate and Development Ministerial, convened by the UK COP26 Presidency.
E3G developed the report, 2021 Climate and Development Agenda Stocktake, based on workshops with civil society representatives from developing and developed countries.
The report analyses the progress made in the six months since the March 2021 Climate and Development Ministerial, structured against its four themes:
1. Access to climate finance
2. Responding to climate impacts
3. Quantity, quality and composition of climate finance
4. Fiscal space and debt sustainability.
E3G’s assessment concludes that while some progress has been made, it has been ‘fragmented and largely process based’, and there is still some way to go to act on the solutions agreed to at the Climate and Development Ministerial. It maps out the political and technical processes that can help to unlock progress in the second half of 2021 and recommends key processes and milestones to deliver on the agenda before COP26, particularly where progress can be delivered around this week’s UN General Assembly meetings (UNGA).
The key recommendations include:
- Access to finance: the September UN General Assembly Meetings will be a key moment to deliver further progress on this agenda and should be seen as a deadline moment for presenting an updated concept note and draft set of principles from the Access Taskforce.
- Responding to impacts: as well as an opportunity to pledge new funds to disaster risk and adaptation finance mechanisms and sign ups to the locally led adaptation principles, dialogues in the sidelines of the UN General Assembly should be used to discuss defining the global goal on adaptation and measurement approaches. UNGA is a prime moment for the appointment of a Special Envoy on Loss and Damage.
- Quantity and quality of finance: as well as a prime moment to profile new climate finance pledges to close the gaps to $100bn per year, UNGA should be a moment for Germany and Canada to gather donor country agreement to an ambitious delivery plan. To answer the calls from the Climate and Development Ministerial, the plan should aim to surpass the $100bn per year between 2020-2025 which should be recognised as a floor rather than a ceiling.
- Fiscal space and debt: UNGA is a key moment for the G7 to deliver detail on the global finance mobilisation they proposed during their June meetings and to engage non-G7 countries for greater impact.
The report concludes: “While the transformation needed will take years to come, there are clear priorities that need to be delivered this year to show true and genuine progress towards unlocking these challenges and addressing the agreed solutions.
“Having sparked new political attention on the interlinked climate and development issues, commitments from participating ministers to continue the Climate and Development Ministerial conversation as a semi-formal process would help regularly take stock and unlock progress on priority solutions.”