Bonn, Germany
Parties examined the Baku to Belém Roadmap proposal for country-led platforms to align climate project pipelines with national priorities, de-risk private capital, hedge FX, embed climate in macroeconomic policy, and enable finance–action matchmaking (including a digital platform).
Failure to reach formal agreement on L&D topics carried over from COP29, including the review of the Warsaw International Mechanism. Areas of particular contention include finance for L&D and support for estimating L&D costs and needs.
The GST–NDC discussions emphasised the urgent need for ambition ahead of COP30. However, countries remained divided over fossil fuel phase-outs, equity and finance. NDCs were also discussed in sessions on the Just Transition Work Programme and the Mitigation Work Programme, with minimal progress made in either room.
Discussions relating to the NCQG continued, with significant disagreement across Parties on how finance should be delivered, and by whom.
Significant progress on the Just Transition Work Programme: Parties agreed on a consolidated draft decision and an informal note that will be forwarded for formal consideration at COP 30 in Belém Civil society’s Just Transition priorities were officially tabled in the UN climate process.
Subsidy reform surfaced in discussions on finance flow alignment with the Paris Agreement, e.g. Indonesia’s fossil fuel subsidy reform was showcased as a success story—cutting subsidies from $8.6B in 2014 to $3.4B in 2017.
Civil society groups pushed for greater transparency and accountability in climate finance, indirectly supporting fiscal reform through improved governance. The adaptation track emphasized the need for national planning systems that integrate fiscal tools to measure and implement climate goals.
The Least Developed Countries Expert Group (LEG) specifically took note of the financial and technical assistance provided by the GCF for the preparation of project and programme funding proposals.
Discussed the need for reform and stronger governance to address issues of Transparency, credit quality, buyer accountability.