Q&A
NDF at COP29 – Questions and Answers
What is the COP process about?
The Conference of the Parties (COP) represents global collaboration on climate action. Since 1995, the UN Climate Conferences have convened all signatories of the United Nations Framework Convention on Climate Change (UNFCCC) for yearly negotiations on the implementation of the Convention. Alongside the negotiating Parties, the conferences bring together a wide spectrum of actors working on climate issues, including academia, non-governmental organisations, the private sector, civil society organisations and activists.
This year’s 29th UN Climate Conference will be held in Baku, Azerbaijan, from 11 to 22 November. NDF will participate in the conference as part of the Nordic Pavilion. We will share knowledge and forge partnerships for climate action together with Nordic organisations, our strategic partners, and collaborators. Through our participation, we contribute to scaling up urgently needed financing at the nexus of climate and development in lower-income countries and countries in fragile situations, including Small Island Developing States (SIDS).This year’s conference is organised in Dubai, United Arab Emirates, from 30 November to 12 December. The conference is an important event for identifying solutions and forging partnerships for climate action. NDF believes that by working together with our partners, we can catalyse the most impact from our financing at the nexus of climate change and development. The COP conference is an important avenue for us to showcase our work, and identify new partnerships and deepen already existing ones.
What are the expectations for COP29?
COP29 builds upon the advances of past negotiation rounds. COP28 in 2023 marked the first Global Stocktake (GST), comprehensively measuring progress towards the Paris Agreement. The Stocktake highlighted that while progress has been made, the global community is not yet on track to meet the goals set in the Agreement. Increased financing for climate mitigation and adaptation solutions are urgently needed. The Parties also made progress on operationalising the Fund for Responding to Loss and Damage, specifically financing vulnerable countries that are hardest hit by climate disasters, which was agreed on at COP27 in 2022.
Climate finance will be at the core of this year’s conference. While last year’s Stocktake highlighted the urgent need for increased financing, the priority at this year’s conference is to agree on a new Collective Quantified Goal for climate finance, replacing the current target set for a period up to 2025. To mobilise enough capital to meet the rising needs in adaptation and mitigation, the global community must look at innovative ways to mobilise finance, including from the private sector. NDF, as a catalytic financier and convenor of public and private actors, can contribute to these discussions by sharing experiences from our impactful use of flexible financing for climate action.
Why is NDF participating?
At COP29, NDF will share lessons learned from the work we do with our partners. Through the events we organise and take part in, we can raise awareness of the results achieved with Nordic climate finance. Convening delegates from all sectors and from all over the world, the COP Conference is a key arena for fostering discussions to mobilise finance for innovative, sustainable solutions in climate adaptation and mitigation.
NDF takes part in the COP conference as part of the Nordic Pavilion, hosted by the Nordic Council of Ministers. The program of the Pavilion will bring partners together to find innovative climate solutions, and showcase our tangible contributions for a sustainable future in the Nordics and the regions where action is most urgently needed.NDF takes part in the COP conference together with other Nordic organisations in the Nordic Pavilion. Events at the Pavilion showcase Nordic climate solutions, our values, and partnerships. Together, NDF and our partners bring concrete solutions to addressing the financing gaps for building a more sustainable future.
How can NDF contribute to a successful outcome of COP29?
Climate change poses a threat to global development goals. Due to increasing extreme weather phenomena, we are already witnessing the reversal of positive developments in some regions, with climate change also further contributing to vulnerability, hunger, and disease. Many people at risk from climate impacts live in vulnerable low-income countries and small island nations. NDF targets its financing to support people in these communities, recognising the connection between sustainable development and climate change mitigation and adaptation needs.
The new collective quantified goal for climate finance beyond 2025 will need to reflect the financing needs of the communities facing the worst impacts of climate change. We must find ways to scale up innovative financing solutions to address these needs. With our flexible financing, NDF mobilises both the public and private sectors as financing partners and as key sources of knowledge and innovation. To scale up impactful projects, we provide high-risk patient capital with a catalytic impact in the early stages.
At the conference, NDF will share concrete learnings from the work we do together with our strategic partners. At the events we organise, we will shed light on our approach to strategically using our catalytic financing to scale up innovative climate solutions even in the risky early stages. We do this by using our concessionary financial toolbox flexibly, using financial instruments as stand-alone or blended, always with the aim of maximising our impact in mobilising resources to target critical gaps. We do this in collaboration with our global partners. At COP29, we will highlight our work with innovative climate solutions, such as blended structures and locally-led adaptation initiatives, bringing tangible benefits to communities on the ground. We will demonstrate the added value of Nordic climate financing for development solutions and encourage others to join us in this work.
What are NDF’s key messages at COP29?
NDF works at the nexus of development and climate action. We target our financing to tackle urgent gaps and act flexibly to mobilise financing from other investors.
At COP29, we will highlight the role of NDF as a key value-adding instrument of the Nordic countries in advancing global climate action. Our work is built on our shared Nordic values and priorities, and our impactful partnerships.
At NDF, we believe that we are stronger when we work together.