Every year, the Conference of the Parties of the United Nations Framework Convention on Climate Change (UNFCCC) brings together world leaders, policymakers, climate experts, and stakeholders from around the globe to address the urgent challenges of climate change. COP 29th edition built on the progress made in previous COP meetings, particularly around implementing the Paris Agreement, with the goal of keeping global warming well below 2°C and striving to limit it to 1.5°C. Key topics included climate finance, nature-based solutions, loss and damage, and strengthening global climate resilience. A central focus was the establishment of a new collective quantified goal (NCQG) on climate finance to succeed the previous $100 billion annual target set in 2009.
Mitigation and adaptation finance are critical elements in climate negotiations aimed at building a more resilient future. However, adaptation finance is still significantly underfunded and lacks a structured system for tracking resource flows. “The private sector’s involvement is essential to close the gap; with access to substantial capital, advanced technology, and expertise, private companies have the potential to drive innovation, scalability, and efficiency in adaptation efforts” explains Jaroslav Mysiak, coordinator of the NATURANCE project, in a feature of the CMCC magazine focused on the conference. “This requires innovation-enabling policies and incentives, and risk-reducing mechanisms, to make resilient investments attractive and secure for private investors” Mysiak added.
CMCC adaptation team composed by Jaroslav Mysiak, Anna Pirani, Elisa Calliari, Marta Ellena, Caterina Guidi has supported the Ministry of the Environment and Energy Security (MASE) delegation in EU-centred negotiations. A series of events featured CMCC projects, with Naturance at the centre of three main moments.
Unpacking the loss and damage landscape – WIM ExCom and COP 29 Presidency event, 14 November 2024. The session aimed to clarify the global support system for addressing climate-related loss and damage, focusing on the roles of the WIM Executive Committee, its thematic expert groups, the Santiago Network, and the Fund for Responding to Loss and Damage. The event featured the launch of recent technical guides and knowledge products developed by the WIM ExCom, offering insights into their application by national governments and organizations providing technical assistance. NATURANCE has contributed to the knowledge product of the SoE expert group related to the risks associated with sea-level rise and the solutions to address them. Led by Jaroslav Mysiak, the report featured nature-based solutions, such as ecosystem restoration, and the role of insurance was exemplified as a key tool in addressing these risks.
Dialogue: Operationalizing Multilevel Policy Coherence for Targeted Climate Action, organized by UNU-IAS, UNU-CRIS, and UNU-MERIT, the side event took place on November 15 2024 at the SDG Hub. It addressed the complexities of climate action by exploring strategies for aligning sectoral policies to enhance socio-ecological resilience and resource efficiency. Using the fishbowl methodology, the session fostered interactive dialogue among experts and participants, discussing how to navigate multi-level governance and ensure inclusive stakeholder engagement. Facilitators included Suneetha M Subramanian, Nidhi Nagabhatla, and Sanae Okamoto, with panellists from diverse international organisations and regions, including Marta Ellena (CMCC), representing NATURANCE, AGORA and CLIMAAX projects.
Climate Innovative Insurance Solutions for Shared Resilience. On November 16, 2024, the Spain Pavilion hosted a session on how innovative insurance mechanisms can enhance resilience and preparedness against climate change impacts. The event focused on scaling up these solutions showcasing examples from projects like SOTERIA, MERLIN, NATURANCE, and PIISA, and highlighting applications in agriculture, data sharing, and ecosystem-based insurance.