The 2024 UN Climate Change Conference witnessed significant events on 15 November, concentrating on ocean finance and climate action in conflict-affected countries. These activities shed light on crucial aspects of addressing climate change and its impacts.

Unveiling the Vital Role of Ocean Finance and Climate Action

Ocean Finance: A Key Focus

The event on ocean finance emphasized the significance of investing in ocean-based climate solutions. One speaker passionately advocated for parties to submit more ambitious nationally determined contributions (NDCs), integrating new ocean measures or reinforcing existing ones in a quantified manner. This roundtable also discussed the inclusion of the ocean in the climate finance package, highlighting the challenges and opportunities. Blue carbon and blue bonds are emerging as important concepts, while differentiating between Paris Agreement Article 6.2 and Article 6.4 in the context of ocean-based solution financing was a key point of discussion. Raising awareness about how blue carbon projects can generate credits is crucial for driving action. 2: The importance of recognizing ocean finance as climate finance is growing. Clear tools to measure outcomes in ocean-based investment pathways are lacking, yet the potential for these solutions is immense. By integrating ocean measures into NDCs, countries can take significant steps towards a more sustainable future.

Private Sector's Role in Ocean-based Solutions

The second roundtable focused on how the private sector can increase financial flows to accelerate and scale ocean-based solutions. Greater "ocean literacy" was emphasized to help investors understand how to de-risk investments and develop a sustainable blue economy. There is a lack of awareness about the ocean as a sustainable climate-based solution, but initiatives like the UN Global Compact bring together governments, the private sector, and other stakeholders to advance the conversation. 2: The efforts of the UN Global Compact are crucial in facilitating collaboration and driving action. By working together, these stakeholders can unlock the full potential of ocean-based solutions and create a more resilient future.

Accelerating Climate Action in Frontline Communities

Another event focused on accelerating climate action and finance in frontline communities affected by fragility or conflict. It showcased the on-the-ground challenges and solutions for recovering from the compounding shocks of climate change, fragility, and conflict. Local communities are taking the lead in building resilience, as demonstrated by various examples such as early warning systems in Somalia and the use of WhatsApp in Syria. 2: The increasing frequency and severity of climate-related shocks in fragile and conflict regions highlight the need for long-term investments and multi-sectoral collaboration. By addressing these challenges, communities can manage risk and emerge from cycles of climate shocks.

Effective Climate Solutions in Fragile Contexts

The first panel on effective climate solutions emphasized how local communities are leading the way in building resilience. Examples like early warning systems, the use of technology for alerts, and microfinance solutions were shared. These community-based actions are making a significant difference in the face of climate change. 2: By involving local communities in climate solutions, we can ensure that the responses are tailored to their needs and that they have a sense of ownership. This leads to more sustainable and effective outcomes.

Leveraging Climate Finance in Fragile Contexts

Speakers in the second panel stressed the need for fast, accessible, and community-driven support for displaced populations. Blended financing and local, community-engaged approaches are essential to ensure that resources reach affected populations effectively. Consulting displaced communities on their needs and decentralized attribution and management of funding are also critical. 2: By addressing these issues, we can better support communities in fragile contexts and help them build resilience in the face of climate change. The World Food Programme and other organizations are working towards these goals.