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00:00I want to thank the American people for the extraordinary honor of being elected your
00:1147th president and your 45th president.
00:19With this election result, we really get very concerned that all the talks are now going
00:27to be what will happen in the absence of the U.S. and the U.S. not meeting its finance
00:34goal or even reversing some of the mitigation policies that Biden administration brought.
00:42That is going to be at the heart of the conversation at COP 29.
00:58So, finance happens to be at the core of COP 29 climate conference, but then there are
01:07other topics which are going to be important.
01:09For instance, last year we got a historic agreement on transitioning away from fossil
01:15fuels and there are still discussions on how do we now implement that decision, be it tripling
01:20renewable energy or doubling energy efficiency.
01:22We have not been able to get any hint from again developed countries how they are going
01:28to adopt those targets domestically and provide resources to developing countries.
01:33Similarly, money for adaptation to help countries prepare for climate impacts is not coming
01:37through.
01:38Hearing no objection, it is so decided.
01:57There is going to be some crucial points of negotiation in COP 29, it is the finance
02:09scope.
02:10The finance scope defines the pace of action.
02:12It is kind of hugely important.
02:14There is going to be a major redefinition of the new collective quantified goal of allocating
02:22funding for the poorest countries to be able to address climate change for just transition.
02:29So there is going to be very important points of negotiation.
02:33They are very challenging points of negotiation.
02:35When you put money on the table and allocation of budget, that gets into a lot of very tense
02:41discussions.
02:56This is where we then come to the debate of probably expanding the space of donor countries
03:01to reflect also some of the rather rich developing countries who are already contributing to
03:08climate finance but don't want it to be reported at the same level as the rich countries currently
03:13do.
03:23We look back to when Trump was last elected.
03:26We had the COP in Marrakesh right after.
03:29We saw a lot of uncertainty and concerns for the first hours and that's natural.
03:34We see that again now.
03:36But afterwards you saw countries coming together again and really being keen to negotiate the
03:41outcomes.
03:42So even this year, now that we have the result already, I expect a lot of leaders to actually
03:48step up and feel the need to clearly distance themselves from the climate denialism that
03:55he talks about and projects.
04:15As we go into COP, and what's making COP even more important this year, is in the past when
04:20the US has pulled back, we've seen other countries pull back, but there's a lot of momentum now
04:24in the climate system.
04:25The energy transition is underway and there's other things that are driving it.
04:30Market demand, prices, renewable prices coming down, battery storage going up.
04:36So there's a lot of momentum in the system.
04:38And I think what we don't know is how other countries are going to respond.
04:42So the big thing is going to happen at COP when we start to see other countries coming
04:46out.
04:47They've got time to think what they're going to do and we'll see and get a temperature
04:50take at that point.
05:09The talks this year should really lay out the groundwork for a critical, the critical
05:14moment next year, which will mark 10 years since the Paris Agreement was signed.
05:20And it's also kind of the deadline for countries to submit their NDCs, so Nationally Determined
05:26Contributions or National Climate Action Plans.
05:30And in order to do this, developing countries need to be sure that the money is available.
05:35And at COP 29, this really needs to be secured and agreed.