COP 29: Summary & Key Takeaways
COP29, the 29th edition of the UNFCCC Climate Summit, took place in Baku, Azerbaijan from November 11-22, 2024. This meeting was dubbed the “Finance COP” given its focus on climate finance. The issues on the agenda included setting a new financial target, expanding the contributor base of climate finance, and questions of reporting and transparency.
Scroll below for summaries and select articles.
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COP 29 SUMMARIES
Carbon Brief
Developed nations have agreed to help channel “at least” $300bn a year into developing countries by 2035 to support their efforts to deal with climate change.
However, the new climate-finance goal – agreed along with a range of other issues at the COP29 summit in Baku, Azerbaijan – has left developing countries bitterly disappointed.
They were united in calling for developed countries to raise $1.3tn a year in climate finance.
In the end, negotiators agreed on a looser call to raise $1.3tn each year from a wide range of sources, including private investment, by 2035.
Some countries, including India and Nigeria, accused the COP29 presidency of pushing the deal through without their proper consent, following chaotic last-minute negotiations.
Countries failed to reach an agreement on how the outcomes of last year’s “global stocktake”, including a key pledge to transition away from fossil fuels, should be taken forward – instead shunting the decision to COP30 next year in Brazil.
They did manage to find agreement on the remaining sections of Article 6 on carbon markets, meaning all elements of the Paris Agreement have been finalised nearly 10 years after it was signed.
Negotiations were overshadowed by the reelection of Donald Trump, who has promised to roll back climate action and take the world’s biggest historical emitter out of the Paris Agreement once again.
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World Meteorological Organization
The UN climate change conference ended on 24 November with a pledge from developed nations to contribute at least $300 billion annually to support adaptation.
After two weeks of intense negotiations, delegates at COP29, formally the 29th Conference of Parties to the UN Framework Convention on Climate Change (UNFCCC), agreed to provide this funding annually, with an overall climate financing target to reach “at least $1.3 trillion by 2035”.
This summit had been dubbed the ‘climate finance COP’, and representatives from all countries were seeking to establish a new, higher climate finance goal.
The target, or new collective quantified goal (NCQG), will replace the existing $100 billion goal that is due to expire in 2025.
Reacting to the outcome, UN Secretary-General António Guterres said that while an agreement at COP29 was absolutely essential to keep the 1.5-degree limit alive, “I had hoped for a more ambitious outcome – on both finance and mitigation – to meet the great challenge we face.”
But he continued, this agreement provides a base on which to build and added: It must be honoured in full and on time. Commitments must quickly become cash. All countries must come together to ensure the top-end of this new goal is met."
Developing countries, which had sought over $1 trillion in assistance, said…. (click here to continue the article)
BBC
Five Key Takeaways from COP29
COP29 is over, with developing countries complaining that the $300bn (about £240bn) a year in climate finance they will receive by 2035 is a "paltry sum".
Many of the rich country voices at the UN's climate conference were amazed that developing nations were unhappy with what on the surface seems a huge settlement. It is an improvement - on the current contribution of $100bn (£79.8bn) a year.
However, the developing world, which had pushed for more, had many genuine issues with the final sum.
A massive deal, but bitter divisions remain
There were complaints it simply was not enough and that it was a mixture of grants and loans. And countries were deeply annoyed by the way the wealthy waited until the last minute to reveal their hand.
“It's a paltry sum," India's delegate Chandni Raina told other delegates, after the deal had been gavelled through.
"This document is little more than an optical illusion. This, in our opinion, will not address the enormity of the challenge we all face."
Ultimately, the developing world was compelled to accept it, with many rich countries pointing to next year's arrival of President Donald Trump, a known climate sceptic, and arguing that they would not get a better deal.
But this package is also being criticised as…. (click here to continue the article)
Nature4Climate
COP 29 Recap: From Financial Breakthroughs to Missed Opportunities
The ‘finance’ COP, held in Baku over the past two weeks, has finally drawn to a close – albeit 33 hours (or is it decades?) too late. Tasked with addressing one of the most pressing questions for climate action – how to finance global mitigation and adaptation efforts – the 29th edition of the UN Climate Change Conference, COP29, concluded with an agreement that marks progress, but which fell short of what many were calling for, leaving us with mixed reactions to the ultimate COP outcome.
Zooming into nature-specific outcomes at COP, there is little to report, but this was never billed as a big COP for nature. All eyes are on Brazil in that regard. That’s not to say that the past two weeks were all bad news for nature
Here are some key takeaways from COP29 and what it means for nature and climate action.
The new finance deal — Under the framework established by the UN in 1992, 23 developed countries and the European Union, historically responsible for the majority of emissions, are obligated to contribute to climate finance. However, agreeing on the amount and establishing a fair framework for payments has proven far more complex. In this context, the COP29 climate summit in Baku marks a significant breakthrough: for the first time in 15 years, the UNFCCC Parties have set a long-term financial target to mobilise $1.3 trillion annually by 2035 across, – which would include funding from all public and private sources. A target of $300 billion annually has been established to “prime the pump” to support… (click here to continue the article )
SELECT ARTICLES
MVPs of the week: starring Brazil and the United Kingdom
Brazil and the United Kingdom showed up ahead of the game, presenting their updated nationally determined contributions (NDCs) three months before the deadline.
The UK pledged an 81% reduction in emissions by 2035 compared to 1990 levels, reaffirming its commitment to international climate finance with £3 billion earmarked for nature, including £1.5 billion for forest conservation. (Read the WWF-UK and WRI joint comment in response to the UK’s pledge). The UK also announced USD 16 million to the Africa Go Green Fund which in the past has helped finance cleaner cooking initiatives across the continent.
Host of the next UNFCCC COP, Brazil, announced a new climate goal at COP29, aiming for a 59% to 67% reduction in economy-wide greenhouse gas (GHG) emissions by 2035, compared to 2005 levels. This target translates to a reduction of 850 million to 1.05 billion tons of carbon dioxide equivalent by 2035.
Indigenous leaders from Brazil, Australia, and the Pacific launched ‘The Troika of Indigenous Peoples,’ advocating for Paris Agreement implementation aligned with their self-determination and territorial rights. Brazilian Minister Sônia Guajajara called for expanded Indigenous representation at COP30 in Belém, emphasizing the need for direct involvement in negotiations.
Match point for carbon markets
Another important highlight of the week, COP29 scored early with an endorsement of a global carbon market framework under Article 6. This move aims to establish clearer standards for trading carbon credits and ensure accountability in climate finance. Despite initial concerns about governance and equity, this early agreement marks progress, allowing negotiators to focus on finalizing guidance for Articles 6.2 and 6.4.
The Integrity Council for the Voluntary Carbon Market also took a significant step by approving three methodologies for generating high-integrity carbon credits aimed at reducing emissions from deforestation and forest degradation in developing countries (REDD+). This milestone marks the beginning of a new era for the high-integrity forest carbon market, underscoring the vital role of nature conservation as a recognized and fundable climate mitigation strategy within the voluntary carbon market.
Florence Laloe, Senior Director of Climate Policy at Conservation International, commented:
“The approval of the new 6.4 standards moves the market closer to becoming fully operational, overcoming a process roadblock. Parties can now focus on other necessary elements during the rest of COP29, such as authorizations under Articles 6.2 and 6.4 and the international registry. Science shows it is mathematically impossible to meet global climate goals without nature. It is imperative that countries provide additional guidance at this COP to improve these standards and ensure that new tools developed for Article 6.4 do not exclude or hinder nature, keeping all sectors on an equal playing field.”
STOCKHOLM ENVIRONMENTAL INSTITUTE
The next UN climate conference, COP29, is set to take place in Baku, the capital of Azerbaijan, from 11 to 22 November. From securing climate finance to addressing the critical issue of loss and damage, this pivotal climate conference will shape global climate policy and action for years and decades to come.
This article provides an overview of eight crucial topics that are expected to dominate discussions in Baku – each of them representing key challenges and opportunities for action. For each topic we suggest further resources that you can dive into for more context and information.
Those eight topics include:
Climate finance
Loss and damage
Nationally Determined Contributions (NDCs) and emissions reduction
The Global Goal on Adaptation (GGA) and National Adaptation Plans (NAPs)
Unequal climate impacts and Locally Led Adaptation (LLA)
Nature-based solutions (NbS) and Indigenous rights
Carbon markets
Geopolitical context, conflicts and tensions
Climate finance
Billed as the “finance COP,” COP29 will focus heavily on establishing a new global climate finance goal – the New Collective Quantified Goal (NCQG). Much of the discussion in Azerbaijan will revolve around setting and defining this goal, particularly as it relates to scaling up financial support for developing countries. Currently, developed countries have committed to providing $100 billion annually to support climate mitigation and adaptation in developing countries. However, this falls significantly short of the estimated $2.4 trillion a year required to meet global climate goals. Key areas of debate will likely include the overall financial target, the timeline for mobilization, and the equitable distribution of financial responsibilities among countries.
Loss and damage
Continuing the focus on climate finance, loss and damage will be another critical topic at COP29. Building on the progress from COP28, where a Loss and Damage Fund was agreed upon, COP29 will focus on operationalizing the structure and scope of this fund. Though $700 million in pledges have been made, this amount falls short of what is needed to compensate low- and middle-income nations for the irreparable losses and damages caused by climate change. Estimates for future loss and damage are subject to great uncertainty. For example, Markandya & González-Eguino (2018) estimate that $290-580 billion could be needed every year by 2030. The Loss and Damage Collaboration has estimated $400 billion in annual costs.
Discussions at COP29 are expected to focus on increasing the financial contributions to the loss and damage fund, such as through new and innovative sources, to better support vulnerable nations. Countries will also… (click here to continue)
EARTH.ORG
The 29th United Nations climate change conference (COP29) kicked off on November 11 in Baku, Azerbaijan, with some 53,000 attending. Building on previous negotiations, the UN climate summit is expected to seal and ensure efforts toward climate justice, focusing primarily on providing vulnerable nations with adequate funding to adapt to and recover from the impacts of climate change. Here is a recap of everything that happened during COP29 week 1.
Nationally Determined Contributions (NDCs)
United Kingdom: Speaking on the second day of the summit, UK Prime Minister Keir Starmer announced that his country will cut greenhouse gas emissions by 81% by 2035 relative to 1990 levels. Greenpeace said the move was as a sign that the UK is “willing to be a global leader on climate.”
Indonesia: Speaking at an event eld on the sidelines of COP29, Indonesia’s Environment director at the National Development Planning Ministry, Priyanto Rohmatullah, said his country plans to start taking measures to pursue greenhouse gas emission reduction targets at the provincial level starting in 2025. The country aims to reach net-zero by 2060 or sooner.
Brazil, United Arab Nations (UAE): Brazil announced its new commitment to reduce emissions by 59% to 67% by 2035, as compared to 2005. Compared to the previously established 2030 target, the ambition for absolute emissions reduction has increased by 13% to 29%. Meanwhile, the UAE committed to a target of reducing emissions by 47% by 2035 compared to the 2019 baseline. However, neither NDCs are aligned with the 1.5C goal. They also do not present a pathway to reduce their oil and gas production – critical as both countries have expansion plans.
Carbon Trading/Article 6
Article 6.4
The COP29 Presidency fast-tracked the adoption of a centralized carbon trading mechanism on day one of the summit. The move clears the way for the long-awaited global carbon market set out in Article 6.4 of the Paris Agreement, which will be open to countries and companies to trade through under UN supervision, to become operational. The system effectively allows countries to buy credits for removing/avoiding planet-warming pollution around the world, e.g. by planting trees or protecting rainforests. But while this is viewed as tangible progress Article 6, which has been stuck on issues that have plagued it since the Paris Agreement was signed in 2015, there is still no clarity on the methodology to implement it.
The agreement was rushed and adopted without discussion and negotiations, prompting widespread criticism. Isa Mulder, a policy expert at the non-profit group Carbon Market Watch, said that adopting the rules on the first day of the summit without discussion “undermined trust” in the UN climate conference process. “Kicking off Cop29 with a backdoor deal … sets a poor precedent for transparency and proper governance,” she said.
REDD+
The Integrity Council approved three methodologies for issuing high-integrity carbon credits for reducing emissions from deforestation and forest degradation in developing countries (REDD+). Leading nature NGOs have welcomed the announcement as Article 6 negotiations rumble on. A high-integrity carbon market has the….” (click here to continue).
The Finance and Energy/Peace, Relief and Recovery Days saw a flurry of activity from investors and other non-state actors in Baku, even as uncertainty remained around the New Collective Quantified Goal on climate finance which must be agreed at COP29.
Some 65,000 attendees welcomed an official day of rest on 17 November after a packed first week. Rumours in Baku Stadium centred on the progress of the COP29 Finance text, which Carbon Brief reported has reduced from 33 to 25 pages. Many brackets, however, signal slow progress in overcoming disagreements and a challenging week ahead for negotiators.
Several world leaders did not attend, including US President Biden, French President Macron, and the EU’s Ursula von der Leyen, though other countries did announce new climate plans. The UK, Brazil and the United Arab Emirates shared updated Nationally Determined Contributions (NDCs) at the conference, setting a standard for other nations to follow.
“This statement of intent signals UK leadership on climate and offers a valuable opportunity to attract clean energy investments, spur clean growth, and strengthen investor confidence in the country’s climate trajectory.”
The UK plans to cut 81% of greenhouse gas emissions by 2035, relative to 1990 levels, while Brazil pledged to cut emissions 59-67% by the same year, relative to 2005. The United Arab Emirates, host to last year’s COP28, announced its plan to reduce 47% of its emissions by 2035, relative to a notably higher baseline of 2019.
Reacting to the UK announcement, Stephanie Pfeifer, CEO of IIGCC said:
“This statement of intent signals UK leadership on climate and offers a valuable opportunity to attract clean energy investments, spur clean growth, and strengthen investor confidence in the country’s climate trajectory.”
An unavoidable investment case
In the ‘real economy COP’, our delegation was on the ground to discuss how best to increase investment in emerging markets, the need for more investable NDCs including National Adaptation Plans, and the challenges of decarbonising the built environment.
This included co-hosting an event with the Atlantic Council, which convened financial institutions and climate finance negotiators in an informal discussion, sharing mutual needs to inform the negotiations. Moderated by Valentina Ramirez, IIGCC Head of Climate Strategy Implementation, investors emphasised the need for industrial policies that incentivise investments in climate solutions, encouraging negotiators to complement their approach to the NCQG to foster stronger engagement with private finance actors.
"“I can tell you how to talk to the trees, talk to the water. You can connect with Indigenous communities…Businesses have to invest in people.”
On day two, we co-hosted a panel with the Marrakech Partnership for Global Climate Action to strengthen impactful collaboration between public and private actors to deliver climate finance at scale, particularly in…. (click here to continue)