A Comprehensive Overview of UNFCCC COP 29 Outcomes and Global Climate Action
SUMMARY
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About COP 29COP29, held in Baku, Azerbaijan, marked a significant milestone in global climate action by setting ambitious goals for climate finance and finalizing mechanisms for the carbon markets under Article 6 of the Paris Agreement. The conference established the New Collective Quantified Goal (NCQG) to triple annual climate finance for developing nations to $300 billion by 2035, while also emphasizing adaptation and Indigenous-led strategies. Despite these advancements, many criticized the commitments as insufficient, reflecting the challenges of balancing diverse global priorities. To explore the journey of COP over the past 3 years, please follow the links below: |
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Adopted Agendas at COP 29 |
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Key Outcomes of COP 29i. New Collective Quantified Goal on Climate Finance (NCQG) ii. Carbon Markets Agreement iii. Declaration on Reducing Methane iv. Indigenous Peoples and Local Communities v. Gender and Climate Change vi. Baku Harmoniya Climate Initiative for Farmers |
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India's Stance at COP 29At COP29, India emphasized the need for a balanced approach to climate action, focusing on adequate climate finance as essential for both mitigation and adaptation efforts. India expressed disappointment at the shift towards mitigation, stressing that finance must be prioritized, with developed countries leading on financial support. The country also called for country-driven actions, opposed changes to the Global Stocktake, and reaffirmed the need for just transitions with developed countries taking responsibility for enabling the climate actions of developing nations. |
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Key ConcernsCOP29 focuses on critical climate issues, including the establishment of a robust New Collective Quantified Goal (NCQG) for climate finance, advancing rules for carbon markets, and addressing fossil fuel transitions. Adaptation efforts, transparency through Biennial Transparency Reports (BTRs), and boosting the Fund for Loss and Damage are central to the discussions. The summit also emphasized setting quantifiable targets for adaptation and ensuring accountability and equity in global climate action. |
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Way Forwardi. Introduction of New Indicators ii. Establishment of a Robust Financial Mechanism iii. Binding Renewable Energy Commitments iv. Ensuring Climate Justice through CBDR |
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Day – Wise Key Takeaways |
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Conclusion |
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References |
1. About COP 29
The recently concluded COP29, held in Baku, Azerbaijan, from November 10 to 24, 2024, marked a significant moment in the global fight against climate change. Bringing together representatives from nearly 200 countries, the conference tackled critical issues, including climate finance, carbon markets, and adaptation strategies, culminating in a landmark but divisive agreement.
A standout achievement of COP29 was the establishment of the New Collective Quantified Goal on Climate Finance (NCQG). This ambitious framework aims to triple climate finance for developing nations, increasing the target from $100 billion to $300 billion annually by 2035. Additionally, the conference set an overarching goal to mobilize $1.3 trillion annually from both public and private sources within the same timeframe. These financial commitments underscore a growing recognition of the urgent need to support vulnerable nations in mitigating and adapting to the impacts of climate change.
The NCQG represents a shift toward a more equitable and inclusive climate finance landscape. It seeks to address historical imbalances by prioritizing the needs of least developed countries (LDCs), Small Island developing states (SIDS), and other vulnerable regions disproportionately affected by climate change. By tripling the previous financial commitment, the framework underscores the global acknowledgement of climate finance as a cornerstone of climate justice.
However, despite the ambition, reactions to the NCQG have been mixed. Many stakeholders from developing countries argue that while the commitment is a step in the right direction, the proposed timeline and funding levels still fall short of what is needed to address the immediate and long-term impacts of climate change. Critics have emphasized the importance of ensuring these commitments translate into tangible financial flows, with mechanisms for accountability and transparency to prevent gaps in delivery. The NCQG, established at COP29, lays the foundation for an evolved climate finance architecture, but its success will depend on sustained international cooperation and the ability to bridge the gap between pledges and implementation. As the world moves towards future climate conferences, the NCQG will remain central to discussions on achieving the goals of the Paris Agreement and advancing global climate resilience.
However, these advancements were met with mixed reactions. Many delegates and climate advocates criticized the agreements for falling short of the expectations and needs of developing nations. While the NCQG represents a significant increase, critics argued that the commitments remain insufficient to address the scale of the climate crisis. India's finance ministry advisor described the deal as "too little" and "too distant," reflecting frustration over the gap between immediate needs and long-term promises. In addition to financial agreements, COP29 finalized mechanisms for trading carbon credits under Article 6 of the Paris Agreement. This long-awaited development is expected to streamline carbon markets, enabling countries to meet their climate goals more cost-effectively. The agreement is seen as a critical step in operationalizing international cooperation on emissions reductions.
The conference also highlighted adaptation as a priority, with special attention to the challenges faced by Least Developed Countries (LDCs) and small island states. Initiatives such as the Baku Workplan emphasized the role of Indigenous People in climate action, reinforcing the need for inclusive and community-driven solutions. Despite the progress made, COP29's outcomes revealed the complexities of global climate negotiations. UNFCCC Executive Secretary Simon Stiell noted that "no country got everything they wanted," emphasizing the compromises inherent in multilateral agreements. As the world turns its attention to COP30 in Brazil, the need for continued collaboration, innovation, and political will remains critical in addressing the growing urgency of the climate crisis.
While COP29 may not have satisfied all stakeholders, it serves as a reminder of the importance of incremental progress and the collective effort required to combat climate change effectively.
2. Adopted Agendas at COP 29
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Opening of the Session |
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Organizational Matters (a) Election of the President of the Conference of the Parties at its twenty-ninth session; (b) Adoption of the rules of procedure; (c) Adoption of the agenda; (d) Election of officers other than the President; (e) Admission of organizations as observers; (f) Organization of work, including for the sessions of the subsidiary bodies; (g) Dates and venues of future sessions; (h) Adoption of the report on credentials. |
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Reports of the Subsidiary Bodies (a) Report of the Subsidiary Body for Scientific and Technological Advice; (b) Report of the Subsidiary Body for Implementation. |
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Reporting from and review of Parties included in Annex I to the Convention |
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Reporting from Parties not included in Annex I to the Convention. |
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Matters relating to adaptation: (a) Report of the Adaptation Committee; (b) Review of the progress, effectiveness and performance of the Adaptation Committee. |
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Warsaw International Mechanism for Loss and Damage associated with Climate Change Impacts and joint annual report of its Executive Committee and the Santiago network for averting, minimizing and addressing loss and damage associated with the adverse effects of climate change |
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Matters relating to finance: (a) Long-term climate finance; (b) Matters relating to the Standing Committee on Finance; (c) Report of the Green Climate Fund to the Conference of the Parties and guidance to the Green Climate Fund; (d) Report of the Global Environment Facility to the Conference of the Parties and guidance to the Global Environment Facility (e) Report of the Fund for responding to Loss and Damage and guidance to the Fund; (f) Arrangements between the Conference of the Parties, the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement and the Board of the Fund for responding to Loss and Damage; (g) Seventh review of the Financial Mechanism |
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Matters relating to technology development and transfer: (a) Joint annual report of the Technology Executive Committee and the Climate Technology Centre and Network; (b) Linkages between the Technology Mechanism and the Financial Mechanism |
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Matters relating to capacity building. |
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Matters relating to the least developed countries. |
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Report of the forum on the impact of the implementation of response measures. |
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Periodic review of the long-term global goal under the Convention and of overall progress towards achieving it. |
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Gender and climate change. |
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Consideration of proposals from Parties for amendments to the Convention under Article 15: (a) Proposal from the Russian Federation to amend Article 4, paragraph 2(f), of the Convention (held in abeyance); (b) Proposal from Papua New Guinea and Mexico to amend Articles 7 and 18 of the Convention (held in abeyance). |
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Second review of the adequacy of Article 4, paragraph 2(a–b), of the Convention (held in abeyance). |
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Administrative, financial and institutional matters: (a) Budgetary, financial and institutional matters; (b) Decision-making in the UNFCCC process. |
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High-level segment: (a) Statements by Parties; (b) Statements by observer organizations. |
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Other matters. |
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Conclusion of the session. |
3. Key Outcomes of COP 29
COP29, held in Baku, Azerbaijan, brought together nearly 200 nations to advance global climate action. The conference resulted in several notable agreements and decisions, particularly in climate finance, carbon markets, methane reduction, indigenous engagement, gender equality, and sustainable agriculture. These outcomes are expected to shape international climate policy in the coming years.
I. New Collective Quantified Goal on Climate Finance (NCQG)
A cornerstone of COP29 was the establishment of the New Collective Quantified Goal on Climate Finance (NCQG), representing a transformative shift in global financial commitments. The new target triples the previous goal of $100 billion annually to $300 billion annually by 2035 for developing nations. The NCQG also aims for an even broader target of mobilizing $1.3 trillion annually by 2035, pooling resources from both the public and private sectors. This reflects the increasing recognition of the need for substantial financial support to help vulnerable countries adapt to climate impacts, mitigate emissions, and build resilience. Developed nations are tasked with leading these efforts, providing funding for technological advancements, capacity building, and climate resilience initiatives in the Global South. However, many observers noted the timeline remains distant, and there is uncertainty about the mobilization of private-sector contributions to meet this ambitious goal.
II. Carbon Markets Agreement
COP29 marked a significant milestone in operationalizing the carbon markets under the Paris Agreement, finalizing rules for both bilateral and centralized mechanisms:
i. Article 6.2 (Country-to-Country Trading): This mechanism facilitates direct agreements between nations for trading carbon credits. Countries can now authorize trades based on mutually agreed terms, providing clarity on governance and registry operations. It ensures that environmental integrity is maintained through transparent technical reviews.
ii. Article 6.4 (Paris Agreement Crediting Mechanism): A centralized system managed by the United Nations, this mechanism enables carbon offsetting and trading. Developing countries, particularly least-developed nations, stand to benefit from the increased financial flows, capacity-building initiatives, and technology transfer.
Safeguards under Article 6.4 include strict environmental and human rights protections, ensuring that projects cannot proceed without the informed and explicit consent of Indigenous People. Additionally, affected stakeholders can appeal decisions or file complaints, reflecting an emphasis on transparency and accountability.
These mechanisms are aligned with the latest climate science, and the supervisory body responsible for implementing Article 6.4 has been tasked with an extensive work plan through 2025 to ensure seamless operations.
III. Declaration on Reducing Methane
Over 30 nations endorsed the Declaration on Reducing Methane from Organic Waste, focusing on emissions from the waste sector, which contributes to 20% of global methane emissions. Notably, India chose not to sign the declaration. The declaration emphasizes five priority areas: integrating methane reduction into Nationally Determined Contributions (NDCs), establishing regulations, improving data collection, increasing financing, and fostering partnerships. The initiative complements the Global Methane Pledge, which aims to reduce global methane emissions by 30% by 2030 across sectors like agriculture, fossil fuels, and waste. Despite progress, critics pointed out that stronger commitments are needed from major methane-emitting nations to achieve meaningful reductions.
IV. Indigenous Peoples and Local Communities
COP29 reaffirmed the importance of Indigenous People and local communities (IPLCs) in global climate action. The adoption of the Baku Workplan and the renewal of the Facilitative Working Group (FWG) under the Local Communities and Indigenous Peoples Platform (LCIPP) were key developments. These initiatives aim to bridge indigenous knowledge systems with modern scientific research, ensuring that traditional practices inform contemporary climate strategies. The Baku Workplan emphasizes enhancing indigenous participation in decision-making processes, embedding indigenous values in climate policies, and fostering partnerships between local communities and global institutions. The FWG has been tasked with implementing this workplan in a collaborative and gender-responsive manner, with a progress review scheduled for 2027. This effort is expected to elevate the role of IPLCs as key stakeholders in global climate governance.
The Baku Workplan, adopted at COP29 in Baku, Azerbaijan, aims to enhance the participation of Indigenous Peoples and local communities in climate action. It focuses on promoting knowledge exchange, building engagement capacity, and integrating diverse values into climate strategies. The Workplan outlines six approaches, including gathering knowledge holders and fostering regional collaboration. Implementation will begin in 2025 with a priority-setting workshop, followed by a progress review in 2027. COP29 also addressed barriers to participation, such as language issues, by inviting simultaneous interpretation in multiple languages and introducing staggered terms for Facilitative Working Group members to ensure continuity. This initiative represents a commitment to incorporating Indigenous knowledge into global climate governance, emphasizing the importance of diverse perspectives in effective climate policy development. Inger Andersen, Executive Director of the United Nations Environment Programme, called it a "transformational step" for climate action.
V. Gender and Climate Change
COP29 extended the Lima Work Programme on Gender (LWPG) for another 10 years, reaffirming the critical role of gender equality in climate action. Established in 2014, the LWPG aims to integrate gender-responsive policies into global climate strategies. The extension of this program highlights a continued commitment to advancing gender balance and ensuring that women play a central role in shaping climate solutions. A new Gender Action Plan will be developed and adopted at COP30 in Belém, Brazil, aligning with the Paris Agreement's objectives. This plan will address barriers to gender equity, foster capacity building, and ensure that climate actions are inclusive and equitable across all levels of implementation.
VI. Baku Harmoniya Climate Initiative for Farmers
Launched by the COP29 Presidency in collaboration with the Food and Agriculture Organization (FAO), the Baku Harmoniya Climate Initiative for Farmers is a platform designed to consolidate climate initiatives in the agriculture sector. The initiative seeks to provide farmers with easier access to financial support, technical expertise, and sustainable farming practices. By harmonizing existing programs, the platform aims to address the unique challenges faced by farmers in adapting to climate change, such as water scarcity, crop failure, and soil degradation. The initiative also emphasizes integrating climate-smart agriculture techniques to enhance resilience and productivity while reducing greenhouse gas emissions.
4. India's Stance at COP 29
India expressed its disappointment at COP29 regarding the shifting focus from enabling adequate climate finance to an overemphasis on mitigation actions, a trend it sees as detrimental to effective climate action. At the Plenary Session in Baku, India aligned with Bolivia's statement on behalf of Like-Minded Developing Countries (LMDCs), reaffirming that the fight against climate change must be led by the UNFCCC and the Paris Agreement, as developing nations in the Global South continue to bear the brunt of climate impacts.
Ms. Leena Nandan, Secretary of the Ministry of Environment, Forest and Climate Change (MoEFCC) and Deputy Leader of India's delegation, addressed the session, stressing that India is "disappointed" by the continued shift in focus. "The time has come to ensure that mitigation actions are fully supported by adequate finance, in line with the Common But Differentiated Responsibilities and Respective Capabilities (CBDR-RC) and equity considerations," she noted. India emphasized that, year after year, the discussion focuses on what needs to be done for mitigation, but fails to address how it will be accomplished, especially in terms of enabling financial resources. While COP29 began with a focus on enabling finance through New Collective Quantified Goals (NCQG), the shifting emphasis towards mitigation towards the conference's conclusion is seen as undermining this key priority.
India firmly rejected any attempt to detract from the central importance of climate finance. The statement emphasized that Nationally Determined Contributions (NDCs) are reflective of each country's national circumstances and their commitment to achieving the Sustainable Development Goals (SDGs) and poverty eradication. India's statement also pointed out that while all countries have submitted their NDCs, any discussion on future contributions must address the financial framework that will enable these ambitions to be realized. The statement further warned that any continued focus on mitigation without an equitable distribution of financial support would render climate action hollow. "Without enablement through finance, climate actions will remain unfulfilled," India concluded, calling for a "balanced climate discourse."
India outlined its stance on several critical issues, particularly in the realms of climate finance, mitigation, adaptation, and just transitions.
a. New Collective Quantified Goal on Climate Finance (NCQG)
India stressed that grant-based concessional climate finance is essential for formulating and implementing new NDCs. The absence of adequate financial means of implementation, particularly in the form of grants, could severely hamper progress. India proposed a target for mobilizing USD 1.3 trillion annually by 2035, with at least USD 600 billion from grants and similar resources. India also warned against focusing on carbon pricing or private sector financing, which would shift the emphasis away from the primary goal of ensuring climate actions are country-driven, aligned with national priorities, and rooted in equity.
b. Mitigation
India expressed strong concern over the proposed changes in the scope of the Mitigation Work Programme (MWP) and cautioned against modifying temperature targets. India opposed the introduction of 2030, 2035, and 2050 targets in the preamble, calling them prescriptive and inconsistent with the Paris Agreement's flexible approach. India also urged the addition of text acknowledging the pre-2020 mitigation gap by Annex-I Parties and raised concerns over increasing emissions from developed nations from 2020 to 2030.
c. Just Transition
India rejected any attempts to renegotiate the shared understanding of 'Just Transition' established at COP28. India emphasized that Just Transitions begin globally with developed countries leading on mitigation and providing adequate financial and technical support to developing countries. The statement underscored that India's right to development and its sustainable development priorities are hampered by the ongoing inaction of developed nations in providing necessary finance and resources.
d. Global Stocktake
India strongly disagreed with the draft text related to the Global Stocktake (GST), particularly regarding the enhancement of climate action and international cooperation. India argued that the GST's primary purpose is to inform climate actions rather than focusing on mitigation. The new draft language regarding emission reduction targets by developed countries was seen as unbalanced and overly focused on mitigation, with no adequate connection to finance, the core issue in the UAE Dialogue. India rejected this shift, calling it out as an attempt to downplay the financing needs that should be central to the discussions.
e. Adaptation
India highlighted several key points regarding adaptation, stressing the importance of establishing clear indicators for means of implementation to ensure that efforts to meet the global adaptation goal are meaningful. India called for a focus on incremental adaptation approaches, in line with national circumstances, and cautioned against overemphasizing transformational adaptation. Additionally, India urged the use of official Party-submitted data for tracking adaptation progress and the establishment of the Baku Road Map as a tool for continued work on the global adaptation goal.
India closed its statement by reinforcing the central theme of COP29 as a Finance COP – a conference to balance ambitions with the necessary financial enablement for climate action. "If we fail here, we fail in the fight against climate change," the statement concluded, emphasizing the responsibility of developed countries to meet their obligations in providing climate finance. India's firm stance reflects its commitment to ensuring a balanced and equitable approach to addressing climate change, with a clear focus on the needs of the Global South and the imperative of financial enablement for effective climate action.
5. Key Concerns
COP29, held this month in Baku, Azerbaijan, has been referred to as the "climate finance COP," with its central objective focused on determining the financial commitments necessary to support developing countries in addressing climate change impacts. However, the summit's discussions could face challenges following the re-election of former U.S. President Donald Trump, a climate change skeptic, whose campaign promises to withdraw the U.S. from the Paris Agreement for a second time have raised concerns. In addition to addressing climate finance, delegates at COP29 will also work on advancing commitments made during previous summits, continuing the global effort to combat climate change.
a. Climate Finance
At the heart of COP29 in Baku is the New Collective Quantified Goal (NCQG), a proposed climate financing target that will replace the current $100 billion annual pledge expiring this year. Wealthy nations have struggled to consistently meet the existing goal since 2020, fostering mistrust among climate-vulnerable countries. As negotiations aim to set a significantly higher target, debates persist over the contribution responsibilities of developed nations and whether rapidly growing economies, such as China and Gulf oil states, should also share the burden—a position advocated by the United States and the European Union. With estimates from U.N. agencies suggesting trillions are needed annually, efforts to reform the global banking system aim to mobilize greater sums, though consensus appears more attainable for figures in the "hundreds of billions."
b. Fossil Fuel Transition
Fossil fuel transition remains a contentious issue at COP29, despite the landmark agreement at COP28 to "transition away from fossil fuels in energy systems." Over the past year, global fossil fuel consumption and exports have risen, with countries like Azerbaijan, the United States, Namibia, and Guyana approving new oil and gas production projects. This has cast doubts on the global commitments to phasing out coal, oil, and gas. While negotiators at COP29 are unlikely to establish firm timelines or adopt stronger language on fossil fuel phase-out, some nations may advocate for measures such as halting new coal plant permits. Discussions will also focus on progress toward the ambitious goals of tripling renewable energy capacity and doubling energy efficiency to reduce dependence on fossil fuels.
c. Rules for Carbon Market
One of COP29's pressing issues is finalizing the rules for trading carbon credits, particularly those derived from preserving forests and other natural carbon sinks. These credits, designed as optional offsets for national emissions, are also tradable on open markets. Business leaders are urging the summit to establish robust guidelines under the Paris Agreement Crediting Mechanism (PACM) to ensure transparency and environmental integrity. Key unresolved matters include setting standards for PACM by its supervisory body, determining whether credits should undergo evaluation before trading, and clarifying conditions for revoking credits.
d. Boosting transparency
A key focus at COP29 is encouraging countries to submit their first Biennial Transparency Reports (BTRs) ahead of the December 31 deadline, though their compliance remains uncertain. These reports are designed to evaluate each nation's progress toward meeting climate goals and to inform the formulation of new targets by February. According to recent U.N. findings, current national pledges are significantly inadequate to meet global climate needs.
BTRs are also expected to provide crucial data on the financial requirements of developing countries, shedding light on the resources needed both to transition away from fossil fuels and to adapt to the escalating impacts of climate change. Ensuring transparency in these reports is vital for building trust and enabling informed global action.
e. Adaptation in Focus
At COP29, adaptation to climate change has taken center stage as countries strive to build upon last year's framework of guidelines for national adaptation plans. These plans aim to address pressing challenges like rising sea levels, increasing heat waves, and drought-affected farmlands. However, the existing framework remains vague, lacking measurable targets to gauge progress and clear strategies to align adaptation projects with climate financing.
Delegates at COP29 are pushing to establish more specific and actionable adaptation goals. These efforts are critical to ensuring that nations, especially those most vulnerable to climate disruptions, can effectively implement solutions and secure the necessary financial resources to support resilience-building initiatives.
f. Money for Loss and Damage
One of the pivotal issues at COP29 is the urgent need to address the financing of loss and damage caused by climate-related disasters, such as extreme floods, storms, and droughts. Two years after the landmark decision at COP27 in Egypt to establish a mechanism to support vulnerable nations, the newly created Fund for Responding to Loss and Damage has mobilized approximately $660 million. Headquartered in the Philippines, the fund represents a significant step in acknowledging the disproportionate impact of climate change on developing countries.
However, the amount secured so far falls short of the needs expressed by the climate-vulnerable nations, which are grappling with escalating disaster recovery costs. At COP29, these countries are pressing wealthy nations to increase their contributions to the fund, emphasizing that robust financial support is critical for rebuilding infrastructure, restoring livelihoods, and enabling long-term recovery from climate impacts.
The discussions also highlight the importance of equity and responsibility in climate financing. Vulnerable countries argue that nations historically responsible for the majority of greenhouse gas emissions must take the lead in contributing to the fund. Negotiators are expected to focus on ensuring predictable and adequate financial flows, possibly incorporating innovative financing mechanisms and contributions from private and public sources.
For the Fund for Responding to Loss and Damage to fulfil its mandate effectively, COP29 must deliver concrete commitments and a clear roadmap for scaling up resources. This will not only help address immediate disaster-related losses but also serve as a foundation for building resilience in the most affected regions.
6. Way Forward
To ensure the outcomes of COP29 translate into effective climate action, a forward-looking approach should focus on the following key priorities:
i. Introduction of New Indicators
The development and adoption of clear, measurable indicators are crucial to monitor progress on the global goals established at COP29. These indicators should provide tangible benchmarks for tracking advancements in climate finance, adaptation, mitigation, and carbon market integrity, ensuring transparency and accountability.
ii. Establishment of a Robust Financial Mechanism
A dedicated financial mechanism must be institutionalized to monitor and evaluate the contributions of developed nations toward climate finance. This system should encompass provisions for transparency, accessibility, and periodic review to bridge the trust gap between developed and developing nations.
iii. Binding Renewable Energy Commitments
To accelerate the transition to clean energy, renewable energy pledges must be converted into binding commitments for all the member countries. Enforceable commitments will ensure the global renewable energy targets are met, reducing dependency on fossil fuels and aligning energy systems with the Paris Agreement's objectives.
iv. Ensuring Climate Justice through CBDR
The principle of Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC) must continue to guide climate negotiations. It is essential to balance the responsibilities of developed nations with their historic emissions while recognizing the unique challenges faced by developing countries in their pursuit of sustainable development and climate resilience.
By adopting these measures, COP29 can lay a stronger foundation for an equitable and effective global climate action, fostering trust among nations and ensuring meaningful progress toward a sustainable future.
7. Day – Wise Key Takeaways
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Day 1 – November 11th, 2024 |
COP29 commenced on November 11, 2024, in Baku with a grand inauguration led by the Host President. On the first day, the Parties achieved a significant milestone by agreeing on standards for creating carbon credits under Article 6.4 of the Paris Agreement. However, critical work remains, including finalizing elements of Article 6.2 and Article 6.4, to establish a robust global carbon credit framework. These steps are essential for fostering confidence and enhancing cooperation under Article 6, enabling it to become a powerful tool against climate change. Once negotiations conclude, the COP29 Presidency will promote the adoption of Article 6 carbon trading to unlock its full potential. |
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Day 2 – November 12th, 2024 |
$170 Billion Annual Climate Finance Target by Multilateral Development Banks (MDBs) By 2030, MDBs aim to provide $120 billion annually to low- and middle-income countries, including $42 billion for adaptation, and mobilize an additional $65 billion from the private sector. The COP29 Presidency endorsed the full operationalization of the Fund for Loss and Damage. Additionally, the United States, China, and Azerbaijan hosted a summit to fast-track efforts to reduce methane and other non-CO2 greenhouse gas emissions. |
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Day 3 – November 13th, 2024 |
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Day 4 – November 14th, 2024 |
i. $3.5 billion from the Asian Development Bank to address glacier melt impacts. ii. $1.2 billion from Azerbaijani banks for green projects through 2030. iii. $730 million from Sweden to the UN Green Climate Fund. |
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Day 5 – November 15th, 2024 |
i. Global Energy Storage and Grids Pledge: Aims to deploy 1,500 GW of energy storage globally by 2030, a sixfold increase over 2022 levels. ii. Green Energy Pledge: Focuses on establishing Green Energy Zones and Corridors to enhance renewable energy integration. iii. Hydrogen Declaration: Promotes the advancement of hydrogen technologies and infrastructure to support the global energy transition. |
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Day 6 – November 16th, 2024 |
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Day 7 – November 17th, 2024 |
"Women Leading the Charge: Climate Champions for a Sustainable Future" Event at COP29 A significant panel session titled "Women Leading the Charge: Climate Champions for a Sustainable Future" was hosted jointly by the COP29 Azerbaijan Operating Company and Azercell Telecom, the telecommunications partner for COP29. The session highlighted the pivotal role of women in driving climate action and promoting sustainability. In a notable collaboration, COP29 Azerbaijan Operating Company and Azerkhalcha OJSC showcased sustainable carpets, created with materials and dyes that reflect global climate challenges. These eco-friendly carpets were presented to delegates as a symbol of sustainable innovation and craftsmanship. |
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Day 8 – November 18th, 2024 |
The COP29 Presidency convened the fourth meeting of the International Advisory Committee, emphasizing its ongoing commitment to fostering collaboration and strategic guidance for advancing global climate goals. Day Eight was designated as Human Development, Children and Youth, Health, and Education Day, underscoring the critical intersection of climate action with social well-being and capacity-building. The day served as a platform to showcase initiatives that integrate sustainable development with human-centric priorities. Key highlights included: 1. Early Submissions of Biennial Transparency
Reports: 2. Green Zone Event – Panel on Raising
Human Capital for a Green Future: 3. International Joint Statement on the Baku
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Day 9 – November 19th, 2024 |
Azerbaijan Achieves Historic ISO 20121
Certification Reducing Methane from Organic Waste Declaration: Over 30 countries, representing nearly 50% of global methane emissions from organic waste, endorsed this declaration, committing to sectoral methane reduction targets. Azerbaijan's Ministry of Agriculture partnered with UNEP to develop a methane reduction roadmap, supporting the Global Methane Pledge to cut emissions by 30% by 2030. Baku Harmoniya Climate Initiative for Farmers: In partnership with FAO, the COP29 Presidency launched the Baku Harmoniya Climate Initiative, a platform to support farmers and rural communities. It aims to consolidate climate initiatives, provide accessible resources, and promote sustainable, resilient agri-food systems. Sustainable Tourism and Local Agriculture: A panel, "Slow Food, Low Impact", discussed leveraging sustainable agriculture and local produce to promote eco-friendly tourism. Experts highlighted strategies to reduce the carbon footprint of the tourism industry while enhancing local economies. Green Zone Highlights: The Green Zone hosted discussions on private sector engagement, preserving the Caspian Basin's heritage, and sustainable agriculture. Panels featured innovative solutions and collaborations to advance climate resilience. |
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Day 10 – November 20th,2024 |
Focus on Urban Resilience and Tourism Sustainability
Sustainable Tourism Panel: A panel titled "Enhanced Climate Action in Tourism: Innovative Solutions and Way Forward", moderated by Virginia Fernandez-Trapa of UN Tourism, featured experts from Azerbaijan, Brazil, and organizations like Iberostar Group and The Travel Corporation. Discussions emphasized reducing tourism's environmental footprint, promoting biodiversity, and fostering sustainable local economies through innovative practices such as ecotourism and green infrastructure. Tourism Initiative Milestones
Urban Resilience and Mobility Transformation: At the Urbanisation and Climate Change Day, discussions highlighted Azerbaijan's efforts to enhance urban infrastructure and resilience. Key actions included:
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Day 11 – November 21st, 2024 |
Launch of Water for Climate Action: The COP29 Presidency unveiled the Water for Climate Action programme, including a declaration endorsed by nearly 50 countries and leading non-state actors such as WWF, Water.org, and the Islamic Development Bank. Key objectives include:
Baku Dialogue on Water for Climate Action: A platform fostering collaboration on water's critical role in climate change, biodiversity, and desertification. High-level representatives from countries including the EU, UAE, and the US emphasized keeping water central to the global climate agenda. Remarks
Panel on Small Island Developing States (SIDS): A session on "SIDS' Ecosystems and Communities Amid Climate Change" addressed the unique vulnerabilities of small island nations, such as sea-level rise and extreme weather. Panellists stressed the importance of:
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Day 12 – November 22nd,2024 |
Push for Climate Finance: The COP29 Presidency proposed scaling up climate finance to:
Legacy Panel: "Building Tomorrow": A panel in the Green Zone, organized by COP29 and GILTEX, discussed Azerbaijan's climate leadership. Speakers highlighted:
Commitment to Consensus: The Presidency urged Parties to finalize negotiations on updated texts, emphasizing inclusive collaboration for ambitious climate action outcomes. |
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Day 13 – November 23rd,2024 |
Breakthrough on Article 6 Carbon Markets
Loss and Damage Fund Operationalized
Key Leadership Remarks
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Day 14 – November 24th, 2024 |
· COP29 President Mukhtar Babayev emphasized that despite doubts, Azerbaijan delivered on its commitments, securing historic gains for climate finance and reinforcing global cooperation towards a 1.5°C pathway. |
8. Conclusion
The central focus of COP29, the 2024 UN climate change conference held in Azerbaijan, was to establish a new annual climate finance target for developing nations. While developed countries had committed in 2009 to mobilize $100 billion annually by 2020, the Independent High-Level Expert Group on Climate Finance (IHLEG) has projected that $1.3 trillion in external finance will be required annually by 2035 to achieve the goals of the Paris Agreement. However, after intense negotiations, the agreed-upon New Collective Quantified Goal (NCQG) was set at a modest $250 billion annually by 2035, far below the IHLEG's estimate. The IHLEG emphasized the importance of structured climate finance, with a core focus on grants from developed nations and multilateral development banks, supplemented by private and bilateral contributions. The final agreement, however, lacks clear benchmarks and leaves the door open for voluntary contributions from emerging economies such as China, India, and Gulf states. To reassure developing nations, the conference introduced the "Baku to Belém Roadmap to $1.3T," aiming to scale up climate finance by COP30, though its specifics remain ambiguous.
The climate finance deal was met with widespread disappointment. Leaders from the Global South criticized the insufficient commitment, with India's negotiator calling the financial goal "paltry" and accusing developed nations of stifling opposing voices. Civil society organizations and climate action groups similarly decried the lack of ambition and transparency, stressing that the NCQG fails to adequately address the needs of climate-vulnerable nations.
This inadequate financial commitment has significant ramifications. Developing nations, whose climate action plans hinge on accessible funding, may struggle to meet their targets, perpetuating what UN Executive Secretary Simon Stiell termed a "two-speed global transition," with clean energy investments concentrated in wealthier nations. For instance, Southeast Asia requires $190 billion annually to meet its carbon neutrality goals but has only averaged $72 billion in energy investments over recent years.
Meanwhile, the shift in global climate leadership was evident at COP29. With the anticipated U.S. withdrawal from the Paris Agreement under Donald Trump's renewed presidency, the spotlight has turned to China and other emerging economies. China's contributions to clean energy technology and climate finance were highlighted as pivotal in filling the leadership void left by developed nations.
As the "Finance COP," COP29's results fell short of expectations, setting a conservative financial goal rather than the transformative one demanded by the climate crisis. Moving forward, significant efforts will be required to bridge this financial gap and ensure equitable climate action, with much of this responsibility now shifting toward emerging economies and multilateral partnerships. The road to COP30 in Brazil will test the global community's resolve to meet its climate commitments and achieve the Paris Agreement's objectives.
9. References
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