The 29th Conference of the Parties (COP29) to the UN Framework Convention on Climate Change (UNFCCC) was held in Baku, Azerbaijan from November 11–22, 2024, deemed by some an unusual choice of venue based on the country’s economy being built on oil and gas exports.
Talks were overshadowed by the re-election of climate sceptic Donald Trump, who has said he will remove the United States of America, the world’s largest emitter, from the Paris Agreement, yet again. Despite this, the conference concluded with several key outcomes, including:
Climate finance
A new agreement to triple climate finance for developing countries, from $100 billion to $300 billion annually by 2035 came into force. Poorer countries were left disappointed with this figure, calling for developed countries to raise $1.3 trillion yearly in order to help them reduce their impacts on the environment and cope with the increasing effects of climate change. An agreement was made that $1.3 trillion would be raised each year by 2035 from a wide range of sources including private investment, with developing countries encouraged to contribute voluntarily.
Global carbon markets
Another breakthrough at COP29 was the finalisation of rules for international carbon markets under Article 6 of the Paris Agreement, after a decade of negotiations. This would include regulating bilateral carbon trading between countries and establishing a global crediting mechanism for emissions reductions.
National climate plans
Countries are developing new national climate plans that will outline how every country will reduce the release of greenhouse gases, transition away from fossil fuels and contribute to keeping the world on track to maintain the 1.5 degrees C of warming over the next ten years.
COP29 was an opportunity for governments and other stakeholders to put in place the mechanisms needed for countries to continue implementing their contributions to the Paris Agreement.
Other outcomes of COP29 include:
A recognition that health is shaped by the built environment and nature
A discussion of how cities can drive change through sustainable urban design, clean energy, and transport systems.
COP30 is set to be held in November 2025 in Belém in Brazil.
Comments