COP29: Key Takeaways
Share on LinkedIn28 Nov 2024
The 29th Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change (COP29) took place this year in Baku, Azerbaijan, between Monday 11th and Friday 22nd November. The main aim of the conference was to address climate finance and create a new collective quantified goal (NCQG). There were some noticeable absences with only 7 leaders from the G20 countries attending. Additionally, Argentina withdrew their delegate from attending and France’s top Climate Official did not attend the second week due to political tensions between France and Azerbaijan.
Main Announcements
The main development of this COP was the climate finance NCQC. A target was agreed of at least $300 billion per year of climate finance from developed countries to developing countries by 2035. This was initially proposed as $250 billion but was increased after further negotiations on Saturday 23rd November. Alongside this, there was a second goal calling for $1.3 trillion per year to be mobilised for climate financing by 2035 which could come from either public or private finances and leaves space for voluntary inputs from developing nations, such as China, who already provide climate finance not officially counted for in previous targets.
The conference also agreed on carbon market standards, finalising articles 6.2 and 6.4 of the Paris Agreement, requiring increased transparency on Internationally Traded Mitigation Outcomes for carbon credits and adding new sustainable development requirements for credits, including environmental and human rights safeguards and additionality checks. Other topics addressed include the development of a plan to discuss response measures (the effects of carbon reduction policies) and clean energy policies, such as the global energy storage and grids pledge and the COP29 hydrogen declaration.
New Country Pledges
A range of countries announced new nationally determined contributions (NDCs). These were:
- UAE – 47% reduction of emissions between 2019 and 2035 and net zero by 2050 across all GHGs and sectors of their economy.
- Brazil – a reduction of emissions to either 1.05 or 0.85GtCO2e by 2035, corresponding to a 59% or 67% reduction respectively compared 2005 level.
- UK – 81% reduction of emissions by 2035 compared to 1990 building on the previous target of 78% reduction and net zero by 2050.
Mexico also announced that they will set a target for net zero by 2050, previously being the only G20 member without a net-zero target.
Criticisms – Fossil Fuel Interests and Inadequate Funding
COP29, being held in Baku, Azerbaijan, received criticism for the country’s links to the fossil fuel industry, which accounts for 2/3 of government revenue. Further to this, there were 1,700 attendees representing the fossil fuel sector, which was larger than most parties. This resulted in concerns of conflict of interest, with former UN senior figures writing an open letter expressing the belief that countries not supporting the phase out of fossil fuels should not hold presidency at a COP.
There were also criticisms of the agreed $250 billion NCQG, including a temporary walkout of Least Developed Countries (LDCs) and the Association of Small Island States (AOSIS) where they felt excluded from the negotiations. The updated higher agreement of $300 billion was made behind the scene between the US, UK and AOSIS but was objected by Nigeria and India, and many other developing countries were left disappointed.
Next Year – COP30 (the ‘nature COP)
Next year COP30 will be held in Belém, Brazil, chosen for its proximity to the Amazon rainforest. Due to this location, COP30 has been billed as the ‘nature COP’ and will work with COP16 on biodiversity in Colombia to address nature as part of the conversation around climate change, an essential topic that so far has only been addressed in biodiversity summits. COP30 will also continue discussions of the global stocktake and pledge to transition away from fossil fuels which parties were unable to reach agreement on this year.
How NUS Can Help
NUS consulting has an Energy and Sustainability (ESS) team working to help organisations throughout their journey to net zero with services including greenhouse gas assessments, decarbonisation target setting and the development and implementation of decarbonisation strategies. For more information contact us online or find your local NUS office.
More: Energy Market Commentary, Decarbonization, COP29
