The 29th Conference of the Parties (COP29) in Baku brought together countries and leaders to tackle the growing challenges of climate change. The agreements reached at the conference are ambitious and set the stage for action, but the real work is just beginning. Here's a closer look at what happened and why it matters.
COP29 Agrees to Triple Climate Finance for Developing Countries
A major outcome was the agreement on New Collective Quantified Goal on Climate Finance (NCQG) to increase climate finance from $100 billion to $300 billion annually by 2035. The decision also includes securing efforts among all stakeholders to scale up finance to developing countries, from public and private sources, targeting a total of USD 1.3 trillion per year by 2035.
A New Era for Carbon Markets, COP29 Finalizes Article 6 of the Paris Agreement
The COP29 Presidency has announced a significant achievement in climate diplomacy, the full implementation of Article 6 of the Paris Agreement, paving the way for international carbon markets after years of negotiations. The guidelines will adapt over time as countries and project developers gain experience, ensuring that solutions are practical, inclusive, respect human rights, and promote sustainable development.
Progress on the Loss and Damage Fund at COP29
L&D Fund, aimed at supporting countries hit by climate damage such as extreme weather and rising sea levels, has gathered over $730 million in pledges. However, additional pledges are still required to meet its goals. While a gap between pledged amounts and the amount required remains, now that there are additional operational details, the L&D Fund should be fully functional and financing projects by 2025.
Countries Urged to Strengthen NDCs to Meet 1.5°C Target
Countries were encouraged to enhance their Nationally Determined Contributions (NDCs). With the 2025 deadline for updated nationally determined contributions (NDCs) approaching, countries are encouraged to update their commitments to be more ambitious and equitable. These updates are essential to keeping the world on track to avoid the worst impacts of climate change.
We need to make nature a focal point in our future climate discussions. During last year's COP, COP28 in Dubai made progress by emphasizing the importance of biodiversity and nature-based solutions. We must ensure these themes remain a focus as we approach COP30.
Collaborate with us to advance nature-based solutions and preserve biodiversity through carbonethics.co/partnership!
Source: (UN Climate Change, 2024)
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