COP29 Results Summary
November 21, 2024

COP29 Results Summary

Key Objectives and Themes

COP29, held in Baku, Azerbaijan, from November 11 to 22, 2024, focused on several critical areas:

  • Climate Finance: Establishing a new global climate finance goal to support developing countries in their climate mitigation and adaptation efforts.
  • Energy Transition: Accelerating the transition from fossil fuels to renewable energy sources, with specific attention to phasing out coal and developing green hydrogen markets.
  • Adaptation and Resilience: Enhancing the resilience of vulnerable communities, particularly in Small Island Developing States (SIDS) and Least Developed Countries (LDCs).
  • Carbon Markets: Finalizing guidelines for international carbon credit trading under Article 6 of the Paris Agreement.

Major Developments and Outcomes

Climate Finance Commitments

Negotiations on the New Collective Quantified Goal (NCQG) set a new climate finance target of $500 billion annually by 2030, with provisions for periodic reviews to adjust commitments based on evolving needs.

Energy Transition Agreements

COP29 resulted in a landmark agreement to phase out unabated coal power by 2040 and to significantly reduce methane emissions by 2030.

Adaptation and Loss and Damage

The Loss and Damage Fund was operationalized, with initial pledges totaling $50 billion to support vulnerable countries facing climate-induced losses.

Carbon Market Mechanisms

Negotiators finalized the framework for international carbon credit trading under Article 6.4 of the Paris Agreement, establishing a UN-backed body to regulate carbon markets.

Challenges and Criticisms

  • Financial Disparities: The agreed-upon climate finance goal fell short of the $1 trillion annually advocated by developing nations.
  • Fossil Fuel Phase-Out: While commitments were made to phase out unabated coal, the agreement lacked specific timelines for other fossil fuels.
  • Gender and Inclusion: Debates over gender language in climate plans highlighted ongoing challenges in ensuring inclusive climate policies.

Looking Ahead

COP29 marked a significant step forward in global climate action, with notable agreements on climate finance, energy transition, adaptation, and carbon markets. The outcomes of COP29 will serve as a foundation for future climate action, with the next conference, COP30, scheduled to be held in Belém, Brazil, in 2025.