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The 29th United Nations Climate Change Conference (COP29) convened in Baku, Azerbaijan, from November 11 to 22, 2024, bringing together nearly 200 countries to address the escalating climate crisis. The conference concluded with a commitment from developed nations to mobiliSe $300 billion annually by 2035 to support developing countries in combating climate change. However, this figure was criticised as inadequate compared to the $1.3 trillion sought by developing nations.
Key Outcomes of COP29
Developed countries agreed to a New Collective Quantified Goal, aiming to mobilize $300 billion annually by 2035 to assist developing nations in climate mitigation and adaptation efforts. This agreement replaces the previous $100 billion annual goal established in 2009.
Delegates approved a rulebook for carbon credits, establishing a UN-backed body to regulate international carbon credit trading. This decision is expected to unlock billions of dollars in climate finance, primarily for developing countries.
The conference emphasised the need to transition away from fossil fuels, with discussions focusing on setting specific timelines for phasing out coal and developing green hydrogen markets. However, no major steps were taken towards significantly expanding renewable energy.
Despite these agreements, COP29 faced significant criticism:
Developing nations and climate activists argued that the $300 billion annual commitment falls short of the estimated $1.3 trillion needed by 2035 to effectively address climate challenges. This shortfall raises concerns about the ability to meet the Paris Agreement targets.
The conference failed to reach an agreement on reducing fossil fuel consumption, a critical factor in curbing global greenhouse gas emissions. This omission was seen as a significant setback in global climate efforts.
The absence of U.S. President Biden, who was attending the G20 summit in Brazil, and the election of Donald Trump, who plans to expand fossil fuel production and reduce clean energy incentives, cast uncertainty over the U.S.'s future climate commitments. Meanwhile, China is poised to take a bigger role in global climate leadership, emphasizing cooperation with other countries and advancing in clean energy technologies.
The outcomes of COP29 underscore the complexities of global climate negotiations, where financial commitments, geopolitical dynamics, and varying national interests intersect. The agreed-upon measures, while steps forward, highlight the need for more ambitious actions to effectively combat climate change. As the world prepares for COP30 in Belém, Brazil, in 2025, the focus will be on translating these commitments into tangible actions and addressing the gaps identified during COP29.