The UN Conference of Parties to the UN Framework Convention on Climate Change (COP29) held global climate talks in Baku, Azerbaijan, from 11th November to 22nd November.
COP29 this year brought together over 65,000 leaders, policymakers, businesses, and civil society to analyze past progress and future plans of action in combating global climate alterations.
Global mean temperatures have been on a rising path ever since the industrial revolution, boosted by urbanization and exponential population growth.
2023 was the hottest year on record, with 2024 virtually certain to be hotter as wealthy nations continue to increase the volume of heat-trapping gases in Earth’s atmosphere.
There’s been an unprecedented increase in the intensity and number of extreme weather patterns worldwide.
Vulnerable nations continue to face the brunt of climate change’s consequences, and they can’t help but turn to the annual UN Climate Talks for support and finance in adaptation and mitigation efforts. This is even though COPs are turning out to be lobbying grounds for fossil fuel-driven economies.
COP29, though focused on mobilizing an improved climate finance fund, strengthening commitments from developed nations and advancing adaptation and mitigation, loss and damage and energy transition goals, failed on multiple fronts.
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Some key leaders had already opted against joining climate talks in Baku, hindering the summit’s aim to collaborate and cooperate in global climate commitments.
What were the key outcomes of COP29?
Here’s looking at key outcomes of the summit in brief.
Climate Finance Deal:
A key agenda item was to agree on a Climate Finance deal. After much discussion and negotiation, world leaders agreed on a finance deal of $300 billion per year by 2035. However, this falls far short of the projected $1.3 trillion needed by climate-change-hit nations for mitigation and adaptation efforts.
Fossil Fuel Transition:
Countries responsible for high greenhouse gas emissions failed to reaffirm the UAE consensus of COP28 on transitioning away from fossil fuel use.
Mitigation Work Programme:
The programme focused on cities, buildings, and urban environments. However, more action is needed in high-polluting cities to reduce greenhouse gas emissions.
Global Goal on Adaptation:
Defined clear indicators to implement the UAE Framework for Global Climate Resilience. Health was highlighted as a key indicator.
Carbon Markets:
Agreements were reached on rules for carbon credits under the Paris Agreement. While this was seen as a positive step towards reducing emissions, concerns remain about the integrity of carbon markets, considering past exploitation by wealthy nations.
“Carbon markets are carbon pricing mechanisms enabling governments and non-state actors to trade greenhouse gas emission credits. The aims is to achieve climate targets and implement climate actions cost effectively.”
Loss and Damage Fund:
Operationalized this year, following last year’s agreement at COP28. However, with a capital of $800 million per year, the fund falls far short of the estimated $724 billion needed annually to support emerging economies in coping with the consequences of climate change.
General Assessment:
COP29 overall failed to deliver concrete agreements and commitments to meet the target of limiting global temperature rise to 1.5°C above pre-industrial levels. COP30 is scheduled to take place in Belém, Brazil, next year, as the world looks for more decisive commitments and actions from wealthy nations to address the climate crisis.
