COP 29 – Outcome

Syllabus: Environment

Source: UNFCCC

Context: The 29th UN Climate Change Conference (COP29) concluded in Baku, Azerbaijan, focusing on scaling up climate finance, adaptation, and global cooperation to combat climate change.

Outcomes of COP29:

• Climate Finance: New Collective Quantified Goal (NCQG): Triple climate finance for developing countries to USD 300 billion annually by 2035. Scale finance from public and private sources to USD 1.3 trillion annually by 2035.

• New Collective Quantified Goal (NCQG): Triple climate finance for developing countries to USD 300 billion annually by 2035. Scale finance from public and private sources to USD 1.3 trillion annually by 2035.

• Triple climate finance for developing countries to USD 300 billion annually by 2035.

• Scale finance from public and private sources to USD 1.3 trillion annually by 2035.

• Carbon Markets (Article 6 of the Paris Agreement): Finalized frameworks for country-to-country trading of carbon credits (Article 6.2). Operationalized the Paris Agreement Crediting Mechanism (Article 6.4), ensuring environmental and human rights safeguards. Supported capacity-building for least developed countries to participate in carbon markets.

• Finalized frameworks for country-to-country trading of carbon credits (Article 6.2).

• Operationalized the Paris Agreement Crediting Mechanism (Article 6.4), ensuring environmental and human rights safeguards.

• Supported capacity-building for least developed countries to participate in carbon markets.

• Transparency: 13 countries submitted their Biennial Transparency Reports (BTRs) under the Enhanced Transparency Framework. UNFCCC organized #Together4Transparency, promoting transparent climate action with 42 events.

• 13 countries submitted their Biennial Transparency Reports (BTRs) under the Enhanced Transparency Framework.

• UNFCCC organized #Together4Transparency, promoting transparent climate action with 42 events.

• Adaptation: Baku Adaptation Roadmap launched to expedite National Adaptation Plans (NAPs). Established a support program for NAP implementation in least developed countries (LDCs). High-level dialogues emphasized financing and technical support for adaptation.

• Baku Adaptation Roadmap launched to expedite National Adaptation Plans (NAPs).

• Established a support program for NAP implementation in least developed countries (LDCs).

• High-level dialogues emphasized financing and technical support for adaptation.

• Indigenous Peoples and Local Communities: Adopted the Baku Workplan and renewed the Local Communities and Indigenous Peoples Platform (LCIPP) Facilitative Working Group.

• Adopted the Baku Workplan and renewed the Local Communities and Indigenous Peoples Platform (LCIPP) Facilitative Working Group.

• Gender and Climate Change: Extended the Lima Work Programme on Gender and Climate Change for another 10 years. Mandated a new Gender Action Plan to be developed by COP30.

• Extended the Lima Work Programme on Gender and Climate Change for another 10 years.

• Mandated a new Gender Action Plan to be developed by COP30.

• Civil Society and Inclusivity: Over 55,000 attendees, including civil society, Indigenous Peoples, youth, and businesses. Strengthened Action for Climate Empowerment (ACE) for integrating public engagement into national climate policies.

• Over 55,000 attendees, including civil society, Indigenous Peoples, youth, and businesses.

• Strengthened Action for Climate Empowerment (ACE) for integrating public engagement into national climate policies.

• Global Climate Action: Showcased real-world solutions under the Marrakech Partnership for Global Climate Action. Launched the 2024 Yearbook of Global Climate Action, emphasizing non-Party stakeholder contributions.

• Showcased real-world solutions under the Marrakech Partnership for Global Climate Action.

• Launched the 2024 Yearbook of Global Climate Action, emphasizing non-Party stakeholder contributions.

• Forests and REDD+: UK pledged £3 million to enhance REDD+ transparency and implementation for halting deforestation by 2030.

• UK pledged £3 million to enhance REDD+ transparency and implementation for halting deforestation by 2030.

• Nationally Determined Contributions (NDCs): Stronger climate plans (NDC 3.0) due in 2025, covering all greenhouse gases and sectors. UK and Brazil committed to ramping up climate action in their updated NDCs.

• Stronger climate plans (NDC 3.0) due in 2025, covering all greenhouse gases and sectors.

• UK and Brazil committed to ramping up climate action in their updated NDCs.

India’s Initiatives at COP29:

• Resilient Infrastructure: Highlighted CDRI and IRIS initiatives for disaster-resilient infrastructure and SIDS adaptation.

• Industrial Decarbonization: Co-hosted LeadIT Member Meet with Sweden; promoted hydrogen-based solutions and CO2 capture.

• SIDS Adaptation Finance: Advocated finance unlocking and disaster-resilient support for SIDS.

• Solar Energy Leadership: Promoted solar adoption with ISA, targeting a 20-fold increase by 2050.

• Gender-Inclusive Action: Showcased women-led clean energy solutions and gender-inclusive climate policies.

• LeadIT Summit: Reaffirmed commitment to heavy industry decarbonization under the Paris Agreement.

Limitations of COP29:

• Inadequate Finance: Funding commitments termed “too little, too distant”, failing to meet immediate needs.

• Private Sector Dependency: Heavy reliance on non-guaranteed private contributions.

• Unmet Emission Goals: Insufficient pledges to meet the 1.5°C target, with global emissions rising in 2023.

• Geopolitical Conflicts: Disputes over CBAM and unfair procedural practices highlighted mistrust.

Way Ahead:

• Strengthen Finance: Ensure binding, timely, and grant-based funding mechanisms.

• Boost Cooperation: Improve negotiation fairness and address trade disputes in separate forums.

• Accelerate NDCs: Expand Nationally Determined Contributions (NDCs) to include all sectors.

• Focus on Adaptation: Increase support for LDCs and SIDS with dedicated resources.

• Science-Driven Action: Align decisions with scientific assessments and expand renewable energy.

Conclusion:

COP29 achieved critical milestones in scaling up climate finance, operationalizing carbon markets, and advancing adaptation and transparency. While significant progress was made, challenges remain, necessitating stronger global efforts at COP30 and beyond.

Insta Links:

• COP-29-climate-finance-and-carbon-markets

• In light of COP-29 discussions, critically analyse how climate finance can be a pathway for both adaptation and mitigation in developing countries. Discuss the barriers faced by these countries in accessing climate finance and achieving equitable carbon market participation.” (250 words)