UNFCCC COP29

Posted 17 Dec 2024

5 min read

Why in the News?

COP29, held in Baku, Azerbaijan, concluded with Baku Climate Unity Pact and several significant agreements.

About Conference of the Parties (COP)

COP is the supreme decision-making body of the United Nations Framework Convention on Climate Change (UNFCCC).

Do you know about the first COP meeting of UNFCCC being held in Germany

COPs are annual conferences where UNFCCC member countries assess progress, negotiate agreements, and refine commitments to address climate change.
- A key task for the COP is to review the national communications and emission inventories (e.g., Nationally Determined Contributions (NDCs)) submitted by Parties.
COP 30 will be held in Belém, Brazil, in November 2025.

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Key Outcomes of COP29

Themes	Details
New Collective Quantified Goal on Climate Finance (NCQG) or Baku Finance Goal	Sets goals for financing climate action in developing countries: Triple finance to USD 300 billion annually by 2035 (previous goal of USD 100 billion annually). Secure efforts to mobilize $1.3 trillion per year by 2035 from both public and private sources.
Carbon Markets and Article 6	Finalized the rules for Article 6 of the Paris Agreement. Article 6 provides mechanisms for international carbon markets, allowing countries to trade carbon credits and finance climate action.
Transparency	All transparency negotiating items concluded, including Enhanced Transparency Framework (ETF). ETF establishes a system for countries to report on their climate actions, including greenhouse gas emissions, climate mitigation efforts, and adaptation measures. 1st submissions of Biennial Transparency Reports (BTRs) by 13 counties under the Paris Agreement. BTRs are the regular reports submitted by countries under ETF. Baku Declaration on Global Climate Transparency and Baku Global Climate Transparency Platform were also launched for timely delivery of BTRs and to support the full implementation of the ETF.
Adaptation	Launched the Baku Adaptation Road Map and Baku High-Level Dialogue on Adaptation to enhance UAE Framework for Global Climate Resilience implementation. Roadmap will advance the implementation of adaptation action in line with Article 7 of the Paris Agreement. Establishment of a support program for implementing National Adaptation Plans (NAPs) for Least Developed Countries (LDCs). NAPs are comprehensive documents that outline a country's medium- and long-term strategies and priorities for adapting to the adverse effects of climate change.
Indigenous Peoples and Local Communities	Adopted the Baku Workplan and renewed the mandate of the Facilitative Working Group (FWG) of the Local Communities and Indigenous Peoples Platform (LCIPP). FWG a constituted body established at COP24 in Katowice to further operationalize the LCIPP. Implementation of the Workplan will begin in 2025 and it has 3 Focus areas: Promoting knowledge exchange; Building capacity for engagement; Incorporating diverse values and knowledge systems into climate policies and actions.
Gender and climate change	Extension of the enhanced Lima Work Programme on Gender and Climate Change for another 10 years. In 2014, COP 20 established the Lima Work Programme on Gender to advance gender balance, integrating gender considerations into climate policies under the Convention and Paris Agreement. At COP 25 Parties agreed a 5-year enhanced Lima work programme on gender and its gender action plan was launched.

Click here to learn more about Climate finance related to NCQG and Carbon Trading and Market related to Article 6 of the Paris climate agreement.

Issues persisting in climate negotiations

Inadequate climate finance: NCQG falls short of the Global projected investment requirement for climate action which is around $2.3–2.5 trillion in emerging markets and developing countries (EMDCs) other than China. (Raising Ambition and Accelerating Delivery of Climate Finance’ Report)
- Due to inadequate funding, developing countries including India have rejected the climate finance deal agreed at COP29.
Deadlock on Mitigation Work Programme (MWP): Due to a divergence in views on the role of fossil fuels in the future energy mix.
- The Global Stocktake, a comprehensive assessment of global progress towards climate goals, was a point of contention.
Limited progress on climate targets: Progress in ambition and action since the initial NDCs plateaued and countries are still off track to deliver on the globally insufficient mitigation pledges for 2030.
- Global greenhouse gas emissions set a new record in 2023, with a 1.3% increase from 2022 levels (UNEP’s Emissions Gap Report 2024).
Other Issues:
- Slow pace of operationalizing the Loss and Damage Fund (LDF) and concerns over its inadequate funding.
- Next round of Nationally Determined Contributions (NDCs) has been postponed ahead of COP30.
- Large disparities between the current, per capita and historic emissions of major emitters and world regions.
  - G20 members accounted for 77% of global emissions.
- Alleged influence of Fossil fuel lobbyists in negotiations.

Way Forward

Enhance Climate Diplomacy through regular and constructive dialogue between countries, especially to address the concerns of developing nations regarding climate finance and mitigation targets.
CBDR-RC: Decisions should take into consideration historical contribution to climate change and fulfil the principle of Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC), which mandates that developed nations need to support developing countries in climate action.
Prompt and effective operationalization of LDF: It can help in providing financial support to vulnerable countries.
Enhance NDCs: As per Emissions Gap Report 2024, emission cuts of 42% are needed by 2030 and 57% by 2035 to get on track for 1.5°C.
- Further, strengthening reporting mechanisms under the ETF can hold countries accountable for their commitments.