The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) is taking place in Baku, Azerbaijan, from November 11 to November 22, 2024. This major climate summit brings together representatives from nearly 200 countries to discuss strategies for tackling climate change.
With a focus on finance, adaptation, and emissions reduction, COP29 aims to build on past agreements while addressing the urgent needs of developing nations.
Key Achievements at COP29 So Far
1. Setting Standards for Carbon Markets
One major step forward at COP29 has been the agreement on standards for international carbon markets under Article 6 of the Paris Agreement. This agreement will help set up a system for international carbon credit projects. The goal is to channel more resources to developing countries, with the potential to save up to $250 billion annually on climate action costs.
2. Global Energy Storage and Grid Pledge
COP29 has introduced an ambitious plan to increase global energy storage capacity six times by 2030, aiming for 1,500 gigawatts in total. The pledge also includes upgrading over 80 million kilometers of energy grids by 2040, which is critical to supporting renewable energy in existing infrastructure.
3. Funding for Climate Action
A major focus at COP29 is securing more funding for climate action in developing countries. The conference aims to set a new collective goal for climate finance, going beyond the previous $100 billion annual commitment, which was only recently met. Talks emphasize “greening trade” and promoting eco-friendly goods to create sustainable jobs and make climate finance more accessible.
4. Implementing Loss and Damage Support
COP29 has made progress in putting the Loss and Damage Fund into action, providing financial help to countries vulnerable to climate impacts.The fund is crucial for nations that have contributed little to global emissions but face severe climate-related disasters.
5. Strengthening Nationally Determined Contributions (NDCs)
Countries are being encouraged to strengthen their NDCs, which outline their plans to reduce greenhouse gas emissions. With a deadline set for 2025 to update these commitments, COP29 is a crucial opportunity to set clear goals and raise ambitions.
HAVE YOU READ? What is COP29? How It Started, Key Goals, and What to Expect
Goals to Achieve at COP29
1. Boosting Climate Finance
COP29 aims to create a stronger framework for climate finance to meet the changing needs of developing countries. The goal is to increase funding and ensure it can be accessed and used effectively for projects that help countries adapt to and mitigate climate impacts.
2. Improving Adaptation Strategies
Another priority is to improve adaptation strategies for countries most affected by climate change. This includes setting up guidelines for National Adaptation Plans (NAPs) and ensuring that vulnerable communities have the support needed to withstand climate challenges.
3. Reducing Fossil Fuel Dependence
COP29 is building on past commitments to reduce fossil fuel use. Delegates are discussing ways to phase out fossil fuel subsidies and promote renewable energy alternatives as part of a fair transition.
4. Encouraging Science and Innovation
The conference is also focusing on using digital technology and innovation to support climate action. Digitalisation Day, for example, highlights sustainable digital tools that can boost climate resilience.
5. Inclusion in Climate Action
COP29 stresses the importance of making climate action inclusive, ensuring marginalized communities, including indigenous peoples, are part of climate discussions and decisions. This approach values diverse perspectives, which are essential for effective solutions.
As COP29 continues in Baku, it serves as a critical platform for advancing global climate action at a time of urgent need. The achievements so far reflect important progress on setting up carbon markets, improving energy infrastructure, and securing vital funding for developing nations. Moving forward, COP29 aims to strengthen commitments to adaptation strategies, promote technology-driven solutions, and ensure inclusive participation in climate decisions.
The outcomes of this conference will shape policies worldwide and influence local actions, especially in regions like Africa, where the impacts of climate change are deeply felt. Through joint efforts from governments, businesses, and civil society, COP29 has the potential to drive meaningful progress toward a sustainable future in an ever-changing climate landscape.
