What to Expect from COP29COP29 and the Road to 1.5°C: Key Agendas for Climate Progress

COP29, set to take place in Baku, Azerbaijan from November 11 to 22, marks a critical moment in global climate action. With the world facing intensifying climate challenges, the conference will bring together nations, leaders, and key stakeholders to assess progress, set new targets, and accelerate efforts to limit global warming to 1.5°C. Building on the outcomes of COP28, including the Global Stocktake and the creation of the Loss and Damage Fund, COP29 is poised to address crucial issues such as climate finance, carbon markets, and sector-specific commitments. As momentum builds, this summit is expected to drive tangible action towards a more sustainable and climate-resilient future.

What is the Conference of Parties summits?

The Conference of the Parties (COP) is the annual gathering of nations that have signed the UN Framework Convention on Climate Change (UNFCCC), which aims to stabilize greenhouse gas emissions and mitigate climate change. Each COP serves as a platform for countries to negotiate, assess progress, and strengthen commitments toward limiting global temperature rise and building a more sustainable future.

COP28 Highlights: Lessons Learned for a Greener Tomorrow

COP28, held in Dubai, UAE, in 2023, marked significant progress in the global climate agenda. Key outcomes included:

  • Global Stocktake: The conference completed the first global stocktake of the Paris Agreement, assessing collective progress toward the 1.5°C temperature target.
  • Establishment of the Loss and Damage Fund: A major achievement was the creation of the Loss and Damage Fund. This fund aims to provide financial support to developing countries suffering from severe climate impacts.
  • Climate Finance Pledges: Developed countries reaffirmed their commitment to mobilise about $100 billion annually by 2025 to support climate action in developing countries.
  • Sector-Specific Agreements: Progress was made in sector-specific agreements, particularly in agriculture and forestry.

Since COP28, several agreements have been implemented. Contributions to the Loss and Damage Fund have begun, and many countries have updated their nationally determined contributions (NDCs) with more ambitious climate targets. However, challenges remain in fully mobilising the funds in climate finance and achieving necessary reductions in greenhouse gas emissions.

The Road to COP29: Major Priorities for Advancing Global Climate Action
Scaling Up Climate Finance for a Sustainable Future

Advancing climate finance is a central focus of COP29, as nations aim to align financial contributions with the global needs for climate action. Despite this focus, nearly every aspect of the New Collective Quantified Goal (NCQG) remains contested, from the target amount to the contributor base and the scope of financing. While climate finance has increased, it still falls short of the estimated $500 billion to $1 trillion per year needed by developing nations. 

As part of the 2015 Paris Agreement, countries committed to replacing the current $100 billion target with a more ambitious goal in 2024. However, the details of this new pledge are unclear. COP29 will be critical not only in raising the overall financial commitment but also in ensuring that the funds are strategically deployed to reach vulnerable communities, improve financial mechanisms, and helping them implement climate action plans and transition to low-carbon economies.

Strengthening Climate Commitments

As COP29 approaches, strengthening national climate commitments is increasingly urgent. Under the Paris Agreement, countries are expected to submit updated nationally determined contributions (NDCs) every five years, with the next round due shortly after the summit. This makes COP29 a crucial opportunity for nations, especially major emitters, to signal their intent for bold and ambitious NDCs.  These commitments should include sector-specific targets, prioritize a just transition for vulnerable communities, and align with the Global Goal on Adaptation.

The Global Stocktake from COP28 underscored the need for immediate action, recommending a 43% emissions reduction by 2030 and 60% by 2035. COP29 is a critical juncture for countries to honor commitments made at COP28 to phase out fossil fuels, triple renewable energy, and enhance energy efficiency. With many nations joining voluntary climate initiatives, the focus now must be on accountability, demonstrating concrete progress, and ensuring that ambitious pledges translate into real-world results.

Making Carbon Markets Work: The Future of Article 6

Carbon markets have long been seen as a key tool for mobilizing finance to support climate action, but their mixed results have sparked controversy. Article 6 of the Paris Agreement was designed to address this by setting the groundwork for higher-quality carbon markets through international cooperation. However, growing concerns over greenwashing and issues such as project eligibility, transparency, and review processes remain unresolved, stalling its implementation. 

COP29 presents a pivotal moment to lay the foundation for a robust, transparent, and accountable carbon market system. By establishing clear guidelines on project eligibility, transparency, and review processes, COP29 has the potential to transform carbon markets into a powerful tool for financing climate action. Finalizing Article 6 would not only help prevent greenwashing but also channel critical funds to projects that drive real emissions reductions, helping countries meet their climate goals more effectively.

The Countdown to COP29: Building Momentum for Climate Action

As COP29 approaches, the urgency to take decisive climate action has never been greater. The conference offers a crucial opportunity for nations to turn pledges into progress, enhance their commitments, and address the most pressing challenges. With the world watching, the outcomes of COP29 will play a pivotal role in shaping the future of global climate policy and ensuring that we stay on track to limit global warming to 1.5°C. The time for bold, transformative action is now, and COP29 could be the catalyst for real, lasting change.