COP29 Key Headline and Outcomes Explained

The 29th Conference of the Parties (COP29), held in Baku, Azerbaijan from 11^th-22^nd November 2024 marks a pivotal moment in global climate action. With the urgency of the climate crisis reaching new heights, leaders, scientists, and activists gathered again to forge pathways toward limiting global warming, addressing climate finance, and promoting sustainability.

The COP’s aim to implement actionable solutions to meet the Paris Agreement goals and provide critical support to vulnerable nations. 

Background to COP29 

COP29 comes at a time when the impacts of climate change are increasingly evident. Record-breaking temperatures in 2024 and alarming reports of rapid ice sheet loss underline the critical need for immediate action. Hosted by Azerbaijan, this summit saw representation from over 170 nations, with a focus on carbon markets, climate finance, and mitigation strategies. The conference also highlighted the gap between existing commitments and the transformative action required to meet the 1.5°C warming limit set by the Paris Agreement.

The conference was not without it’s controversies, however. Climate activist Greta Thunberg announced she was not attending, calling it ‘extreme hypocrisy’ to hold the summit in Azerbaijan given its fossil fuel ties. And leaked videos of COP29 Chief Elnur Soltanov discussing fossil fuel deals stirred up concerns about the summit’s true focus.  

Nevertheless, COP29 has been called “the finance COP”, due to its focus on scaling up climate finance. Climate finance refers to the funding that is needed to help lower-income countries transition to zero-carbon economies, and to help the most affected communities adapt to the effects of climate change. A major objective of COP29 was to increase this funding and to produce a new goal for future climate finance.   

Key Headlines from COP29 

Progress on Carbon Markets

A breakthrough agreement on Article 6 of the Paris Agreement established international standards for carbon markets, enabling countries to meet climate goals more affordably and efficiently. These markets aim to direct funding toward developing countries, potentially saving $250 billion annually. 

Climate deal to help poorer countries

A new deal offers $300bn a year to developing nations by 2035. However, the deal has come under criticism from the developing world. 

Global Methane Reduction Pledge

The summit hosted a dedicated methane summit led by Azerbaijan, China, and the U.S., securing new commitments to reduce potent non-CO2 emissions by 2030.

Record-High Global Temperatures

The World Meteorological Organization reported that 2024 is on track to be the hottest year on record, further emphasizing the critical need for effective climate policies.

Nationally Determined Contributions (NDCs)

Many countries announced updated NDCs. Notably, Brazil committed to a 67% emission reduction by 2035, and the UK pledged to cut emissions by at least 81% by 2030. 

Key Pledges 

Methane reduction

The UK joined 29 countries in signing the COP29 Declaration on Reducing Methane from Organic Waste, requiring that national climate policies set concrete targets to reduce methane from waste and food systems, aligning with the 1.5°C goal. 

Water for Climate Action

This programme includes a declaration, so far endorsed by nearly 50 countries, which commits to taking integrated approaches to combat the causes and impacts of climate change on water basins, paving the way for greater regional and international cooperation.  

Adaptation Funding

Germany has pledged €60 million to the Adaptation Fund and France has committed 30% of it’s climate finance to adaptation by 2025. 

Just Energy Transition Partnerships

Initiatives in Vietnam and Indonesia were bolstered, emphasizing the importance of public-private collaboration. Indonesia have committed to phase out all fossil fuels power plants by 2040 – in a bid to reduce their carbon emissions. They will also build over 75 GW of renewable energy capacity in the next 15 years. 

Conclusion 

COP29 demonstrated that international cooperation is essential for tackling the climate crisis. Whilst progress was made, particularly on carbon markets and loss-and-damage funding, the urgency to implement these plans cannot be overstated.

As nations prepare updated climate commitments for 2025, the focus must remain on scaling up ambition, ensuring equity, and fostering innovation to secure a sustainable future. The outcomes of COP29 are a reminder that the path to limiting global warming to 1.5°C lies in collective, actionable commitment.