On November 5th 2024, the gates of the Baku Stadium in Azerbaijan opened to welcome world leaders, scientists, and climate advocates from around the world for the UN’s 29th annual climate conference, COP29. This conference is a global compass, it points the direction for humanity’s joint effort against climate change. For example, it was during COP28 that we collectively decided to accelerate the transition away from fossil fuels to renewables, and following the decision, world leaders set national policies to spur change.
This year, COP29 met under the banner of “Investing in a livable planet for all” with the main goal of presenting and analyzing each country’s progress and future plans, as well as associated financing goals. Well, COP29 has come and gone, and today we’ll go over what transpired during the conference and check out some of the outcomes of the two-week long world-encompassing discussion.
Addressing carbon emissions
Carbon emissions are big drivers of climate change. By doing activities that burn fossil fuels, we release greenhouse gases that destabilize global climate systems. One of the main strategies to address climate change is reducing these emissions and world leaders have come up with different frameworks to address them within each country over decades. Nevertheless, a common framework that allows international collaboration is also necessary and Day 1 of COP29 saw huge steps being taken in that direction.
After almost one decade of discussion, countries agreed on the standards for a centralized carbon market under the United Nations purview, a mechanism foreseen on Article 6 of the Paris Agreement. This means that international carbon markets will need to comply with uniform rules ensuring transparency, environmental integrity, and proper accounting. These standards aim to prevent double counting of emissions reductions and ensure that traded carbon credits represent real and additional climate benefits. Throughout the event, delegates also debated the rules for international transfers of emission reduction units (a.k.a. ITMOs), the frameworks for tracking transactions involving these units, and how to report on them.
Investing in a livable planet for all
Another big point of discussion during COP29 was how to secure financial support for developing countries to transition into more sustainable economic strategies and climate-resilient paths. World leaders have agreed on raising the finance goal to at least US$300 billion annually by 2035, which is three times the previous target of US$100 billion set by Article 9 of the Paris Agreement. While the goal is an improvement, it falls short of the estimated ~US$1 trillion needed per year for developing nations found by recent studies from the Organization for Economic Cooperation and Development (OECD).
Additionally, COP29 introduced the “Baku to Belém Roadmap” aimed at mobilizing US$1.3 trillion in total climate finance by 2035, which includes the US$300 billion target and additional funds from various sources. While addressing the quantity of finance, the agreement also touched on the quality and accessibility of funds, especially for the poorest and most vulnerable countries. However, the final decision did not include concrete measures for addressing distribution challenges or setting specific finance targets based on regions or income levels. The progress on these goals will be tracked through the Paris Agreement’s transparency framework (Article 13), with a review set for 2028 and a revision in 2030.
The take-aways
In the end, COP29 made clear strides forward in addressing climate change. But more than that, it also highlighted the need to bridge the gap between climate commitments and IRL needs, between ambition and reality. Financial targets like the US$300 billion goal fall short of what developing nations actually need to be able to do their part. Challenges also remain in ensuring equitable fund distribution and addressing the unique needs of vulnerable nations. Above all else, the conference reinforced the importance of global cooperation, accountability, and targeted support to achieve effective climate action.
At Dots.eco, we recognize the urgency of these challenges and we are dedicated to advancing climate finance and meaningful action. By enabling support to community-led conservation projects, we build paths for the denizens of the worldwide web and business alike to contribute to humanity’s goals and casually save the planet.
