COP29 took a step forward in elevating the voices of indigenous peoples and local communities in climate action by adopting the Baku Work Plan and renewing the mandate of the Working Group for the Promotion of Local Communities and Indigenous Peoples Platform (FWG). (Photo by: Dominika Zarzycka/NurPhoto, Getty Images)
The United Nations Conference on Climate Change (COP29) has agreed to triple public funding to help developing countries protect their populations and economies from climate disasters and reap the benefits of the energy boom.
Focusing on climate finance, COP29, which brought together some 200 countries in Baku, Azerbaijan, aims to increase public funding to developing countries from the previous target of $100 billion a year, or approximately R1.8 trillion, to $300 billion. A groundbreaking agreement was reached to triple the amount. 2035.
COP29, which concluded in the city on Sunday, was attended by more than 55,000 people, including world leaders, civil society, businesses, indigenous peoples, youth, charities and international organizations.
The financing agreement aims to secure the efforts of all actors to work together to increase access to developing countries from public and private funds to $1.3 trillion per year by 2035.
The agreement, officially known as the New Collective Quantified on Climate Finance (NCQG), follows two weeks of intensive negotiations and several years of preparation, with all countries unanimously agreeing to the full text of the agreement. A process was agreed upon that required this.
“This new financial target is an insurance policy for humanity as the effects of climate change deepen on countries,” said Simon Stiel, UN Climate Change Executive Director.
“But like any insurance contract, it only works if the premiums are paid on time and in full. To protect billions of lives, promises must be kept. As the clean energy boom continues to grow, all countries will be able to share in its great benefits: more jobs, stronger growth, and cheaper, cleaner energy for all,” Stiel said. .
The International Energy Agency expects global clean energy investment to exceed $2 trillion for the first time in 2024.
New funding targets at COP29 will help address global climate change at COP27, which agreed a historic compensation fund, and at COP28, which delivered a global agreement to rapidly and justly transition away from all fossil fuels in the energy system. It is based on progress in countermeasures. Harness renewable energy and increase resilience to climate change.
But least developed country (LDC) leaders, including Gambia's Environment, Climate Change and Natural Resources Minister Rohay John, are appalled, saying the amount decided is too low.
“This COP29 showed how developed countries want to avoid responsibility for climate finance to vulnerable countries. It is sad that after months of negotiations they waited. [until] “The final official day of the COP presents a dire number, which does not allow enough time for deliberations among parties, and what's worse, the numbers are shockingly low,” John said.
“Developed countries are not only delaying climate justice, they are holding back the economic development potential of continents like Africa by simply refusing to pay. We will never go on a begging mission. “This is a responsibility to honor the commitments that have put us in the dire situation we are in now due to climate change,” he added.
Sierra Leone's Minister of Environment and Climate Change, Jiwo Abdulai, said full funding is needed immediately.
“Communities and countries at the heart of climate change vulnerability have called on the developed countries most responsible for this crisis to alleviate their suffering. The math is clear: currently $1.3 trillion a year We need a subsidy and the equivalent amount of the subsidy,” Abdullahi said.
“This COP unfortunately adopted a $300 billion target (to be achieved by 2035) against the wishes of vulnerable countries, which is less than a quarter of what the science shows is needed. We are deeply disappointed by this result, which undermines the goal of developing an ambitious NDC and signals a lack of goodwill in developed countries. ” he said.
Abdullahi added that the least developed countries remain committed to the COP process, “but developed countries need to show good faith, leadership and commitment to this process. We must pay our rising climate debt.”
COP29 also reached agreement on a carbon market, something that had not been achieved at several previous COPs. These agreements will help countries realize their climate plans more quickly and, in line with the demands of science, more quickly reach the goal of halving global emissions this decade.
Important agreements were also reached on transparent climate reporting and adaptation.
But Mr Stiel said the agreement did not meet the expectations of all parties and further work was needed on key issues next year.
“No country has gotten everything it wants and Baku has a lot of work left to do,” he said.
“Many other issues we need to move forward on may not make the headlines, but they are the lifeblood of billions of people. So now is not the time for a victory lap. We need to set our goals and redouble our efforts on the road to Belem.”
The COP29 financing agreement comes as all countries are due next year to submit stronger national climate plans (Nationally Determined Contributions, NDCs).
These new climate plans must cover all greenhouse gases and all sectors to keep the 1.5°C warming limit within reach. At COP29, two G20 countries, the UK and Brazil, articulated their plans to strengthen climate action under NDC 3.0 for the benefit of their economies and their people.
“The United Nations Paris Agreement is humanity's life raft. There is nothing else. So here in Baku and in all the countries gathered in this room, we will take that journey together.”
Key achievements of COP29 include:
• Article 6 of the Paris Agreement
After nearly a decade of work, countries have agreed on the final building blocks that define how carbon markets will operate under the Paris Agreement, ensuring that trading and carbon credit mechanisms between countries are fully operational. It became like that.
When it comes to trading between countries, the COP29 decision will provide clarity on how countries approve trading in carbon credits and how the registries that track this will work. Our transparent technical review process gives you peace of mind that environmental integrity is assured up front.
On the first day of COP29, countries agreed on standards for a centralized carbon market. This is good news for developing countries, which will benefit from new financial flows, and for least developed countries, which will benefit from capacity-building support to gain a foothold in markets.
The mechanism, known as the Paris Agreement Crediting Mechanism, will ensure that projects are subject to strong environmental and human rights protections, including safeguards to ensure that projects cannot proceed without clear and informed consent from indigenous peoples. This is supported by thorough checks. Additionally, anyone affected by the project can appeal the decision or file a complaint.
The regulator establishing the new carbon credit system has been given a to-do list for 2025 by the parties and will be accountable to them.
• Transparency
Progress in transparent climate reporting in Baku has helped build a strong evidence base to strengthen climate policy over time and identify financing needs and opportunities.
Thirteen Parties have submitted their first Biennial Transparency Report (BTR), with all Parties expected to do so by the end of the year. Andorra, Azerbaijan, the European Union, Germany, Guyana, Japan, Kazakhstan, the Maldives, the Netherlands, Panama, Singapore, Spain and Turkiye are leading the way in transparent climate reporting and setting examples for others to follow.
The important role of reducing emissions from deforestation and forest degradation (REDD+) in developing countries has been recognized through the UK International Forest Service’s commitment of £3 million to support UN climate action over four years.
This funding will strengthen REDD+ activities in a number of countries and enable the Secretariat to create a dedicated space for experts to engage in technical dialogue. These efforts are in line with the global stocktake goal of halting and reversing deforestation and forest degradation by 2030.
• Adaptation
COP29 was a key moment for adaptation, with several important outcomes.
The COP Decision on Matters Concerning LDCs includes a provision on the establishment of support programs for the implementation of National Adaptation Plans (NAPS) for LDCs. Parties extensively discussed the second five-year assessment of progress in NAPs development and implementation and plan to continue the assessment in June 2025.
COP29 takes a step towards elevating the voices of indigenous peoples and local communities in climate action by adopting the Baku Work Plan and renewing the mandate of the Facilitation Working Group (FWG) of the Local Communities and Indigenous Peoples Platform (LCIPP) did.
• Gender and climate change
Countries extended the Enhanced Lima Program of Work on Gender and Climate Change by 10 years, reaffirmed the importance of gender equality and promoted gender mainstreaming throughout the Games.
The two leaders also agreed to develop a new Gender Action Plan, setting the direction for implementation, for adoption at COP30.
• Participation in civil society, children and young people.
Inger Andersen, Executive Director of the United Nations Environment Programme, said this at the closing ceremony. “The climate crisis has arrived. COP29 delivered a hard-fought agreement. Now is the time when science tells us that unless we act, the climate impacts will only get worse.”
Mr. Andersen said UN Environment is working with all stakeholders and It said it would continue to work with stakeholders.
“The NDC plan can spark a wave of resilient economic growth, create new jobs and address cost of living challenges. The G20 must lead and lead quickly. To Belem The path must be one of concerted action and commitment,” Andersen said.
