The United Nations’ annual Conference of the Parties (COP) to combat climate change was held for the 29th time in Baku from November 11-22. At COP29, countries discussed global greenhouse gas emission reduction targets, climate finance, carbon markets, and just transition mechanisms. UN Secretary-General Antonio Guterres emphasized the main agenda of the summit with his statement, “Climate finance is not charity; it is an investment. Climate action is not a choice; it is a necessity.”
Climate Finance: Falling Short of Expectations
At COP29, developed countries committed only $300 billion of the $1.3 trillion annual finance target for developing countries. This gap could hinder global emission reduction efforts by making access to carbon-neutral projects more difficult. Fair financial support is urgent and essential, especially for countries that contribute less to global emissions but suffer the most severe impacts.
Strengthening Carbon Markets: Article 6 of the Paris Agreement
An agreement was reached at COP29 to clarify the rules for carbon trading and strengthen transparency standards under Article 6 of the Paris Agreement, concluding negotiations that have been ongoing for nearly a decade.
Loss and Damage Fund: To Be Operational in 2025
The “Loss and Damage Fund,” one of the most significant achievements of COP28 last year, aims to provide financial support to developing countries to cope with the damage and losses caused by climate change. Although it was stated at COP29 that the $730 million collected in the fund so far would be allocated to projects starting in early 2025, this amount is considered insufficient by developing and least developed countries.
Conclusion
While climate finance dominated the agenda of COP29, which ended on November 24 after a two-day delay, it was noted that action plans for phasing out fossil fuels and reducing emissions were not sufficiently addressed.