Event Overview
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Title
The 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (in short, the Conference of Parties)
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Date
November 11 – November 22, 2024
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Location
Azerbaijan, Baku
Purpose and Objectives
Main Goals: the governments assess global efforts to advance the Paris Agreement and the Convention, also limit global warming to 1.5C as informed by the latest science.
COP29 Vision is Based on Two Pillars
Key Themes: establishing a new climate finance goal (NCQG), carbon markets (Article 6 of the Paris Agreement), loss and damage, Nationally Determined Contributions (NDCs), National Adaptation Plans (NAPs), Biennial Transparency Reports (BTRs)
Finance:
- Long-term climate finance
- Report of the Green Climate Fund,
- Report of the Fund for responding to Loss and Damage
COP28 Recap
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Topic / Issue
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Key Takeaways
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Finance
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Climate finance commitment counter:
Energy $6.8B Finance $61.8B Lives & Livelihood $8.7B Inclusion $1.7B Green Climate Fund $12.8B in total Loss & Damage $792M Adaptation Fund $166M in total Least Developed Countries Fund $129M Special Climate Change Fund $31M |
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Decarbonization
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Global Decarbonization Accelerator:
Scaling up the energy system of the future Rapidly decarbonize the system of today Methane and other non-CO2 GHG emissions 50 companies that together account for more than 40 percent of global oil and gas production signed the Oil and Gas Decarbonization Charter As of Friday 8 December, around 130 countries had signed up to the pledge to triple global renewable power capacity by 2030 and double the annual rate of energy efficiency improvements every year to 2030. |
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Carbon Market/Credits
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Voluntary carbon market integrity
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Net Zero
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39 countries endorsed the UAE Hydrogen Declaration of Intent, agreeing to implement a global hydrogen certification standard
30 leaders in shipping also signed a joint commitment to enable the use of renewable hydrogen-derived shipping fuel this decade to meet shipping emissions targets. |
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Fossil Fuels
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“UAE Consensus” - “transition away from fossil fuels in energy systems, in a just, orderly, and equitable manner, accelerating action in this critical decade, to achieve net zero by 2050 in keeping with the science.”
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Methane
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The World Bank is committed to launching at least 15 country-level methane programs
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