Final COP29 Dispatch - November 24th, 2024

HIGHLIGHTS FROM NEGOTIATIONS IN THE PAST 24 HOURS

COP29 succeeded in delivering on its two main expected objectives: agreeing a New Collective Quantified Goal (NCQG) on climate finance and completing the remaining guidance needed to fully operationalize Article 6 of the Paris Agreement on carbon markets.

COP29 also reached agreement on several other key issues, including: 

• Mitigation Work Programme: Parties agreed on a mitigation work programme that lacks strong references to the outcomes of the global stocktake at COP28. 

• Global Goal on Adaptation: COP29 launched the Baku Adaptation Roadmap and the Baku high-level dialogue on adaptation. 

• Gender: Parties renewed the enhanced Lima Work Programme on Gender for a period of ten years and deferred a decision on its Gender Action Plan to COP30. 

• Loss and Damage: Parties agreed the final arrangements for the Fund for responding to Loss and Damage (FRLD), enabling it to begin disbursing financing in 2025.  

• Agriculture: Parties welcomed the newly released online portal for the Sharm el-Sheikh joint work on implementation of climate action on agriculture and food security. 

What COP29 would say on reducing greenhouse gas emissions in line with the 1.5 degrees Celsius limit of the Paris Agreement, as well as following up on the global stocktake outcome from COP28, proved to be controversial throughout the two weeks of negotiations in Baku. In the end COP29 failed to reach agreement on how to take forward implementation of the COP28 global stocktake and only delivered relatively weak signals on greenhouse emissions reductions. 

IN MORE DETAIL: 

1. NCQG 

• Countries agreed to set a new climate finance goal of at least U.S. $300 billion per year by 2035, with developed countries taking the lead to provide and mobilize climate finance to developing countries. Other countries were also encouraged to contribute to the NCQG on a voluntary basis, “including through South-South cooperation.” Despite reaching agreement, several developing countries expressed their deep unhappiness with the outcome, and some rejected the goal after adoption. 

• A second target calls for countries to scale up all sources of climate finance—public and private—to at least U.S. $1.3 trillion per year by 2035. The agreement also launched the Baku to Belém Roadmap to 1.3T, a process aiming to scale up climate finance to developing countries including through grants and non-debt-creating instruments, with a report to be presented at COP30.  

• Other key agreed elements of the new goal include the revision of the goal as part of the global stocktake and a review of the goal in 2030, efforts to triple of outflows from the climate funds (e.g. Green Climate Fund, Adaptation Fund, and Fund for Responding to Loss and Damage), a biennial progress report to be prepared by the Standing Committee on Finance, and a special assessment of access to climate finance in 2030. 

2. CARBON MARKETS 

• Parties finalized outstanding guidance to fully operationalize Article 6 of the Paris Agreement relating to carbon markets—the final part of the Paris Agreement’s ‘rule book’ that had remained open. 

• On Article 6.2, which sets the accounting rules for ‘cooperative approaches,’ Parties agreed a dual-layer international registry system with an accounting basic function and an additional transaction function (with holding and transferring accounts) for Parties requesting it. They also decided: the timing for applying crediting adjustments; the levels and elements that this authorization would have to contain; and reporting elements and procedures for Parties, including the resolution of inconsistencies before any international transfer can occur and the role of the Article 6 review team.  

• On Article 6.4, the Paris Agreement Crediting Mechanism (PACM), Parties agreed to allow the transfer of credits issued by afforestation and reforestation activities under the Kyoto Protocol’s Clean Development Mechanism (CDM) to the PACM if they align with the Article 6.4 methodology and removals standards adopted at COP. 

• Parties also adopted the work programme for Article 6.8, which sets a framework for collaborative non-market approaches to support Parties achieve their Nationally Determined Contributions (NDCs). 

3. GLOBAL STOCKTAKE 

• Parties were unable to adopt a decision on the UAE Dialogue on implementing the global stocktake outcomes, with many countries emphasizing that the proposed text was too weak on ambition. Parties will revisit the consideration of the Dialogue in June 2025. 

• Discussions on refining the global stocktake (“procedural and logistical elements of the global stocktake process”) were postponed until June 2025, on the basis of the informal note, which includes a compilation in its annex that has no status. 

• Consideration of the report on the annual global stocktake dialogue to facilitate the sharing of knowledge and good practices on how the outcomes of the global stocktake are informing the preparation of Parties’ next nationally determined contributions, which took place in June 2024, was pushed back until Belém. 

4. MITIGATION WORK PROGRAMME 

• Parties adopted a decision on the mitigation work programme, which lacks strong references to the outcomes of the COP28 global stocktake, in particular, references to paragraph 28 and the energy transition, and to the need for ambitious new nationally determined contributions in 2025. 

• However, the decision recognizes the thematic discussions from 2024, “Cities: buildings and urban systems” and notes some key findings, opportunities, barriers and actionable solutions. 

5. GLOBAL GOAL ON ADAPTATION 

• On the global goal on adaptation (GGA), Parties agreed to further define the work ahead for developing indicators under the UAE Framework for Global Climate Resilience, aimed at tracking progress toward global adaptation action.  

• This includes: providing additional guidance to experts on refining the indicators under the UAE Framework’s work programme including identifying indicators on means of implementation, launching the Baku Adaptation Roadmap and Baku high level dialogue on adaptation, agreeing to a standing agenda item on the GGA after COP30, a request to UNFCCC Secretariat to produce a user friendly version of the transformational adaptation report, and a request to host a special event to provide an update on the work of IPCC Working Group II at SB62 (June 2025).  

6. JUST TRANSITION 

• Parties were unable to adopt a decision on the Just Transition Work Programme and will revisit consideration in June 2025. 

7. GENDER: 

• COP29 adopted a decision on gender that extended the enhanced Lima Work Programme on Gender for a period of ten years and requested the development of a new Gender Action Plan to be initiated, with a view to recommending a draft decision by COP30. 

• The extended work programme also encourages mainstreaming of gender- and age- disaggregated data for the first time. The decision encourages the Secretariat to ensure all budget proposals have considered effects on gender equity, including by appointing gender focal points in all departments, in addition to continuing its ongoing work to support Parties in implementing the work programme. Parties resolved divergence on language related to diversity by supporting gender equality and empowerment for “all” women and girls in the context of climate change in the decision. 

8. LOSS & DAMAGE 

• Parties adopted the Report of the Fund for responding to Loss and Damage (FRLD) and the Board of the L&D Fund 2024–2025 workplan. They also decided that the FRLD and the Board of the L&D Fund will be accountable and report to both the UNFCCC Convention and the Paris Agreement , with regular reporting obligations. With its final arrangements agreed, the FRLD can begin dispersing financing for loss and damage in 2025. 

• Parties did not come to a conclusion on the 2024 joint annual report of the Warsaw International Mechanism (WIM) Executive Committee (ExCom) and the Santiago network and the 2024 review of the WIM, deferring consideration to June 2025.  

• The fourth meeting of the Board of the FRLD will take place from December 2-5 in Manila, Philippines.  

9. AGRICULTURE 

• Parties welcomed the newly-released online portal for the Sharm el-Sheikh joint work on implementation of climate action on agriculture and food security and requested its further development by the UNFCCC Secretariat. Discussions will continue on this issue in June 2025 focused on how to implement climate action on agriculture and food security into national planning processes.    

10. FEATURES OF NATIONALLY DETERMINED CONTRIBUTIONS 

• Parties agreed to continue consideration on guidance for features for nationally determined contributions at CMA8 (2026).

HIGHLIGHTS FROM OUTSIDE THE NEGOTIATIONS

11. Brazil submitted its new NDC during COP29, joining the United Arab Emiratestaking the total to two countries ahead of the February 10, 2025, deadline.  

12. Thirteen countries submitted their first Biennial Transparency Reports (BTRs) ahead of and during COP29. All countries—with the exception of small islands and least developed countries— are required to submit their first BTRs before December 31, 2024. As the first transparency reports under the Paris Agreement, countries are meant to include an assessment of whether they are on track to meet their NDCs in their BTRs.  

13. COP29 delivered several declarations, including: 

• COP29 Truce Appeal 

• COP29 Global Energy Storage and Grids Pledge 

• COP29 Green Energy Zones and Corridors Pledge 

• COP29 Hydrogen Declaration 

• COP29 Declaration on Green Digital Action 

• COP29 Declaration on Reducing Methane from Organic Waste 

• COP29 Multisectoral Action Pathways Declaration to Resilient and Healthy Cities 

• COP29 Declaration on Enhanced Action in Tourism 

• COP29 Declaration on Water for Climate Action. 

14. Other COP29 Presidency initiatives included the Baku Initiative on Human Development for Climate Resilience; the Baku Harmoniya Climate Initiative for Farmers,and the COP29 Baku Ocean Declaration 

15. The G20 Leaders’ Declaration reaffirmed G20 members’ commitment to the outcome of the first global stocktake, in particular tripling renewable energy and doubling energy efficiency. The text reiterates the G20’s prior commitments to phase out inefficient fossil fuel subsidies.  

16. At the World Leaders Climate Action Summit at COP29, Chinese Vice Premier Ding Xuexiang stated that, since 2016, China has “provided and mobilized” more than 177 billion RMB (U.S. $24.5 billion) in support of climate action in other developing countries. 

17. The Fund for responding to Loss and Damage (FRLD) is officially ready to accept contributions after the Philippines signed the host country agreement for the Board of the FRLD and the World Bank signed the host agreement for the FRLD. Australia and New Zealand pledged new contributions to the FRLD, making pledges total just under U.S. $800 million. 

18. The Adaptation Fund raised U.S. $61 million at a pledging event, representing less than a quarter of its goal to raise U.S. $300 million by the end of COP29. It also needs increased support as the fund transitions from the Kyoto Protocol to the Paris Agreement.  

CLIMATE ACTION AGENDA

19. The High-Level Champions (HLCs) and Marrakech Partnership Global Climate Action Programme showcased cities, regions, businesses, investors, and civil society's engagement toward the goals of the Paris Agreement. 

20. The HLCs issued a progress report, outlining progress on decarbonization and climate action efforts made by non-state actors across various economic sectors. 

21. The UNFCCC disclosed planned changes to the Global Climate Action Portal based on the outcomes of the Recognition and Accountability Framework consultation, which occurred in mid-2024, and launched a call for inputs to track climate action announcements made at COP29.  

22. The Task Force on Net Zero Policy released a progress report evaluating the implementation of the UN High-Level Expert Group (HLEG) recommendations for embedding net-zero integrity criteria for companies and financial institutions into policy. 

23. Youth-led organizations called for a “Universal NDC Youth Clause” to be embedded in Parties’ nationally determined contributions. 

24. The Latin America Energy Organization’s (OLADE) and the Africa Energy Commission of the African Union (AFREC) set regional energy efficiency targets.  

25. The United Kingdom announced a funding package to support the energy transition in developing countries, in conjunction with a set of Integrity Principles for the Voluntary Carbon Market. 

C2ES AT COP29 

26. A C2ES side event on transformational adaptation and sustainable development goals (SDGs) at the SDG Pavilion on November 13 emphasized the need for systemic change in adaptation strategies and for integrating equity, inclusion, and sustainable development while avoiding maladaptation.  

27. An official UNFCCC side event, hosted by C2ES in partnership with CGEE and IDDRI on November 15, explored the relationship between the global stocktake, enhanced international cooperation, and NDCs. 

28. C2ES Vice President for International Strategies Kaveh Guilanpour, who is a member of the Expert Group on Climate and SDG Synergy co-hosted by UNDESA and the UNFCCC, emphasized the need to address climate action and development together in order to move from incrementalism to transformation on a panel on governance for SDG-climate synergies November 15. 

29. A side event at the Woodwell Climate Research Center Pavilion on November 16, hosted by C2ES in partnership with IDDRI, delved into how the global stocktake and Mission 1.5 can enhance international cooperation in the context of the Early Warning Systems for All by 2027 target. 

30. Guilanpour underscored the need to align action and implementation under the Paris Agreement with the 1.5 degrees Celsius limit at a side event on the impacts of growing wildfire-related emissions November 19. 

Contact Us

C2ES President Nathaniel Keohane and Vice President for International Strategies Kaveh Guilanpour are available for media comment and interviews. To arrange an interview contact: Nora Zacharski, zacharskin@c2es.org,+1-612-246-9868.