COP29: what was agreed?

Just as this year’s Conference of the Parties (COP29) to the UN’s Framework Convention on Climate Change began, news broke that 2024 was likely to be the warmest year on record.  

Held in Baku, Azerbaijan, COP29 had a big act to follow, as last year’s agreement achieved the first global commitment to ending fossil fuels entirely. 

Crucial in the final document was the establishment of a new climate finance goal, the operationalisation of global carbon markets, and initiatives to support vulnerable nations.  

What is the New Collective Quantified Goal (NCQG)? 

The 2015 Paris Agreement included the New Collective Quantified Goal (NCQG), an increase in financing (relative to 2009) for developing countries’ climate action. 

COP29 finalised the NCQG, committing developed nations to providing at least $300 billion annually by 2035 – a tripling of the previous target.  

However, experts recommended $1.3 trillion; Nigeria’s delegate called it an “insult” and India's representative described it as “not conducive [...] to the survival of our country”.  

New rules for global carbon markets 

After years of negotiations, COP29 achieved a breakthrough in finalising the rules for global carbon markets under Article 6 of the Paris Agreement.  

This framework establishes standards for the creation and trading of carbon credits, enabling countries to meet their emission reduction targets through international cooperation.  

The agreement is expected to unlock significant financial flows into climate-friendly projects, particularly in developing countries, alongside the aforementioned sum. 

Addressing the needs of underdeveloped regions 

The conference also addressed the needs of the least developed countries (LDCs) and small island developing states (SIDS).  

Delegates agreed to extend the Lima Work Programme on Gender and Climate Change for another decade, emphasizing the importance of gender-responsive climate action. 

Additionally, support was pledged for LDCs to develop and implement National Adaptation Plans (NAPs), which are crucial for building resilience against climate impacts.   

How did delegates react to the agreement? 

UN Secretary-General António Guterres: “I had hoped for a more ambitious outcome  – on both finance and mitigation – to meet the great challenge we face.” 

UN Climate Change Executive Secretary Simon Stiell: “This new finance goal is an insurance policy for humanity [...] it only works if premiums are paid in full. [...] Promises must be kept, to protect billions of lives.” 

Delegates from developing nations were frequently dissatisfied. Colombia’s delegation said they left “highly dissatisfied”; a Samoan representative claimed “We feel that we haven’t been heard”; stronger words from Panama, “They break us at the last minute”; and finally, delegates from the Marshall Islands were milder, saying “It isn’t nearly enough, but it’s a start.”