COP29
COP29: FOSSIL FUELS ARE HERE TO STAY FOR YEARS
BACKGROUND
The Conference of the Parties (COP) is the primary governing body of the United Nations Framework Convention on Climate Change (UNFCCC), a 1992 treaty uniting 198 members (197 nations plus the European Union) in the fight against climate change. Every year, COP convenes to review national emission data, assess progress, and shape global climate policy.
Like COP28, the UN Climate Change Conference in Dubai, United Arab Emirates, came to a close on 13 December, after intense negotiations on the gathering’s final declaration, which resulted in a compromise on the “transitioning away from fossil fuels”. A victory for multilateralism, but also for European diplomacy, as the European Union (EU), along with the United States and a group of small island developing States, had opposed the first version of the final declaration on 12 December. It was denounced as not going far enough to curb global warming because the draft called for countries to reduce “consumption and production of fossil fuels, in a just, orderly and equitable manner.” Among the main measures envisaged in the final agreement is a tripling of the world’s renewable energy capacity by 2030, a target endorsed by 116 parties at COP28 – without China, India and Russia. Beyond its outcome, what can we take away from the world’s largest international climate conference, where 197 countries and the European Union (EU) were represented and some 85,000 participants attended.
The 29th Conference of the Parties (COP 29) to the United Nations Framework Convention on Climate Change (UNFCCC) is a pivotal event aimed at tackling global climate challenges. A key focus of COP29 will be on finance, as trillions of dollars are required for countries to drastically reduce greenhouse gas emissions and protect lives and livelihoods from the worsening impacts of climate change. The conference, which will take place in Baku, Azerbaijan, from 11 to 22 November 2024, will also be a key moment for countries to present their updated national climate action plans under the Paris agreement, which are due by early 2025. Note that officially, COP 29 stands for the 29th meeting of the Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC), a landmark international treaty agreed in 1992, and parent treaty to the 2015 Paris Agreement
Took place from November 11 to 22, 2024, in Baku, Azerbaijan, COP 29 will bring together countries to negotiate and advance solutions for climate change mitigation, adaptation, and financing. his year’s discussions have focus on:
Mobilizing climate finance to support global sustainability efforts.
Advancing technological innovations in renewable energy.
Developing comprehensive strategies for global adaptation to climate vulnerability.
A key focus of COP29 will be on finance, as trillions of dollars are required for countries to drastically reduce greenhouse gas emissions and protect lives and livelihoods from the worsening impacts of climate change. The conference, which took place in Baku, Azerbaijan, from 11 to 22 November 2024, would also be a key moment for countries to present their updated national climate action plans under the Paris agreement, which are due by early 2025.
Key Issues Are
Climate finance, mitigation goals, adaptation strategies, and stocktaking. Assessing collective progress under the Paris Agreement
Key note address
UN Climate Change Executive Secretary Simon Stiell highlighted that the new finance goal agreed at the UN Climate Conference in Baku is an insurance policy for humanity.
“This deal will keep the clean energy boom growing and protect billions of lives. It will help all countries to share in the huge benefits of bold climate action: more jobs, stronger growth, cheaper and cleaner energy for all. But like any insurance policy – it only works – if the premiums are paid in full, and on time.”
He acknowledged that no country got everything they wanted, and that the world leaves Baku with a mountain of work to do. “So this is no time for victory laps. We need to set our sights and redouble our efforts on the road to Belém.”
Here we take a look back at the highlights, key figures and quotations from COP29.
Here are some highlights
The theme of COP 29 centers on accelerating progress toward climate goals through innovative solutions, enhanced financial support, and inclusive partnerships. The 2024 United Nations Climate Change Conference (UNFCCC COP 29), titled “Investing in a Livable Planet for All,” was held at the Baku Olympic Stadium in Azerbaijan. COP meetings have played a crucial role in shaping global climate policy. Key milestones include the adoption of the Kyoto Protocol in 1997, which set legally binding emission reduction targets for developed nations, and the Paris Agreement in 2015, which aimed to limit global temperature rise to well below 2°C, with a goal of capping it at 1.5°C. COP 29 builds on these achievements by further advancing climate finance, technology transfer, and capacity-building efforts to support developing nations in their climate actions.
India’s Status and Role at COP 29
India plays a crucial role in global climate negotiations as one of the largest developing economies and a key player in climate action. Despite this, India has repeatedly highlighted the slow progress in mobilizing the $100 billion annually in climate finance that was pledged by developed nations. At COP 29, India remains a strong advocate for equity, climate justice, and increased financial and technological support for developing countries. Here’s an overview of India’s contributions and positions on climate action:
India’s Key Contributions and Commitments:
Net-Zero Target: India has committed to achieving net-zero emissions by 2070, as part of the Paris Agreement. This commitment emphasizes the need to balance development priorities with sustainable practices.
Renewable Energy Leadership: India is at the forefront of global renewable energy efforts, with a target of 500 GW of renewable energy capacity by 2030. Through initiatives like the International Solar Alliance (ISA), India demonstrates its proactive approach to clean energy.
Nationally Determined Contributions (NDCs): India has updated its NDCs, setting ambitious goals, including a 45% reduction in the carbon intensity of GDP by 2030 and sourcing 50% of its energy needs from renewable sources.
Lifestyle for Environment (LiFE): India advocates the LiFE initiative, promoting sustainable consumption patterns and environmentally responsible lifestyles on a global scale.
Collaborations: There were collaborations with organizations such as the Centre for Climate Repair at Cambridge.
Some of the achievements at previous COPs:
· Kyoto Protocol (COP3 in Kyoto, 1997) – This committed industrialised and economies in transition to limit and reduce greenhouse gases (GHG) emissions in accordance with agreed individual targets.
· Paris Agreement (COP21 in Paris, 2015) – This legally binding international treaty’s overarching goal is to hold “the increase in the global average temperature to well below 2°C above pre-industrial levels” and pursue efforts “to limit the temperature increase to 1.5°C above pre-industrial levels.” In recent years, world leaders have stressed the need to limit global warming to 1.5°C by the end of this century.
· Glasgow Climate Pact (COP26 in Glasgow, 2021) – Nations agreed to work to reduce the gap between existing emission reduction plans and what is required to reduce emissions, so that the rise in the global average temperature can be limited to 1.5°C. Nations reaffirmed their duty to fulfil the pledge of providing 100 billion dollars annually from developed to developing countries. It also marked a historic moment as the first COP agreement included a provision calling for a phase-down of coal power and a phase-out of “inefficient” fossil fuel subsidies.
· Loss and Damage Fund (COP27 in Sharm el-Sheikh, 2022) – Recognising that developing countries, despite contributing minimally to global emissions, are disproportionately vulnerable to the impacts of climate change, COP27 closed with a breakthrough agreement to provide loss and damage funding for vulnerable countries hit hard by floods, droughts and other climate disasters.
Current Developments and Challenges
COP 29 has encountered several challenges in reaching consensus on critical issues. Below are some of the ongoing challenges and developments at the summit:
Climate Finance Deadlock Developing countries have voiced strong concerns over the lack of progress in meeting the promised $100 billion annually in climate finance. The New Collective Quantified Goal (NCQG) remains a contentious issue, with insufficient commitments from developed nations.
Mitigation and Adaptation Commitments Although countries have pledged to achieve net-zero emissions, significant gaps in implementation and ambition continue to exist, particularly between developed and developing nations.
Youth Activism and Public Engagement Youth movements worldwide have escalated their demands for immediate and bold climate action, criticizing the slow pace of negotiations and the influence of fossil fuel interests on the summit’s proceedings.
The 2025 UN Climate Change Conference (UNFCCC COP 30) will take place in Belém, Brazil, in November 2025. It will include the 30th session of the Conference of the Parties (COP 30), the 20th meeting of the COP for the Kyoto Protocol (CMP 20), and the seventh meeting for the Paris Agreement (CMA 7). Additionally, the 63rd sessions of the Subsidiary Body for Scientific and Technological Advice (SBSTA 63) and the Subsidiary Body for Implementation (SBI 63) will also be held.
UN Climate Change Executive Secretary Simon Stiell explains why COP 29 is a vital moment for the world
“This new finance goal is an insurance policy for humanity”: Simon Stiell at close of COP29
UN Climate Change Executive Secretary Simon Stiell highlighted that the new finance goal agreed at the UN Climate Conference in Baku is an insurance policy for humanity. “This deal will keep the clean energy boom growing and protect billions of lives. It will help all countries to share in the huge benefits of bold climate action: more jobs, stronger growth, cheaper and cleaner energy for all. But like any insurance policy – it only works – if the premiums are paid in full, and on time.” He acknowledged that no country got everything they wanted, and that the world leaves Baku with a mountain of work to do. “So this is no time for victory laps. We need to set our sights and redouble our efforts on the road to Belém.”
CONCLUSION
COP29, formally the 29th Conference of Parties to the UN Framework Convention on Climate Change (UNFCCC), has been dubbed, the ‘climate finance COP’ because parties are expected to establish a new global climate finance target. This target, or new collective quantified goal (NCQG), is seen as one of the summit's main deliverables. It will replace the existing $100 billion goal that is due to expire in 2025.
Climate experts have pegged the new annual funding goal at between $1 trillion and $1.3 trillion, which would assist vulnerable nations to deal with loss and damage from climate change and to adapt to that change, including building out their own clean-energy systems. Last week, in a move to support a new funding target, the World Bank Group and other multilateral development banks announced a significant boost in climate finance for low- and middle- income countries. This would reach $120 billion a year by 2030 with another $65 billion mobilised from the private sector, and a natural projection that would increase these values for 2035.A significant breakthrough on the opening day at COP29 was the adoption of Article 6 of the Paris Agreement, paving the way for a UN-backed global carbon market. This market will facilitate the trading of carbon credits, incentivizing countries to reduce emissions and invest in climate-friendly projects. Among the key priorities of COP 29 are securing a new goal on climate finance, ensuring every country has the means to take much stronger climate action, slashing greenhouse gas emissions and building resilient communities. Also in focus will be the next round of national climate plans, or NDCs, currently being developed by countries ahead of next year’s deadline and ensuring these bolder, fully implementable and investable strategies and targets are economy-wide, focus on transitioning away from fossil fuels, and keep the world on track to 1.5 degrees of warming.
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The previous COP28 came at a crucial time for the key target to limit long-term global temperature rises to 1.5C. This was agreed by nearly 200 countries at COP21, which was held in Paris in 2015.The Paris commitment is crucial to avoid the most damaging impacts of climate change, according to the UN's climate body, the Intergovernmental Panel on Climate Change (IPCC). However, before the final deal was agreed at COP28, there were warnings that the world is actually on track for around 2.7C of warming by 2100. Recent progress had not been in line with what was required, the UN said, leaving a "rapidly narrowing" window for action to keep the 1.5C limit in reach.
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The 29th Conference of the Parties (COP 29) to the United Nations Framework Convention on Climate Change (UNFCCC) is a pivotal event aimed at tackling global climate challenges. A key focus of COP29 will be on finance, as trillions of dollars are required for countries to drastically reduce greenhouse gas emissions and protect lives and livelihoods from the worsening impacts of climate change. The conference, which will take place in Baku, Azerbaijan, from 11 to 22 November 2024, will also be a key moment for countries to present their updated national climate action plans under the Paris agreement, which are due by early 2025. Note that officially, COP 29 stands for the 29th meeting of the Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC), a landmark international treaty agreed in 1992, and parent treaty to the 2015 Paris Agreement