With just 60 days until the 29th United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP), all eyes are on Baku, Azerbaijan where the global climate community will meet for a crucial summit taking place from November 11 to 22 aiming to address the escalating climate crisis. Agreements will be made; treaties may be drawn and potential world-impactful policies may be decided. In light of this, here’s a detailed breakdown of what we can expect at this year’s summit and the possible impacts on organisations, communities and entire countries.
History of the UNFCCC COP
Since the first UN first climate agreement in 1992, the COP has been held annually, except for 2020 due to the Covid pandemic. The first COP took place in Berlin in 1995, aimed at addressing the global challenge of climate change. Each COP builds on the previous meetings, with the overarching goal of implementing the UNFCCC and advancing international efforts to combat climate change. The landmark Paris Agreement, adopted at COP21 in Paris in 2015, represented a significant milestone, with nearly all countries committing to limit global warming to well below 2°C above pre-industrial levels, with efforts to limit it to 1.5°C. Following the somewhat controversial COP28 held in Dubai in 2023, this year’s conference aims to tackle several critical areas, including advancing the Global Stocktake, setting new climate finance goals and addressing the fossil fuel question. Participants will work to implement the outcomes of previous COPs and push for more ambitious climate action.
Lessons from COP28
COP28, held in Dubai, UAE, in 2023, marked significant progress in the global climate agenda. Key outcomes included:
- Global Stocktake: The conference completed the first global stocktake of the Paris Agreement, assessing collective progress toward the 1.5°C temperature target.
- Establishment of the Loss and Damage Fund: A major achievement was the creation of the Loss and Damage Fund. This fund aims to provide financial support to developing countries suffering from severe climate impacts.
- Climate Finance Pledges: Developed countries reaffirmed their commitment to mobilise £81 billion (about $100 billion) annually by 2025 to support climate action in developing countries.
- Sector-Specific Agreements: Progress was made in sector-specific agreements, particularly in agriculture and forestry.
Since COP28, several agreements have been implemented. Contributions to the Loss and Damage Fund have begun, and many countries have updated their NDCs with more ambitious climate targets. However, challenges remain in fully mobilising the funds in climate finance and achieving necessary reductions in greenhouse gas emissions. Read the full summary of COP28 here.
COP 29: What’s on The Agenda?
The agenda for COP29 centres on several critical themes that align with efforts to limit global warming to 1.5°C. Key highlights include the strengthening of Nationally Determined Contributions (NDCs) to push for deeper emission cuts, operationalising the Loss and Damage Fund to assist vulnerable communities and accelerating the phase-out of fossil fuels while scaling up renewable energy. Additional focuses include establishing National Adaptation Plans (NAPs) for all countries by 2025, increasing climate finance and refining global carbon market regulations to enhance transparency and effectiveness.
Advancing Climate Finance: A significant portion of COP29 will be dedicated to discussions on climate finance with the New Collective Quantified Goal (NCQG) on climate finance due to be agreed upon. The goal is to scale up financial support for developing countries, helping them implement climate action plans and transition to low-carbon economies. This initiative aims to replace the previous target of £81 billion per year. The NCQG is expected to be significantly higher, as rough estimates suggest developing nations require at least £4.56 trillion in financing to implement national climate plans by 2030. The conference will address how to increase funding, enhance financial mechanisms and ensure effective allocation of resources. This could influence stakeholder agreements between countries and businesses that operate within them. For organisations wanting to better understand how COP29’s climate finance goals could possibly affect them, Tunley Environmental offers guidance on climate regulations and policies. Learn more here.
Strengthening Climate Commitments: The Global Stocktake (GST) plays a crucial role in assessing progress towards the Paris Agreement goals. At COP29, advancing the GST will be a key priority. The first GST, concluded at COP28, revealed that the world is not on track to achieve the Paris Agreement targets. COP29 will provide a platform for nations to enhance their NDCs, which are central to the Paris Agreement’s long-term temperature goal. The conference will focus on encouraging countries to set more ambitious targets for reducing greenhouse gas emissions and improving climate resilience. The GST recommends reducing greenhouse gas emissions by 43% by 2030 and 60% by 2035, relative to 2019 levels. To achieve this, countries must scale up renewables, reduce fossil fuel reliance and enhance energy efficiency across industries. The process also emphasises the need for transparent adaptation reports and increased climate finance mobilisation for developing nations. With adaptation being key topics at COP29, our sustainability scientists can provide expert advice on developing adaptation strategies to enhance resilience and protect operations from climate-related risks.
Addressing the Fossil Fuel Question: The fossil fuel question will be a central issue at COP29, building on the momentum from previous climate conferences. At COP28, more than 100 countries supported a phase-out of unabated fossil fuels. However, the lack of an agreed definition for 'unabated' has led to uncertainty and debate. The controversy intensified when OPEC urged its members to reject any text targeting fossil fuels rather than emissions. This highlights the complex challenge of balancing climate action with economic interests. The COP28 presidency launched the Oil & Gas Decarbonisation Charter (OGDC), aiming to achieve net zero from oil and gas operations by 2050. This initiative focuses on reducing methane emissions to near zero and eliminating routine flaring by 2030.
The Bottom Line
The success of COP29 hinges on the collective effort of nations to translate commitments into concrete actions. With the urgency of climate change becoming ever more apparent, the conference offers a critical opportunity to strengthen international cooperation and accelerate the transition to a sustainable future.