COP29: Final Negotiations

Overview of COP29

Climate Finance

Negotiations on the final day of the COP29 summit quickly came to a head, focusing specifically on the controversial new collective quantifiable goal (NCQG). Countries tried to agree a headline figure for the amount of public funds that developed countries would commit to providing as climate finance for developing countries annually by 2035.

On Friday, negotiators published a draft agreement for the NCQG which proposed $250 billion in funding annually, with anticipated supplement from additional sources of finance (including private investment). These figures sat in stark contrast to the previous proposals from developing countries, which asked for wealthier countries to commit $1.3 trillion in public funds.

Friday’s proposal was met with significant backlash, and tensions rose as negotiations extended 32 hours into overtime. The Alliance of Small Island States (AOSIS) issued a statement which echoed the sentiment from activists and other developing countries: "We cannot be expected to agree to a text which shows such contempt for our vulnerable people.”

An agreement was finally delivered on Saturday, with developed countries agreeing to provide $300 billion annually by 2035. Developed countries made a similar pledge in 2009, to deliver $100 billion in climate finance annually by 2020. This target was only reached in 2023, with public funds providing 82% of this amount.

In his closing remarks, Simon Stiell, the UN Climate Change Executive Secretary, thanked the COP29 Presidency for delivering the deal amid the difficult negotiations. He described the updated NCQG as “an insurance policy for humanity”, but he admitted “this is no time for victory laps”.

International Carbon Market Standards

Another success from the COP29 summit was the agreement of regulatory standards for an international market for carbon credits, under Article 6 of the UN Framework Convention on Climate Change. Simon Stiell celebrated this achievement in his closing remarks, following a decade of debate on this issue.

Such a market would help channel essential funds towards developing, climate-vulnerable countries, while allowing wealthier countries to offset emissions through carbon credits associated with clean energy investments.

General

As the NCQG dominated the closing debates, other major topics highlighted at the start of the conference were forced to take a back seat. Those included: the Loss and Damage fund, established at COP27, to set aside money for countries recovering from climate disasters; climate adaptation investment commitments, which would aid countries in building infrastructure to protect against climate disasters; and the transition away from fossil fuels.

The latter issue contributed to the stalemate in negotiations on Friday. There was a push for the climate finance deal to include an explicit reference to the next steps in the clean energy transition, but oil-producing countries limited this to an indirect reference.

Other Key Highlights

Global Climate Transparency

The COP29 Presidency celebrated the first submissions of the new Biennial Transparency Reports (BTR’s). The reports form part of the Enhanced Transparency Framework under the Paris Agreement. They require countries to publish a range of climate-related data and information, including progress reports on nationally determined contributions (NDCs) and technological developments. Submissions have already been received from Andorra, Germany, Japan, Kazakhstan, the Maldives, the Netherlands, Singapore and Turkey, ahead of the 31 December 2024 deadline.

Reduction of Emissions from “Hard-to-Abate” Sectors

Government and industry leaders, along with the UN Climate Change Technology Executive Committee (TEC) and the UN Industrial Development Organization (UNIDO), have agreed on strategies and policies to reduce emissions from "hard-to-abate" sectors such as steel and cement. These sectors account for 34% of global greenhouse gas emissions and 70% of industry-related emissions.

UNHCR Launches "Refugees for Climate Action" Network

At COP29, the UN Refugee Agency (UNHCR) unveiled the "Refugees for Climate Action" network, a groundbreaking initiative designed to amplify the voices of displaced communities in the global climate debate.

Members of the network hail from countries such as Afghanistan, Yemen, Haiti, Bangladesh and Brazil, and are already leading climate action initiatives in their communities. They bring expertise in various sectors, including solar energy, sustainable farming, nature conservation, disaster preparedness, environmental education and climate tech innovation.

The group will serve as a consultative body on climate issues, contribute to global and local climate events, and ensure that the voices of refugees and displaced people are integrated into UNHCR's work and international climate discussions. UNHCR also provides training and capacity-building opportunities to help members enhance their advocacy skills and influence key climate events like COP29.

The Breakthrough Agenda

A collection of 61 countries who account for over 80% of global emissions committed to the “Baku Priority International Actions”, in support of the Breakthrough Agenda. The series of 150 initiatives aim to reduce emissions across various sectors in the next year, to generate results and progress ahead of COP30 in Brazil next year.

Daily Recaps

For summaries of the updates from each thematic day of the COP29 summit, please visit the links to our website briefings below:

• Day 1: Opening Ceremony – COP29: Day 1
• Day 2: World Climate Action Summit – COP29: Day 2
• Day 3: World Climate Action Summit – COP29: Day 3
• Day 4: Finance, Investment and Trade – COP29: Day 4
• Day 5: Energy, Peace, Relief and Recovery – COP29: Day 5
• Day 6: Science, Technology, Innovation and Digitalization – COP29: Day 6
• Day 7: Human Capital; Children and Youth; Health and Education – COP29: Day 7
• Day 8: Food, Agriculture and Water – COP29: Day 8
• Day 9: Urbanization, Transport and Tourism – COP29: Day 9
• Day 10: Nature and Biodiversity; Indigenous People; Gender Equality; Oceans and Coastal Zones – COP29: Day 10