Jurisdiction(s):
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COP29: NCQG Agreed, Article 6 Carbon Markets Operationalised, Loss and Damage Fund Operationalised, with Deferrals on Global Stocktake Implementation and Just Transition

Published on: 05 December 2024

Published by a LexisNexis Environment expert

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Article summary

Parties extended the gender work programme; put the new Loss and Damage Fund into operation; and advanced efforts to amplify the voices of Indigenous Peoples and Local Communities in climate action by adopting the Baku Workplan and prolonging the mandate of the working group supporting implementation of the Local Communities and Indigenous Peoples Platform. Yet they failed to agree on implementing the Global Stocktake outcomes or the just transition work programme, with talks on these items pushed to later sessions. Countries chose to delay reviewing the Global Goal on Adaptation framework until after the second global stocktake in 2028, and launched the Baku Adaptation Road Map to keep negotiations going in 2025. Further missed chances included not bolstering commitments to shift from fossil fuels to clean energy options, and limited progress in linking climate and nature.

A new climate finance goal

The primary agenda item at COP29 was setting a new yearly climate finance target above the US$100bn floor previously adopted. Following a fortnight of talks, parties settled on a new climate finance goal, the ‘new collective quantified goal’, though many developing countries remained dissatisfied with the result...

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