Climate finance, carbon markets and more: 4 key takeaways from COP29

Climate finance and carbon markets took centre stage at the 2024 UN Climate Conference (COP29), which strongly focused on increasing funding and creating effective carbon market mechanisms.
COP29 was also the first ever “Finance COP,” agreeing to mobilize $300 billion of climate finance, falling short of the trillion-dollar figure demanded by developing countries.
While no progress was made on fossil fuel phaseout, COP29 marked a key milestone for operationalizing carbon markets.

The global climate agenda took centre stage in Baku, Azerbaijan, as over 65,000 world leaders, decision-makers, private sector organizations and civil society members gathered for COP29.

Against new data predicting 2024 to be the hottest year on record, increased extreme weather set to cost billions in damages, and a complex geopolitical context, this year’s summit highlighted the urgent need for climate action.

At COP29, finance emerged as the key focus, particularly mobilizing and allocating funds for the necessary work. Key negotiations aimed to set a new global climate finance target, strengthen nationally determined contributions, make significant strides in adaptation and loss and damage efforts, and advance progress on the COP28 energy pledges.

The goal was to solidify global cooperation and secure tangible advancements in addressing climate change’s most pressing challenges.

So, what did COP29 achieve and what remains to ensure meaningful progress? Here are four key highlights from this year’s summit.

What did COP29 accomplish?

1. A new global climate finance target

Negotiators faced the critical task of setting a new global climate finance target for 2025 and beyond, building on the previous $100 billion per year commitment.

Delegates worked to address the quantity, quality and sources of climate finance. Vulnerable countries pushed for concrete assurances regarding loss and damage mechanisms to ensure the necessary financial support is delivered.

Key priorities included establishing fair expectations for contributors, ensuring financial support translated into tangible impact and mobilizing substantial private-sector investment.

Parties agreed on a “New Collective Quantified Goal for climate finance” to support developing countries in two parts:

$1.3 trillion per year to be “enabled” by all actors.
$300 billion for developed countries to take the lead on delivering.

Both targets can be met through public and private sources but while they represent significantly more than past goals, they still fall short of the financial needs of vulnerable nations.

Moreover, the goal does not build on commitments to reduce fossil fuels. Let’s be clear: this agreement is just a foundation, not a solution and many obstacles have been encountered along the way.

2. Article 6: Establishing a global architecture for carbon markets

For international trade of mitigation outcomes (Article 6.2), COP29 clarified how countries will authorize carbon credit transactions and manage tracking registries. Additionally, it established mechanisms to ensure environmental integrity through upfront technical reviews in a transparent process.

Under the centralized carbon crediting mechanism (Article 6.4), the Paris Agreement Crediting Mechanism now includes mandatory safeguards to protect the environment and human rights. These safeguards ensure projects cannot proceed without the informed consent of Indigenous Peoples.

The supervisory body, responsible for overseeing the mechanism, has a comprehensive action plan for 2025.

This progress in Article 6 negotiations, achieved at COP29, will be crucial for creating functional carbon markets, which are essential for meeting the Paris Agreement´s reduction targets and mobilizing much-needed finance.

“

The challenge of ensuring financial commitments translate into a project pipeline and real action on the ground persists, particularly for developing nations.

”

— Pim Valdre, Head of Climate Ambition Initiatives, World Economic Forum | Laia Barbarà, Head of Climate Strategy, World Economic Forum

3. Ambitious and investable nationally determined contributions

State delegates faced mounting pressure to raise their ambition and establish expectations for the next cycle of national climate plans. With the deadline for submitting updated nationally determined contributions (NDCs) in 2025, nations were encouraged to update their climate commitments to be more ambitious, investable and equitable as part of the five-year update cycle.

This phase requires higher emissions reduction targets and key outcomes from past COPs, such as commitments to phase out fossil fuels and triple renewable energy capacity by 2030.

The UK and Brazil announced new nationally determined contributions and emission reduction targets during the summit. Businesses, including the Alliance of CEO Climate Leaders, pushed for more ambitious, credible, and investable contributions, translating these plans into stable and long-term domestic policies to attract private sector investments.

Delivering on these fronts is critical to maintaining the momentum needed to meet global climate goals.

4. Missing momentum on fossil fuels transition and COP28 energy pledges

Despite Brazil's Group of 20 statement referencing the United Arab Emirates consensus and boosting mid-conference negotiations, Baku was polarized about the global commitment to transition away from fossil fuels and move forward on the COP28 energy targets.

Regrettably, the final outcome did not make explicit reference to the “transitioning away from fossil fuels.”

On energy targets, neither the private nor public sectors can achieve these alone, and collaboration is critical. Businesses have called for more demand-side action, translating efficiency targets into implementable sector-level plans and enabling policy and regulation to drive efficiency in key sectors such as building, industry and transport.

In addition, targeted measures to remove transition obstacles to deliver on the tripling renewables targets, such as dramatically shortening permitting times, boosting grid readiness and driving more project finance into developing countries, will be crucial for future COPs to advance.

What didn’t move forward?

While COP29 marked progress, critical gaps remain:

1. Transitioning from fossil fuels

Nations failed to agree on binding commitments to phase out fossil fuel subsidies. This issue remains one of the most significant barriers to decarbonization, as subsidies distort energy markets and slow the adoption of cleaner alternatives.

Establishing clear timelines and mechanisms for subsidy elimination will be critical in 2025 to align energy markets with global decarbonization goals.

2. Scaling climate finance

Besides the agreement on the new collective quantified goal on climate finance, the mechanisms for scaling and disbursing funds remain unclear, particularly for attracting private sector capital.

The challenge of ensuring financial commitments translate into a project pipeline and real action on the ground persists, particularly for developing nations. Without addressing these gaps, the momentum from COP29 risks losing steam before COP30.

3. Linking climate and nature

At COP28 in Dubai, nature was a clear winner as negotiations and outcomes referenced the importance of biodiversity and nature-based solutions for mitigation and adaptation. During this year’s proceedings, nature was less prominent, leaving it to COP30 to ramp up momentum and link biodiversity pathways with climate action.

4. Moving ahead on COP28 energy targets

With a strong mandate to translate these into detailed plans at national and sector levels, forthcoming COPs need to work more closely with businesses, particularly from higher-emitting sectors and explain how governments interpret the triple renewable and double energy efficiency targets from a national and sectoral perspective.

That would allow businesses to develop their own detailed energy transition plans and seek market-based solutions to turbocharge the transition.

What’s next?

The year 2024 was pivotal, hosting COP29, COP16 for biodiversity and COP16 for desertification. This rare alignment offered world leaders a unique chance to integrate efforts and pursue sustainable solutions.

Nations will update their nationally determined contributions ahead of COP30. However, the COP process itself needs reform. Collaborative public-private approaches are vital to addressing the climate crisis with the urgency and scale required.

On the road to Davos

The upcoming World Economic Forum Annual Meeting in Davos, Switzerland, will be the first major public-private forum post-COP29. It will provide a platform to transform its outcomes into actionable initiatives and strengthen collaboration among governments, businesses and civil society.

Looking towards COP30

COP30 in Belém, Brazil, will build on the progress and unresolved issues from COP29 in Baku.

Brazil, representing emerging markets and developing economies, will set the tone for climate ambition, with the next round of nationally determined contributions due by mid-February. The COP31 host for 2026 may also be decided, with Australia and Turkey as leading contenders.

이 블로그의 인기 게시물

Non-contact exposure to dinotefuran disrupts honey bee homing by altering MagR and Cry2 gene expression

Non-contact exposure to dinotefuran disrupts honey bee homing by altering MagR and Cry2 gene expression Dinotefuran is known to negatively affect honeybee ( Apis mellifera ) behavior, but the underlying mechanism remains unclear. The magnetoreceptor ( MagR , which responds to magnetic fields) and cryptochrome ( Cry2 , which is sensitive to light) genes are considered to play important roles in honey bees’ homing and localization behaviors. Our study found that dinotefuran, even without direct contact, can act like a magnet, significantly altering MagR expression in honeybees. This non-contact exposure reduced the bees’ homing rate. In further experiments, we exposed foragers to light and magnetic fields, the MagR gene responded to magnetic fields only in the presence of light, with Cry 2 playing a key switching role in the magnetic field receptor mechanism ( MagR–Cry2 ). Yeast two-hybrid and BiFc assays confirmed an interactio...

“Global honey crisis”: Testing technology and local sourcing soars amid fraud and tampering concerns

“Global honey crisis”: Testing technology and local sourcing soars amid fraud and tampering concerns The World Beekeeping Awards will not grant a prize for honey next year due to the “inability” to thoroughly test honey for adulteration. The announcement comes amid the rise of honey fraud in the EU, where a 2023 investigation found that 46% of 147 honey samples tested were likely contaminated with low-cost plant syrups. Apimondia, the International Federation of Beekeepers’ Associations, organizes the event at its Congress, whose 49th edition will be held in Copenhagen, Denmark, in September 2025. The conference brings together beekeepers, scientists and other stakeholders. “We will celebrate honey in many ways at the Congress, but honey will no longer be a category, and thus, there will be no honey judging in the World Beekeeping Awards. The lessons learned from Canada 2019 and Chile 2023 were that adequate testing was impossible if we are to award winning honey at the Con...

Unveiling the Canopy's Secrets: New Bee Species Discovered in the Pacific

Unveiling the Canopy's Secrets: New Bee Species Discovered in the Pacific In an exciting development for environmentalists and beekeeping experts, researchers have discovered eight new species of masked bees in the Pacific Islands, shining a light on the rich biodiversity hidden within the forest canopy. This discovery underscores the critical role bees play in our ecosystems and the pressing need for conservation efforts to protect these vital pollinators. A New Frontier in Bee Research By exploring the forest canopy, scientists have opened a new frontier in bee research, revealing species that have adapted to life high above the ground. These discoveries are crucial for understanding the complex relationships between bees, flora, and the broader ecosystem. The new species of masked bees, characterized by their striking black bodies with yellow or white highlights, particularly on their faces, rely exclusively on the forest canopy for survival. The Importance of Bee Conservation...

New Report – Interlocked: Midwives and the Climate Crisis

New Report – Interlocked: Midwives and the Climate Crisis Earlier this year, midwives from 41 countries shared their experiences of working in communities affected by climate change through our survey, Midwives’ Experiences and Perspectives on Climate Change. Their voices shaped our new report, Interlocked: Midwives and the Climate Crisis , which highlights how midwives are already responding to the health impacts of climate disasters like floods, wildfires, and extreme heat—and why they must be included in climate action plans. What did we learn?Climate change is damaging community health: 75% of midwives reported that climate change is harming the communities they serve, with rising rates of preterm births, food insecurity, and restricted access to care during disasters like floods. Midwives are critical first responders: Midwives are often the first and only healthcare providers on the ground in crises, delivering care during wildfires, floods, and extreme heat. Midwives face signi...

Bee attack claims life of newspaper distributor

Bee attack claims life of newspaper distributor Newspaper distributor Pushparaja Shetty (45), who sustained severe injuries in a bee attack, succumbed to his injuries on Thursday at a hospital in Mangaluru. Pushparaja was attacked by a swarm of bees on Wednesday morning while walking at Kenjaru Taangadi under Bajpe town panchayat limits. He was immediately admitted to a hospital for treatment but could not survive the ordeal. Fondly known as ‘Boggu’ in the Porkodi area, Pushparaja was well-known for his dedication to delivering newspapers on foot to every household. He was admired for his generosity, as he often distributed sweets to schoolchildren on Independence Day using his own earnings and contributed part of his income to the betterment of society. Pushparaja was unmarried and is survived by three brothers and one sister.

Start the New Year Humming Like a Bee

Start the New Year Humming Like a Bee There are lots of opportunities to be as busy as a bee during these winter holidays. As we hustle toward the dawn of the New Year, it can be hard to notice that the natural world is actually suggesting something different for us right now. We’re past the solstice, but the winter still stretches ahead, the days are still short and the nights long. We’re being invited into a quieter, more inner-focused time. The ancient yogis were all about this inner focus. In India, for example, the Upanishads, the Sanskrit writings that accompanied the development of Hinduism — and alongside it, yoga — beginning around 800 B.C.E., went deeper than earlier texts had into philosophy and questions of being. With the goals of increased inner awareness and higher consciousness, yoga was at that time not yet as focused on the body or on asanas, as it now can tend to be. But the yogis did develop many practices to try to open the way to those goals. They discovered...

The largest “killer hornets” in the world were exterminated in the US

The largest “killer hornets” in the world were exterminated in the US The US informed that it had exterminated the worldʼs largest hornets, nicknamed "killer hornets" — they are capable of occupying a hive of honey bees in just 90 minutes, decapitating all its inhabitants and feeding their offspring to their own. This was reported by the Department of Agriculture in Washington. The hornets, which can reach five centimeters in length, were previously called Asian giant hornets, but in 2019 they were also spotted in Washington state near the Canadian border. In China, these insects killed 42 people and seriously injured 1,675. A dead northern giant hornet (below) next to a native bald hornet. According to experts, the hornets could have entered North America in plant pots or shipping containers. The hornet can sting through most beekeeper suits because it produces nearly seven times more venom than a honeybee and stings multiple times. Thatʼs why the Washington Departme...

From Classroom to Hive: Jeff Tech students experience sweet journey of honey making

From Classroom to Hive: Jeff Tech students experience sweet journey of honey making The Courier Express has partnered with digital media arts students at Jeff Tech to highlight accomplishments and updates from the school. q q q REYNOLDSVILLE — The new “Intro to Agriculture” class, taught by advanced manufacturing instructor Perry Neal, has recently been buzzing throughout the halls of Jeff Tech. The course has been receiving positive feedback from both students and teachers. “It’s a great class. I love it,” said Jeff Tech student Jacob DeFoor. Student Kyle Lasher said, “I’m really considering getting bees of my own.” Intro to Agriculture is an 18-week course that starts with students learning anything and everything bees. They gather together to learn the process and safety procedures of making honey from scratch with locally-sourced honey bees. In class, students research pollination, foods that contain honey, where to purchase hive equipment, types of bees, etc., according to N...

The Unexpected Surge: America's Honeybees Buzz Back to Record Numbers

The Unexpected Surge: America's Honeybees Buzz Back to Record Numbers In an age where environmental narratives often lean towards loss and decline, the story of the American honeybee offers a glimmer of hope and a puzzle to solve. Recent data from the Census of Agriculture reveals an astonishing rebound in the honeybee population, now soaring to an all-time high of 3.8 million colonies. This revelation comes as a surprise against the backdrop of two decades marked by fears of colony collapse and the potential ramifications for ecosystems and agriculture. The surge in bee populations brings to light a series of questions and insights into the intertwined worlds of agriculture, conservation, and legislation. Central to this narrative is the state of Texas, where legislative changes have catalyzed a beekeeping boom by offering agricultural tax breaks to landowners cultivating honeybees. This policy shift, coupled with the entrepreneurial spirit of Texans and the essential role of bees...

Researchers use advanced robotics to study honeybee behaviour

Researchers use advanced robotics to study honeybee behaviour Researchers from our top-rated Computer Science department have made significant advances in understanding honeybee behaviour through the use of innovative robotic technology. The study, published in the cover page of prestigious journal - Science Robotics, offers unprecedented insights into the daily activities of honeybee colonies, particularly focusing on the queen bee and her interactions with worker bees. Robotic system provides continuous monitoring The research team, led by Professor Farshad Arvin, developed a sophisticated robotic system capable of continuous, long-term observation of bee hives. This system employs two high-resolution cameras that work autonomously, tracking the queen bee's movements and mapping the contents of the honeycomb. This technology allows the researchers to collect data on bee behaviour 24 hours a day, seven days a week. Researchers say this level of continuous monitoring was previous...

Small actions make a big difference engilsh dkbee.com

이 블로그 검색