COP29 ends with compromise on climate financing

After two weeks of intense negotiations, delegates at COP29, formally the 29th Conference of Parties to the UN Framework Convention on Climate Change (UNFCCC), agreed to provide this funding annually, with an overall climate financing target to reach “at least $1.3 trillion by 2035”.

This summit had been dubbed the ‘climate finance COP’, and representatives from all countries were seeking to establish a new, higher climate finance goal. 

The target, or new collective quantified goal (NCQG), will replace the existing $100 billion goal that is due to expire in 2025.

Reacting to the outcome, UN Secretary-General António Guterres said that while an agreement at COP29 was absolutely essential to keep the 1.5-degree limit alive, “I had hoped for a more ambitious outcome – on both finance and mitigation – to meet the great challenge we face.”

But he continued, this agreement provides a base on which to build and added: It must be honoured in full and on time. Commitments must quickly become cash. All countries must come together to ensure the top-end of this new goal is met."

Developing countries, which had sought over $1 trillion in assistance, said the pledge of financing was too little too late.

The WMO delegation at COP29, headed by Secretary-General Celeste Saulo, highlighted the urgency of drastic reductions in greenhouse gas emissions – and more financing to build resilience, and in particular to strengthen early warning systems.

According to WMO’s State of the Climate Update, the year 2024 is on track to be the hottest on record and temporarily hit 1.5°C. Greenhouse gas levels are at record observed levels. Sea level rise is accelerating, glacier retreat is unprecedented, and extreme weather events have caused major loss of life and livelihoods around the world.  

“The time for action is now,” said Celeste Saulo. “If you want a safer planet, it’s our responsibility. It’s a common responsibility, a global responsibility,” she said.

The COP29 outcome is a gesture of support for the most vulnerable, said Celeste Saulo. But much more needs to be done.

Celeste Saulo, WMO Secretary-General, at COP29

Following on from COP29, WMO will prioritize accelerated action to strengthen global climate mitigation and adaptation, and reduce loss and damage. It will continue leveraging its State of the Climate reports to inform climate policy, finance, and action.

Key focus areas include scaling up the Early Warnings for All initiative to ensure comprehensive early warning coverage, and advancing Global Greenhouse Gas Watch to improve monitoring and mitigation.

Another priority is to close the gaps in Earth observations. These are necessary to inform both mitigation and adaptation, as was noted in the SBSTA Chair summary. WMO will take a similar approach to closing the gaps in Multi-Hazard Early Warning Systems. 

At COP29, additional contributions were announced to the United Nations Systematic Observations Financing Facility (SOFF) that is now capitalized with more than US $100 million to support countries in closing their basic weather and climate data gaps.

A consolidated WMO strategy to support countries in updating Nationally Determined Contributions (NDCs) and National Adaptation Plans (NAPs) to reflect these elements will be developed. A critical element will be positioning National Meteorological and Hydrological Services (NMHSs) as the authoritative voice of hydro-meteorological early warnings and central actors in driving science-based solutions, ensuring their enhanced role in implementing climate policies and strategies worldwide. 

Young people will be a key focus. Consultations with youth organizations on climate action will help guide the development of WMO's Youth Action Plan.

Wide shot of the plenary hall at the UN climate conference, COP29, in Baku, Azerbaijan.

UNFCCC/Kiara Worth

Other steps forward at COP29 included: 

Countries agreed on the rules 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.

They agreed to an extension of a programme centered on gender and climate change; and agreement on support for the least developed countries to carry out national adaptation plans.

UN Climate Change Executive Secretary Simon Stiell described the new finance goal agreed at COP29 as “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,” in the eastern Amazonian region of Brazil, which is set to host COP30 next year.

COP 29 saw also the launch of the Baku Dialogue on Water for Climate Action, a platform that promotes collaboration and initiatives that accelerate solutions for the water crisis. WMO is one of the co-founding signatories and exercise its mandate to provide robust and science-based evidence.