COP29 Highlights: Big Wins for Climate Finance and Renewable Energy
Last updated on December 10th, 2024 at 12:17 pm
The United Nations Climate Change Conference, also called Conference of the Parties of the UNFCCC (abbreviated as COP29) is the 29th United Nations Climate Change Conference which was organized at Baku in Azerbaijan from November 11 to November 22, 2024. Here are the key elements of this conference and an overview of the impact it has had on the world.
The President of COP29 was Mukhtar Babayev, currently the minister of Ecology and Natural Resources of Azerbaijan and former SOCAR’s Vice President for Ecology. Other Presidency team members were Yalchin Rafiyev, Elnur Soltanov and Narmin Jarchalova. Samir Nuriyev was the head of the Organizing Committee. The committee consisted of 56 members which included ministers, members of the National Assembly and heads of state authorities.
COP29 Recap
COP29 aimed to reduce global warming to 1.5 degrees C, laid emphasis on cutting down the use of fossil fuels, and increasing renewable energy. It urged global financial institutions and the private sector to increase climate finance and invest in green innovation.
On November 11, the first day, the first day of COP29, a meeting of Subsidiary Bodies was held to establish the conference’s goals. Parties decided the standards for trusted and transparent carbon markets.
On November 12, day 2, world leaders discussed the Paris Agreement. 80 Heads of State, Governments and Vice Presidents gave statements about how they are advancing the Paris Agreement. Multilateral Development Banks announced that they would allocate $170 billion per year by 2030 with $120 for low- and middle-income countries. Steps were taken to ensure the ‘Fund for responding to Loss and Damage’ is ready to distribute in 2025.
On November 13, day 3, efforts were taken towards ensuring the participation of SIDS at COP29 and a summit was organized for leaders to discuss key points like accessibility of climate finance. WHO Director General, COP26 and 30 presidencies discussed about embedding health in the climate agenda.
On November 14, the fourth day, focus was given to finance and trade and the Baku Initiative for Climate Finance was launched. The aim was to address energy and peace, study the links between energy use, conflict and human security. The theme for this day was Finance, Investment and Trade.
Private sector, banks, various organizations and climate funds came together to direct finances towards combating climate change. Asset owners worth 10 trillion pledged to work towards climate action. To address the problem of melting glaciers, Asian Development Bank declared a funding of 3.5 billion dollars. The banking sector in Azerbaijan allocated $ 1.2 billion to green projects. Sweden decided to give 370 million dollars to the UN Green Climate Fund.
Day 5 was the Energy/Peace, Relief and Recovery Day, on which the COP Truce Appeal was unveiled. 132 countries have joined the appeal and thousands of institutions and people have supported the initiative. The COP29 Presidency launched pledges and declarations on energy storage, grids, zones, corridors and hydrogen. Development Finance institutions declared that they would help the 10 GW Lighthouse Initiative for renewable hydrogen projects in emerging markets and developing countries. More than 50 players in the shipping industry said they would accelerate zero and near-zero emission fuels by 2030, which means 5 million tonnes of green hydrogen.
On November 16, sustainable digital practices were discussed. 90 governments and 1000 members of digital tech communities endorsed COP29 declaration of green digital action to use digital tools to reduce emissions and strengthen climate resilience.
On November 18, day 8, the role of youth, health and education in climate resilience was discussed. Other factors like food and water security, and challenges related to agriculture and water resources were discussed. Local communities and indigenous people established the Baku Work Program of the Local Communities and Indigenous Peoples Platform. Baku Guiding Principles on Human Development for Climate Resilience were adopted. Baku COP Presidencies Continuity Coalition for Climate and Health was established.
On November 19, day 9, BambooBoost, a new partnership between UN Climate Change and the International Bamboo and Rattan Organization was launched, to take forward bamboo-based solutions to climate change.
On November 21, indigenous knowledge, gender equality and biodiversity were discussed and the role of various communities in fighting climate change was acknowledged.
At this global conference, the Save Soil Movement gave policy recommendations with the UNFCCC, which as per experts, are the most important policy recommendations at COP29 for Agriculture Food Systems.
The COP29 Presidency, in collaboration with the Food and Agriculture Organization of the United Nations, launched the Baku Harmoniya Climate Initiative for Farmers as an appreciation of the role of farmers in climate change. Its aim was to help understand the opportunities and challenges in formulating policies and to empower farmers and rural communities.
Sadhguru attended COP29 and spoke about the importance of soil revitalization and climate change. He said that the transition from oil to soil is path-breaking, since 95% of the life on Earth thrives on soil. He underlined the importance of financial help to small farmers and said that finances should be driven towards projects that aim to combat climate change. He further highlighted the necessity of innovation and said that alternatives to fossil fuels should emerge, so that the shift from oil to soil is possible.
The global community expressed willingness to deal with climate change. Several initiatives that were a part of this event, aimed at turning climate action into a global effort.
COP29 proved to be a notable event, fostering inclusivity through unique theme days focused on human development. The conference helped in driving global dialogue around climate change and its impact, encouraging collaborative efforts towards climate action. While it provided general frameworks and commitments, it laid a foundation for continued discussions and collaboration among nations. The event successfully raised awareness and brought various stakeholders together, which is a crucial step in addressing the climate crisis. As we look ahead to COP30 in Brazil, there is an opportunity to build on this momentum and explore more actionable solutions for accelerating climate progress and environmental conservation.