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.
2024 United Nations Climate Change Conference held from November 11 to 24 2024. 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. This is no secret that COP conferences are often where countries agree to more ambitious emissions reduction targets in line with limiting global warming to 1.5°C above pre-industrial levels, a critical threshold to avoid catastrophic climate impacts.
This year’s conference is known as COP29 which refers to the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC). It is part of the ongoing series of annual climate change conferences that aim to bring together world leaders, scientists, policy makers, and activists to discuss and negotiate actions to address global climate change. Like any other similar conferences, the purpose of this conference is to:
- Accelerating global action on climate change is one of the most urgent challenges of our time. It requires coordinated efforts across governments, businesses, communities, and individuals to mitigate the devastating effects of climate change and ensure a sustainable future.
Here are several key strategies and approaches that can help accelerate progress:
STRATEGIES AND APPROACHES: Here’re 8 strategies and approaches:
- Strengthening International Agreements:
- Paris Agreement: Building on the 2015 Paris Agreement, which aims to limit global temperature rise to well below 2°C above pre-industrial levels, countries need to enhance their Nationally Determined Contributions (NDCs) — the pledges they make to reduce greenhouse gas emissions. Regular updates and increasing ambition are crucial;
- Global Carbon Markets: Strengthening international carbon trading mechanisms can provide financial incentives for emissions reductions, enabling both developed and developing nations to achieve targets more efficiently; and
- Climate Finance: Developed nations need to meet their pledges to provide $100 billion annually to support climate action in developing countries. This will help with adaptation efforts and the transition to renewable energy in the Global South.
- Decarbonizing the Global Economy:
- Renewable Energy Transition: Scaling up renewable energy solutions like solar, wind, and hydropower is critical to reducing reliance on fossil fuels. Governments should implement supportive policies, such as tax incentives, subsidies, and grants for clean energy technologies;
- Electrification of Transportation: Shifting to electric vehicles (EVs) and supporting the development of charging infrastructure can drastically reduce emissions from the transportation sector. Government mandates, subsidies, and private-sector innovation will drive this shift; and
- Energy Efficiency: Improving energy efficiency in buildings, industry, and transportation can significantly cut emissions. This can be achieved through stricter building codes, energy-efficient appliances, and adopting best practices across sectors.
- Nature-Based Solutions:
- Reforestation and Afforestation: Restoring forests, wetlands, and other natural ecosystems is one of the most cost-effective ways to absorb carbon dioxide from the atmosphere. Large-scale reforestation and afforestation initiatives can help offset emissions and maintain biodiversity;
- Sustainable Agriculture: Transitioning to regenerative agriculture practices, such as no-till farming, agroforestry, and crop diversification, can sequester carbon, reduce methane emissions from livestock, and promote soil health; and
- Conservation of Biodiversity: Protecting and restoring ecosystems that support biodiversity can reduce carbon emissions and improve resilience to climate impacts.
- Innovation and Technology:
- Carbon Capture, Utilization, and Storage (CCUS): Investing in carbon capture technologies can help reduce emissions from hard-to-decarbonize sectors such as cement, steel, and heavy industry;
- Green Hydrogen: Green hydrogen, produced using renewable energy, has the potential to decarbonize sectors like heavy industry, aviation, and shipping that are difficult to electrify; and
- Climate-Smart Agriculture: Innovations in agriculture, including precision farming and genetically modified crops, can help increase yields while reducing environmental impacts.
- Public and Private Sector Collaboration:
- Corporate Responsibility: The private sector must take on greater accountability for climate action by setting net-zero emissions targets, investing in sustainable practices, and adopting transparent reporting frameworks (e.g., the Task Force on Climate-related Financial Disclosures – TCFD);
- Public Policy and Incentives: Governments play a crucial role in establishing policies that incentivize sustainability — whether through carbon pricing, subsidies for renewable energy, or stringent emissions regulations. Effective climate policy should foster innovation while ensuring a just transition for workers and communities; and
- Green Investments: Financial institutions should prioritize investments in climate-friendly technologies and projects. Green bonds, ESG (Environmental, Social, and Governance) investing and other financial instruments can channel funds into projects that mitigate climate change.
- Building Resilience and Adaptation:
- Climate Adaptation Planning: Countries and cities need to implement strategies to adapt to climate impacts, such as rising sea levels, extreme weather events, and heatwaves. This includes infrastructure upgrades, disaster preparedness, and building climate-resilient communities; and
- Equity and Justice: Equity and Justice: Ensuring that the most vulnerable populations — including low-income communities, Indigenous peoples, and marginalized groups — are included in climate action planning is essential. Just transitions and climate justice frameworks are necessary to avoid deepening inequalities.
- Raising Awareness and Public Engagement:
- Education and Advocacy: Raising public awareness about the science of climate change and the urgency of action is crucial for building political will and encouraging sustainable behaviors. Media campaigns, public dialogues, and educational programs can help shift public opinion and inspire action; and
- Youth Movements: The growing climate activism among youth, such as movements led by figures like Greta Thunberg, can drive political leaders to take stronger action. Supporting these movements and engaging young people in decision-making processes is essential for creating long-term momentum.
- Strengthening Climate Diplomacy:
- Global Cooperation: Climate change is a global issue that requires global solutions. Diplomatic efforts to forge stronger alliances, share knowledge, and foster cooperation among countries are crucial. For example, the U.N. climate negotiations (COP) provide a platform for countries to collectively agree on actions and commitments; and
- Global Climate Pact: Climate change is a global issue that requires global solutions. Diplomatic efforts to forge stronger alliances, share knowledge, and foster cooperation among countries are crucial. For example, the U.N. climate negotiations (COP) provide a platform for countries to collectively agree on actions and commitments.
KEY OBJECTIVES OF COP SUMMITS: Here’re five key objectives of the summits:
- Setting Emissions Reduction Targets: COP conferences are often where countries agree to more ambitious emissions reduction targets in line with limiting global warming to 1.5°C above pre-industrial levels, a critical threshold to avoid catastrophic climate impacts;
- Financing for Climate Action: One of the major talking points at these conferences is the mobilization of financial support for developing countries to help them both mitigate and adapt to climate change. This includes addressing the $100 billion per year pledge made by developed countries to support developing nations’ climate efforts;
- Adaptation and Loss & Damage: An increasing focus is placed on helping vulnerable countries adapt to the effects of climate change, as well as addressing loss and damage caused by extreme climate events that cannot be avoided through mitigation or adaptation measures;
- International Collaboration and Accountability: COPs are the platform where countries hold each other accountable for their commitments. There are ongoing discussions about the transparency framework of the Paris Agreement, ensuring that countries are meeting their pledged emissions reductions; and
- Accelerating Climate Solutions: Beyond government agreements, COPs also showcase innovation in renewable energy, climate technology, and nature-based solutions, encouraging partnerships between public and private sectors to fast-track climate solutions.
MAJOR ACCOMPLISHMENTS OF COP29:
Perhaps the highlight of COP29 was the talks on a new trillion-dollar global deal to tackle the climate crisis dragged on late into Saturday night, as rich and poor countries fought over how much cash was needed, and who should pay.
Rich countries want to offer only about $300bn out of the $1.3tn a year needed from their own coffers, with the rest to come from other sources including potential new taxes and private investors whereas poor countries thought the offer was too little and rely on loans or the private sector would push them further into debt.
Mohamed Adow, director of the Power Shift Africa thinktank, said:
- “This [summit] has been a disaster for the developing world. It’s a betrayal of both people and planet, by wealthy countries who claim to take climate change seriously. Rich countries have promised to ‘mobilise’ some funds in the future, rather than provide them now. The cheque is in the mail. But lives and livelihoods in vulnerable countries are being lost now.”
Some of the world’s poorest and most vulnerable countries fought hard during two weeks of fraught negotiations at the Cop29 UN summit in Azerbaijan’s capital Baku for a bigger slice of the money to come directly from developed countries. They also wanted more of the available finance to go to the countries which are most in need, instead of being shared with bigger emerging economies, such as India.
Two groups of particularly vulnerable nations, the Alliance of Small Island States and the Least Developed Countries, walked out of one meeting in protest late on Saturday afternoon, but later returned.
The talks were high-stakes from the start, as they opened just days after Donald Trump won re-election as US president. Trump intends to withdraw the US from the Paris agreement when he takes office in January and is likely to be hostile to providing any climate finance to the developing world.
Here’re four major accomplishments of COP29:
- A New Global Climate Finance Target: Here are the major four points:
- 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; and
- Parties agreed on a “New Collective Quantified Goal for climate finance” to support developing countries in two parts: 1. $1.3 trillion per year to be “enabled” by all actors; and 2. $300 billion for developed countries to take the lead on delivering. 1. 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.; 2. 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.
- Establishing a global architecture for carbon market (Article 6):
- 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; and
- 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.
- 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; and
- 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, which 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.
- Missing momentum on fossil fuels transition and COP28 energy pledges:
- Despite Brazil’s Group of 20 statements 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, nor is collaboration 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; and
- 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.
CONCLUSION:
Accelerating global action on climate change demands a holistic, multi-faceted approach that involves significant policy changes, technological innovations, investment in sustainable infrastructure, and active participation from all sectors of society. It’s not only about reducing emissions but also preparing for and adapting to the inevitable impacts of climate change. By acting quickly, we can mitigate the worst effects of climate change and move toward a more sustainable and resilient future for all.
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