Key resolutions from COP29 in Baku

The 29th UN Climate Change Conference (COP29), held in Baku, Azerbaijan, concluded with a significant breakthrough: a landmark agreement to triple public climate finance for developing countries by 2035.

This pivotal decision sets the stage for combating climate disasters and advancing the clean energy transition, especially for vulnerable nations.

The centerpiece of COP29 was the New Collective Quantified Goal on Climate Finance (NCQG), which commits: $300 billion annually in public finance to developing nations by 2035, tripling the previous $100 billion target and a  broader mobilization of $1.3 trillion annually from both public and private sources within the same timeframe.

Simon Stiell, Executive Secretary of UN Climate Change, emphasized the importance of fulfilling these pledges, likening them to "insurance premiums" necessary to safeguard billions of lives and harness the benefits of the global clean energy boom.

The International Energy Agency (IEA) anticipates that global clean energy investments will surpass $2 trillion in 2024, further bolstering this ambition.

For the first time in nearly a decade, COP29 finalized the operational framework for carbon markets under the Paris Agreement

Article 6.2: Establishes clarity on country-to-country carbon credit trading and registry operations.

Article 6.4: Launches a centralized UN carbon market benefiting developing and least developed countries (LDCs). The framework includes strong environmental safeguards, mandatory reviews, and provisions to ensure the rights of Indigenous Peoples.

This achievement paves the way for faster global emissions reduction and financial flows to countries most in need.

The Baku Adaptation Roadmap outlines measures to enhance resilience, particularly for LDCs and small island developing states.

A High-Level Dialogue called for expedited implementation of National Adaptation Plans (NAPs) by 2025.

Transparency also saw significant progress. Thirteen countries, including Azerbaijan, Japan, and Germany, submitted Biennial Transparency Reports (BTRs) under the Enhanced Transparency Framework, setting an example for others.

COP29 extended the Lima Work Programme on Gender for another decade, emphasizing gender mainstreaming in climate actions.

Additionally, the Baku Workplan strengthened the role of Indigenous Peoples and local communities, acknowledging their critical contributions to addressing the climate crisis.

The conference saw over 55,000 participants from civil society, businesses, and governments. For the first time, children moderated discussions in the Youth-led Climate Forum, highlighting the importance of intergenerational collaboration.

While COP29 marked substantial progress, Stiell admitted that challenges remain. The groundwork laid in Baku sets the stage for COP30 in Belem, Brazil, where countries will address unresolved issues, including enhanced Nationally Determined Contributions (NDCs).

COP29 represents a pivotal step in global climate governance, combining ambitious financial commitments with groundbreaking policy frameworks.

However, the success of these resolutions depends on timely and comprehensive implementation, ensuring no community is left behind.

As the world looks ahead to Belem, COP29's legacy will be measured by the tangible benefits it delivers to vulnerable nations and the planet at large.