COP29: Was it a success for global climate action?
COP29 finally came to a close on Sunday 24th November 2024, after two weeks of intense discussions. In this article we explain what outcomes have been agreed from the climate summit, and whether COP29 was a success.
What were the main outcomes from COP29?
$300 billion a year in climate finance by 2035
Named the ‘finance COP’, COP29 ended with delegates agreeing to triple climate finance contributions to $300 billion a year by 2035. At the last minute, a roadmap showing how contributions would be scaled up to $1.3 trillion was added into the proposal, but without much detail showing where this money would come from.
Climate finance isn’t charity – it’s justice. Small islands and developing countries account for a very small percentage annual carbon emissions, yet are the most affected by global warming, rising sea levels and extreme weather.
They need to be adequately supported to adapt to the changing climate, recover from extreme weather events and transition to renewable energy – and the WWF argues that $300 billion a year falls woefully short of what is truly needed.
“It is unacceptable for COP29 to not send a strong message on the need to cut emissions and phase out fossil fuels, backed up by adequate finance.” Fernanda Carvalho, WWF Global Climate and Energy Policy Lead
COP continues to give a voice to countries most affected by climate breakdown
This year’s COP was notably missing leaders from several G20 countries, including the USA, China, Germany and India. Some say it proved to be an exercise in greenwashing, as it was used by oil empires to make fossil fuel deals, including the Chief Executive of Azerbaijan’s COP team.
But despite the greenwashing – COP is still one of the best forums for small and developing nations to get their voices heard. In fact, several leaders from island nations stormed out of the talks when a deal of $250 billion for climate finance was put forward – as it was so far away from the sum they need to adapt to climate change. As a result of their presence and persistence, the figure was increased to $300 billion.
There’s been a global agreement on carbon markets
On the first day of COP29, countries agreed on rules to create a central system for trading carbon credits.
Carbon credits put a cost on carbon, therefore incentivising businesses and countries to reduce their greenhouse gas emissions, invest in cleaner technologies and offset their emissions through verified projects.
This agreement aims to make carbon credits more transparent and credible, and to avoiding double-counting. Its ultimate goal is to channel more investments into emission reduction projects in developing countries, creating jobs and economic growth.
The private sector turned out in force
While some world leaders failed to attend the summit, COP29 saw a large increase in delegates from the private sector.
These private sector delegates engaged in important discussions about how they can fill gaps in financing and ambition for climate action. This broader participation highlights the growing recognition of the role that businesses have in addressing climate change – particularly with an upcoming Trump presidency.
Last year’s climate commitments have been weakened
At COP28 last year, a landmark commitment was made to transition away from fossil fuels to avoid the worst impacts of climate change. This year, no references to this were made in the final texts – showing a weakening of last year’s important commitments.
This was an area in which the UK showed climate leadership – with our commitment to cut emissions by 81% compared with 1990 levels unveiled at the climate summit.
“We need to see progress and follow up on the transition away from fossil fuels that we agreed last year. We have been asked to forget all about that at this COP, as though we are not in a critical decade and as though the 1.5C limit is not in peril.”
Samoa’s minister of natural resources and environment Toeolesulusulu Cedric Schuster
So, was COP29 a success?
COP29 was a very mixed bag. It was missing the ambition and world leadership seen at previous summits; it was clouded by uncertainty over what support, if any, would come from the USA during Trump’s presidency, and it was used by fossil fuel lobbyists to strike deals.
However, some important progress was made – including agreement on a centralised carbon market and an improved climate finance deal.
Despite the greenwashing, COP summits have achieved a huge amount in 30 years – albeit too slowly. They remain one of the best ways to make global progress on combatting climate change.
