From COP28 to COP29: Progress, Challenges, and Key Takeaways

28th November 2024

The journey from COP28 in Dubai to COP29 in Baku has been marked by both measurable progress and significant challenges. As global leaders, activists, and corporations converged in Azerbaijan, the stakes were clear: bridging the gaps left by COP28 and accelerating momentum toward the Paris Agreement’s goals. Here’s a breakdown of what has improved, where we’re still falling short, and the critical takeaways from COP29.

 

What’s Improved Since COP28?

 

  1. Carbon Markets Operationalised

One of the major strides since COP28 has been the finalisation of carbon market rules under Article 6 of the Paris Agreement. This system enables countries to trade carbon credits while prioritising transparency and environmental integrity. The goal is to drive investment into emissions reduction projects worldwide, with a particular focus on supporting developing nations​.

 

  1. Enhanced Climate Transparency

At COP29, the Enhanced Transparency Framework, introduced during COP28, saw full implementation. This framework ensures that countries provide detailed reports on their emissions and climate actions, offering a clear picture of global progress toward emission targets​.

 

  1. Boosting Climate Finance

While COP28 laid the groundwork with pledges to the Green Climate Fund and other adaptation funds, COP29 focused on scaling these commitments. Developed nations pledged a new annual target of $300 billion for developing countries by 2035, which triples the previously agreed goal of $100 billion dollars set in Paris back in 2015. Although this is still far from the trillions of dollars that are required to address the climate crisis effectively​.

 

  1. Adaptation and Resilience

Building on the Global Goal on Adaptation (GGA) framework established at COP28, COP29 brought further clarity to adaptation targets, emphasizing food security, water systems, and infrastructure. These measures aim to bolster resilience in vulnerable regions facing the impacts of climate change​.

 

  1. Loss and Damage Fund Expansion

The landmark Loss and Damage Fund introduced at COP28 saw additional pledges and operational advancements at COP29. This fund is designed to support countries already grappling with severe climate impacts. While symbolic of global solidarity, its financial resources remain inadequate​.

 

Challenges and Unmet Goals

Despite these advancements, many targets from COP28 remain unmet, underscoring the urgent need for bolder action:

 

  • Emission Reductions Lagging: The global community is off track to achieve the 43% emissions reduction by 2030, as outlined by the global stocktake at COP28​

 

  • Finance Gaps Persist: While climate finance pledges have increased, the scale of funding still falls short of what is required to support developing nations in their transition to clean energy and climate resilience​

 

  • Fossil Fuel Phase-Out Delays: Commitments to phase down unabated coal and eliminate inefficient fossil fuel subsidies remain insufficient. Resistance from some major emitters has slowed progress​

 

Key Takeaways from COP29

 

  1. Renewed Focus on Carbon Markets

The operationalisation of carbon trading frameworks provides a mechanism to channel finance into global emissions reduction projects. However, strict oversight is necessary to prevent greenwashing​.

 

  1. Financial Commitments Are Growing—But Not Fast Enough

The $300 billion climate finance target set for 2035 signals progress, but the gap between current funding and actual needs remains wide. Without the introduction of innovative financial mechanisms, the decarbonization of developing nations will remain elusive.

 

  1. Adaptation Gets a Clearer Framework

With new adaptation targets addressing water, food security, and health, COP29 emphasised resilience planning for the most climate-vulnerable regions. However, implementation depends heavily on the availability of adequate funding.

 

  1. Inclusivity and Collaboration

Building on COP28’s emphasis on inclusivity, COP29 highlighted the importance of empowering marginalised communities and engaging diverse stakeholders, from Indigenous Peoples to corporate leaders, in climate action​.

 

  1. Private Sector Accountability

The role of corporations was in the spotlight, with increased calls for sustainable practices, clean energy investments, and public-private partnerships to scale up climate solutions​.

 

Looking Ahead

COP29 demonstrated incremental progress but also exposed the gaps and barriers hindering global climate action. As the 2025 deadline for updated Nationally Determined Contributions (NDCs) looms, countries must double down on efforts to align with the 1.5°C target. Whether through transformative climate finance, rapid emission reductions, or robust adaptation measures, the global community must act with greater urgency.

COP29 serves as both a checkpoint and a reminder: the path to a sustainable future is within reach, but only if collective ambition translates into concrete action.

 

Sources