The global community is facing a critical debate about the future of climate finance, with the initiative known as the "A Roadmap from Baku to Belém to $1.3 Trillion"This road map, which (viac…)

Preparations for the COP30 climate conference in Belém are in full swing, but despite the extensive agenda and many discussion points, one key factor in the climate crisis seems to be (viac…)

At the recent COP30 conference in Brazil, the event's president sent a clear message: It's time to stop talking about climate goals and start taking action. According to him, it is no longer enough to just (viac…)

Amid tensions in the West over cuts in development funding and deteriorating US relations with its allies, Brazilian President André Aranha Corrêa do Lago defended multilateralism and the legacy of the UN climate talks in his first speech at the COP30 climate summit.

Corrêa do Lago expressed hope that Brazil would provide a “decisive impetus” in safeguarding the thirty-year institutional legacy and accelerating the implementation of the Paris Agreement. He stressed the need for deep, rapid and sustained cooperation between countries for future progress.

His words took on significance given the US withdrawal from the climate agreement under Donald Trump, its support for fossil fuels and its refusal to provide expected climate finance. The EU's Copernicus reported that February 2025 was the third warmest on record, with an average temperature of 1.59°C above pre-industrial levels and historically low sea ice.

Despite calls for international unity, developing countries complained about insufficient aid at COP30. The G77 group called on rich countries to increase funding. Last year's COP29 pledged rich countries at least $300 billion a year by 2035, a pledge that developing countries see as inadequate.

Simon Stiell, head of the UN climate change department, has stressed the need to increase global climate finance for developing countries. The rift between rich and poor countries continues, with Australia and the EU calling for a greater contribution from private finance rather than government finance.

At COP30, countries will try to mobilize $1.3 trillion a year by 2035. The transition away from fossil fuels was also discussed, but commitments remain unclear. Brazil faces criticism for pushing for oil extraction in the Amazon.

China and other developing countries have called on developed nations to raise climate targets and ensure a just transition without compromising economic growth and access to energy. Countries are due to deliver their nationally determined emission reduction pledges (NDCs) ahead of COP30, with Brazil, the US and Japan already submitting their plans. JaroR 

Overview of climate events scheduled for 2025. The list includes an extensive selection of conferences, summits and forums, focused on sustainable development, ocean protection and addressing climate change. The most significant include COP30 in Brazil and various UN meetings. Events are diverse, from high-level summits to youth-focused initiatives.

• February 5: ECOSOC Partnership Forum, UN Headquarters, New York, USA
• March 5-7: World Summit on Sustainable Development, New Delhi, India
• March 12-13: 12th World Ocean Summit and Exhibition, Tokyo, Japan
• March 12-13: United Nations Development Cooperation Forum, UN Headquarters, New York, USA
• March 12-13: Global Forum for Sustainable Energy for All, Bridgetown, Barbados
• April 2nd - 5th: Global Youth Climate Summit, Belo Horizonte, Minas Gerais, Brazil
• April 15-17: ECOSOC Youth Forum, UN Headquarters, New York, USA
• April 30 – May 1: Future Days 2025, Lisbon, Portugal
• May 21-23: Funding for a Feminist Future, Madrid, Spain
• May 26th – 30th: IMFN Global Forum 2025, Kemptville, ON, Canada
• June 9th – 13th: UN Ocean Conference 2025, Nice, France
• June 16th – 26th: UN Climate Change Conference in Bonn 2025, Bonn, Germany
• July 14th – 23rd: High-Level Forum on Sustainable Development 2025, UN Headquarters, New York, USA
• September 10-11: 13th International Conference on Sustainable Development, Rome, Italy
• October 9th – 15th: IUCN World Conservation Congress, Abu Dhabi, UAE
• October 12th – 14th: World Health Summit 2025, Berlin, Germany (and online)
• October 20th – 24th: 6th World Congress on Agroforestry, Kigali, Rwanda
• November 4th - 6th: Second World Summit on Social Development, Doha, Qatar
• November 10th - 21st: UN Climate Change Conference (COP30), Belém, Brazil

COP29, often referred to as the “finance COP”, took place in 2024 and its main focus was on creating and agreeing on climate finance mechanisms. The two main outcomes of this conference are:

1. Agreement on a new collective quantified target on finance (NCQG)

2. Launching an international carbon trading system under the supervision of the UN under Article 6 of the Paris Agreement

Climate finance agreement

COP29 was the culmination of three years of negotiations on the NCQG. The agreed target sets the foundation for climate finance beyond 2025. A key decision is to triple the annual financing target from the current $100 billion to $300 billion by 2035. Developed countries will take the lead in mobilizing the necessary resources. A target of $1.3 trillion per year for developing countries by 2035 is also included, but this target is not legally binding.

Many developing countries are rejecting more debt for climate action, instead demanding grants and concessional loans. For the first time, voluntary contributions from developing countries are being formally recognized, opening the door for countries like China to take a more active role in UN climate negotiations.

Making carbon markets operational

After nine years of negotiations, parties at COP29 agreed on rules for an international carbon trading system under Article 6 of the Paris Agreement. The system allows countries to trade credits for reducing emissions, which is intended to incentivize investment in emission reduction projects and promote sustainable development.

The agreement stipulates that countries can start developing their national carbon markets and facilitate international trading. The carbon market should be an effective tool to persuade countries to reduce emissions and promote sustainable development.

Successes and failures of COP29

The conference was judged on four criteria: NCQG, new and ambitious NDCs, agreement on Article 6, and loss and damage.

1. A new collective quantified target in the field of finance

– The NCQG agreement is considered a relative success, although it only “calls” on countries to meet the $1.3 trillion target and imposes obligations for only partial mobilisation of finance.

2. New and ambitious NDCs

– Several countries, including Brazil, the United Arab Emirates and the United Kingdom, announced new NDCs during the conference, putting pressure on other countries. However, the failure of the Global Stocktaking (GST) negotiations remains a challenge.

3. Agreement on Article 6

– The agreement reached on carbon markets was considered one of the main achievements of COP29.

4. Loss and damage

– Little progress has been made on the issue of compensation for losses and damages, which is likely to be a source of conflict in future negotiations.

5. Blocking negotiations

– Despite agreements on key issues of NCQG and Article 6, other negotiations such as GST outcomes and financial issues have been postponed.

Outlook for COP30

Brazil will host COP30 in November 2025, where several key developments are expected:

1. NDC

– Countries are due to submit new NDCs by the end of February 2025. These represent a plan for how countries will contribute to climate goals.

2. Climate finance

– The “Roadmap from Baku to Belém” will identify concrete steps to achieve the $1.3 trillion goal.

3. Article 6

– The first year of operation of the carbon market under Article 6 is expected to bring key lessons and testing of the new rules.

4. Advisory Opinion of the International Court of Justice

– The opinion will provide guidance on the obligations of states in relation to climate change.

5. Reform of multilateral development banks

– The need for reform to ensure more effective climate finance.

6. COP30 organization

– Brazil is trying to use the rainforest symbolism of Belem to focus on diplomatic cooperation. Calls for more ambitious NDCs are likely to be launched at the upcoming COP. Co2AI

When we last updated on COP29, we were still waiting for results on several key areas, including a major climate finance agreement. While it is common for COPs to extend their negotiations, a new collective quantified climate finance goal (NCQG) was only unveiled on Sunday after the official conclusion, highlighting the intensity of the final discussions and the challenge of establishing a generally acceptable amount of financing.

The final pledge of $300 billion a year from developed countries falls well short of the expectations of developing countries and raises questions about its ambition in the context of the Paris Agreement. However, as UN Secretary-General Antonio Guterres has said, while we may have expected more from the finance and mitigation front, the agreement provides a foundation for further development.

This briefing details the NCQG and other significant topics from COP29, including an international agreement on carbon markets, the role of courts in climate disputes, and the UK's efforts to strengthen its position as a leader on climate change.

Contents

1. Climate finance

2. Carbon markets

3. The role of courts in climate disputes

4. The UK's leadership role at COP29

5. What awaits us next?

1. Climate finance

A central point at COP29 was the approval of the NCQG, which will replace the older target of $100 billion from 2009. The NCQG text calls for developed countries to provide at least $300 billion annually to developing countries by 2035. While this pledge exceeds the original proposal of $250 billion, it still falls short of the $500 billion minimum funding target.

The statement suggests that the required financing should come from a variety of public and private sources, creating investment opportunities to support the green transition, especially if loans and grants do not reach the expected $1.3 trillion by 2035.

2. Carbon markets

Progress on carbon markets at COP29 included the adoption of international standards for a global carbon market, and improving the integrity of carbon credits, providing greater certainty for investment.

3. The role of courts in climate disputes

COP29 addressed the growing importance of courts in resolving climate disputes. Discussions focused on the role of the judiciary in enforcing climate action and legal claims arising from environmental rights.

4. The UK's leadership role at COP29

The UK has focused on taking a leading role in the green transition at COP29, introducing ambitious emissions reduction targets. The nuclear deal with the US is also part of its wider strategy.

5. What awaits us next?

COP30 will be held next year in Belém, Brazil, where all parties to the Paris Agreement are expected to present updated NDCs. The task will be to achieve international consensus on the measures needed to address climate change. Spring

After two weeks of intense negotiations, delegates at COP29, formally the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), agreed to provide these funds annually, with an overall climate financing goal of "at least $1.3 trillion" by in 2035".

Countries also agreed on the rules of a UN-backed global carbon market. This market will facilitate the trading of carbon credits and encourage countries to reduce emissions and invest in climate-friendly projects. (More on news.un.org)

The United Kingdom, Brazil and the United Arab Emirates have announced NDC targets to 2035 that set a high bar for ambition. GZERO countries Bhutan, Madagascar, Panama and Suriname have already achieved net zero greenhouse gas emissions. Canada, Chile, European Union, Georgia, Mexico, Norway and Switzerland aim to submit additional NDCs which are:

• In line with IPCC emission trajectories and global assessments, they require deep, rapid and sustained reductions in greenhouse gas emissions in line with 1.5°C;
• Absolute economy-wide emission reduction targets covering all greenhouse gases, sectors and categories; a
• Aligned with a sharp and credible reduction in emissions towards their net zero targets by mid-century, consistent with a linear or steeper trajectory.

Together, we recognize the urgent need for action to address the climate crisis and the critical role of major emitters in putting the world on the 1.5°C path. We are committed to meeting the goals of the Paris Agreement and keeping 1.5°C within reach, and we recognize the significant economic imperatives and opportunities for strong climate action. (More on climate.ec.europa.eu)

Record high emissions of greenhouse gases from power plants, cars and boilers burning fossil fuels mean our planet is warming faster than at any time in half a billion years. This temperature spike appears to be accelerating further in 2023 and 2024, threatening sudden changes in the Earth system – such as the collapse of the Amazon rainforest – that could change our world. (By Jack Marley, The Conversation, more at phys.org)

The COP29 Presidency recently launched the Declaration on Reducing Methane from Organic Waste and the Baku Harmoniya Climate Farmers Initiative.

• The Declaration builds on the work of previous COPs by supporting the implementation of the Global Methane Pledge (GMP) by 2021, which was launched at COP26.

On the reduction of methane from the declaration of organic waste

• The signatories declared their commitment to set sectoral targets to reduce methane from organic waste in future NDCs and to establish policies and roadmaps to meet sectoral methane targets.
  • Organic waste is the third largest source of anthropogenic methane emissions after agriculture and fossil fuels.
• It was developed in collaboration with the Climate and Clean Air Coalition (CCAC) convened by UNEP.
  • CCAC is a voluntary partnership established in 2012 to reduce short-lived climate pollutants (SLCPs) such as methane, black carbon, HFCs and tropospheric ozone.
• Signatories: 35 countries (India is not a signatory), accounting for 47 % of global methane emissions from organic waste.

About the Baku Harmoniya climate initiative for farmers

• This is a new aggregator platform launched by the Azerbaijani Presidency of COP29 with the UN FAO.
• Objective: Helping farmers navigate various programs to support the transformation of agri-food systems resilient to climate change, catalyze investments and empower farmers, especially women and youth.
• It will be hosted by FAO as part of the Food and Agriculture Partnership for Sustainable Transformation (FAST).
  • FAST is a multi-stakeholder platform based on COP27 (2022) working to strengthen the quantity and quality of climate finance in agri-food systems for the most vulnerable groups.

As climate change worsens, the 29th annual UN Climate Conference, aka COP29, taking place from 11 to 22 November 2024 in Baku, Azerbaijan, is a key chance to increase global efforts to tackle the problem. As the world experiences severe weather events and record high emissions, the summit will focus on important topics such as climate finance, national targets and ways to tackle climate damage.

Nearly 200 countries will come together, and what happens here will shape international climate policies for years to come. Let's break down all the important details you should know about this crucial climate debate. (Jennifer L, more at carboncredits.com)

Since the Industrial Revolution, country after country has turned to fossil fuels to power transportation and industry. Now the bill is due. There are huge volumes of long-stored carbon in the atmosphere that are warming the planet. Climate disasters are becoming more frequent and worse.

But the pain of climate change is not shared fairly. Developing countries are worst off, despite emitting far fewer greenhouse gases. To date, two regions – Europe and North America – have contributed 60 % of total global emissions. This has made them much richer, but at a cost borne largely by those of us in the Global South.

That injustice will be in the spotlight this week when leaders and diplomats gather in Baku, Azerbaijan, for the annual UN climate talks. Climate finance is at the fore - specifically the vexed question of who pays. (Imraan Valodia, Julia Taylor and Katrina Lehmann-Grube, The Conversation)

Azerbaijan's presidency was expected to unveil one of its flagship — and most controversial — initiatives at COP29's "finance day": a new climate fund with money voluntarily contributed by countries and fossil fuel companies.

But the Climate Finance Action Fund (CFAF) has all but disappeared from the agenda. When asked by Climate Home about this, Azerbaijan's chief negotiator, Jalchin Rafiyev, cryptically said that the COP hosts had formed a working group to "develop a concept that would be feasible and acceptable" to donor countries. (More on limatechangenews.com)

World leaders offered conflicting views on how to tackle climate change at a UN-led meeting on Wednesday, as a new report warned the world must reach carbon neutrality much sooner than planned. Planet-warming carbon dioxide emissions from oil, gas and coal rose to a new record this year, according to preliminary research by the Global Carbon Project, an international network of scientists.

The news came as leaders gathered in Azerbaijan for the COP29 climate talks, aiming to reach an agreement to increase funding to help poorer countries adapt to climate shocks and transition to cleaner energy.

To keep the Paris Agreement's ambitious target of limiting warming to 1.5 degrees Celsius within sight, the world would now need to achieve net zero CO2 emissions, research has found _to the end of the 1930s - instead of 2050. (Laurent THOMET, more at phys.org)

The 29th UN Climate Change Conference (COP 29) will be held in Baku, Azerbaijan from 11 to 22 November 2024. This year, the EU pavilion will serve as an information and networking hub. We invite you to explore what the EU is doing at home and around the world to meet its climate commitments. Visit the pavilion and find out how the EU is driving change through policies, projects and international partnerships to protect the planet and its people. (More on climate.ec.europa.eu)

In connection with the UN climate summit (COP29), which is to be held from November 11 to 22 in Baku, Azerbaijan, the US presidential election is approaching. For now, the US delegation to the summit will be led by John Podesta, senior adviser on international climate policy. It is difficult to predict whether the United States will have its own climate envoy by the time COP30 takes place.

The US election is not the only puzzle of the summit. More worryingly, COP29 is divided on its obvious goal: climate finance.

The Baku COP is so focused on climate finance – and its new collective quantified goal (NCQG) – that it has been dubbed the “Finance COP”. According to the NCQG, wealthy member states determine their quantified contributions to the annual climate finance targets agreed upon after President Barack Obama's active intervention in 2009 at COP15 in Copenhagen, Denmark. Developed countries at COP15 agreed to contribute $100 billion annually by 2020. However, they did not fulfill this promise until 2022, and that too only twice. (Tarique Niazi, more at fpif.org)