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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Contents<\/p>\n
1. Climate finance<\/p>\n
2. Carbon markets<\/p>\n
3. The role of courts in climate disputes<\/p>\n
4. The UK's leadership role at COP29<\/p>\n
5. What awaits us next?<\/p>\n
1. Climate finance<\/strong><\/p>\n 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.<\/p>\n 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.<\/p>\n 2. Carbon markets<\/strong><\/p>\n 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.<\/p>\n 3. The role of courts in climate disputes<\/strong><\/p>\n 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.<\/p>\n 4. The UK's leadership role at COP29<\/strong><\/p>\n 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.<\/p>\n 5. What awaits us next?<\/strong><\/p>\n COP30 will be held next year in Bel\u00e9m, 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<\/strong><\/em><\/p>","protected":false},"excerpt":{"rendered":" At our last update 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, the new collective quantified climate finance target (NCQG) was unveiled on Sunday after the official conclusion, underscoring the intensity of the final discussions and [\u2026]<\/p>","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17],"tags":[],"class_list":["post-32537","post","type-post","status-publish","format-standard","hentry","category-cop28-cop29-cop30-cop31"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/posts\/32537","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/comments?post=32537"}],"version-history":[{"count":0,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/posts\/32537\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/media?parent=32537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/categories?post=32537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/tags?post=32537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}