The extended main negotiations at COP 29 descended into near farce as oil & gas-producing nations refused to budge on fossil fuel transition and poorer, more vulnerable nations claimed the record $300 billion deal agreed falls way short of what is required to combat climate change.
However the global community still managed some significant steps forward on the sidelines in Baku. I’ve summarized a few of them below:
New deal makes international carbon trading a reality
Negotiators agreed on global standards for the carbon market, expanding the options available for international carbon credit trading.
While countries are already able to trade carbon credits bilaterally, the new standards mean they can now also trade them via a United Nations-backed carbon market.
It is hoped that the mechanism will help to incentivize developing countries to earn carbon credits through reducing fossil fuel dependency.
COP29 Lead Negotiator Yalchin Rafiyev described the trading mechanism as a “game-changing tool to direct resources to the developing world.”
More than 50 countries sign UN sustainable tourism declaration
More than 50 countries signed the UN’s declaration on Enhanced Climate Action on Tourism, pledging to take tourism into account when devising emissions reduction policies.
Tourism is responsible for 8.8% of global greenhouse emissions and accounts for 3% of global GDP. The economies of many developing countries, including some of those most vulnerable to climate change, rely heavily on income from tourism.
World Sustainable Hospitality Alliance, a hotel industry body representing 55,000 hotels including Accor, Hilton, and Marriott locations, also presented a framework for collecting data on emissions and resource consumption across the sector.
UK pledges 81% reduction in carbon emissions by 2035
The United Kingdom announced that it will aim to cut emissions by 81% by 2035 compared to 1990 levels.
All signatories to the 2015 Paris Agreement are required to set more ambitious climate targets by February 2025 at the latest. Not every country has publicized its goals yet but the UK’s is the most ambitious of those revealed so far.
“The race is on for the clean energy jobs of the future, the economy of tomorrow, and I don’t want to be in the middle of the pack – I want to get ahead of the game,” said UK Prime Minister, Keir Starmer.
The interim chair of the UK’s independent climate change committee, Piers Forster, welcomed the plans, saying that his organization’s analysis “shows that this is a feasible target that will support jobs and investment.”
Multilateral development banks boost climate finance
A group of ten Multilateral development banks (MDBs) announced plans to boost climate finance for low- and middle-income countries to $120 billion per year by 2030.
This includes $42 billion for adaptation to extreme weather (a 70% increase on the 2023 number). The MDBs also aim to attract $65 billion in private investment.
In a joint statement, the group said they “are focused on amplifying our catalytic effect by enhancing the results and impact of our financing, deepening engagement with countries through platforms, supporting clients’ climate ambitions, and increasing private sector mobilization.”
UN Refugee Agency launches Refugees for Climate Action network
The UN Refugee Agency, UNHCR, launched the Refugees for Climate Action network, which will support refugees and people displaced by the effects of conflict and climate change.
UNHCR will provide members of the group with training opportunities and help them develop advocacy skills to ensure that their voices are heard at key climate summits and conferences in the future.
“For us, climate change is not an abstract threat,” said group member and founder of the Asia Pacific Network for Refugees, Najeeba Wazefadost. “It is a daily fight for survival, stability and dignity. We urge leaders to listen to our stories and to take decisive action that includes us, supports our resilience and empowers refugee-led solutions.”