COP29 – What happened in week one?

The 29th Conference of the Parties (COP29) is well underway in Baku, Azerbaijan, and has already seen significant developments in global climate negotiations. This year’s summit brings together leaders, negotiators, and climate experts to address pressing issues, including updating Nationally Determined Contributions (NDCs), advancing carbon market mechanisms, and funding for climate adaptation and loss and damage. The summit also has the gloomy backdrop of the recent re-election of Donald Trump that will likely result in slowed global progress and the US once again withdrawing from the Paris Agreement. 

Here is a list of some of the main headlines out of COP29 so far…

Key Highlights & Low Lights from COP29

Breakthrough in Carbon Markets – An early session at the conference achieved a landmark agreement for international carbon markets under Article 6.4 of the Paris Agreement. These markets will allow countries to trade carbon credits to meet emission reduction targets, potentially unlocking billions in climate finance for developing nations. This decision marks a culmination of over a decade of negotiations and is expected to make climate action more cost-effective and inclusive. 

Updated National Climate Commitments (NDCs) – Countries must submit their new set of National Climate Commitments (NDCs) by 2025 and in time for COP30 in Brazil. These next-generation NDCs are expected to incorporate stronger short-term (2030) and mid-term (2035) targets, crucial for keeping global warming within the 1.5°C threshold. In a positive signal from the new government, Prime Minister Kier Starmer announced the UK’s next NDCs which include an ambitious target of reducing emissions by 81% compared to 1990 levels by 2035. The interim chair of the CCC, Professor Piers Forster has however added that “A target is only as meaningful as the delivery against it.”

Funding for loss and damage – Progress has been made on operationalising the Loss and Damage Fund established at COP28. COP29 has finalised agreements on hosting and trustee arrangements, ensuring that funds will begin flowing to vulnerable nations by 2025. However, current pledges fall significantly short of the estimated $580 billion needed annually by 2030 to address loss and damage globally. 

Methane emissions targets – with methane having a much higher Global Warming Potential than carbon dioxide, it is important to reduce emissions as quickly as possible. The scientific consensus shows that doing so can buy us back 0.5 degrees of warming.   A high-level summit on methane emissions, co-hosted by the United States and China, underscored the need for urgent action to curb this potent greenhouse gas and discussions are taking place to come to an agreement. 

Argentina’s delegation withdraws – the country’s 80-strong delegation was ordered to leave the climate summit by their far-right populist President Javier Milei. Melei has dismissed the climate crisis as a “socialist lie” and this reflects an ideological shift in Argentina’s climate policy. Argentina has one of the highest per capita CO2 emissions in Latin America and is ranked as the 31st highest in the world. It is a major blow to see them walk away, especially as the neighbouring country of Brazil will host COP30 next year. 

COPs no longer fit for purpose? – a group of influential climate policy experts, including Ban Ki-moon and Christiana Figueres, has called for reforms to UN climate summits, emphasising stricter fossil fuel lobbying rules and hosting only in nations with strong climate action. They argue the current COPs are ineffective, requiring a shift from negotiation to implementation.

The results so far at COP29 have been a mixed bag but there is still hope. The success of any of these measures will depend on their swift implementation and the ambition reflected in updated NDCs. The coming days will be pivotal as negotiators work to close gaps and ensure tangible outcomes for global climate resilience.

If you’d like to explore partnership opportunities for this conference including exhibiting, workshops, and more, information can be found here.