UN Climate Change Conference, COP29 conducted at Baku in Azerbaijan

The 29th Conference of the Parties to the United Nations (UN) Framework Convention on Climate Change (UNFCCC COP29) took place in Baku, Azerbaijan from 11th to 22nd November 2024.UN Climate Change Executive Secretary Simon Stiell inaugurated COP29.

• COP29 saw the participation nearly 200 countries with the event particularly focusing on climate finance.
• The event also included the 19th meeting of the COP serving as the Meeting of the Parties to the Kyoto Protocol (CMP 19), and the 6th meeting of the COP serving as the Meeting of the Parties to the Paris Agreement (CMA 6) with an aim to complete first enhanced transparency framework and the new collective quantified goal on finance, among other matters.
• The 61st sessions of the Subsidiary Body for Scientific and Technological Advice (SBSTA 61) and the Subsidiary Body for Implementation (SBI 61) will also be conducted alongside the event.
• Azerbaijan already launched the Climate Finance Action Fund (CFAF) during COP29 to support climate action in developing countries.

Baku Finance Goal (BFG)

• The COP29 Presidency of Azerbaijan announced that the Baku Finance Goal (BFG) to send USD 1.3 trillion in climate finance every year to developing countries, much higher than the previous USD 100 billion goal. This will help boost global investment.
• The goal also asks developed countries to provide at least $300 billion per year to developing countries by 2035.

India to push for accountability, fair financing, green credit at COP29:

India focused on accountability, green credit, fair financing, and achievable climate goals for its developing economy at CoP29.

• India aimed to ensure accountability for climate finance, boost resilience for vulnerable communities, and advocate fair energy transitions of developed nations .
• Promoted the “Lifestyle for Environment” (LiFE) initiative, encouraging sustainable practices as a shared responsibility.

India’s National Statement at COP29

• Union Minister Kirti Vardhan Singh delivers India’s National Statement at the High-level Segment of the CoP29.
• India’s renewable energy capacity has almost tripled since 2014 and is set to achieve the 500 gigawatts target by 2030.

Click here for – India to host side events in partnership with UN at COP29

COP29 adopts establishment of global carbon market under Article 6:

i.COP29 adopts new operational standards for global carbon market under Paris Agreement Article 6 to enhance international collaboration for reducing carbon emissions.

ii.It offers two ways for countries and companies to trade carbon offsets, supporting the achievement of emission reduction targets mentioned in their climate action plans, or nationally determined contributions (NDCs).

• The first option, known as Article 6.2, that allows two countries to establish a bilateral carbon trading agreement under their own terms.
• The second, Article 6.4, will setup a centralised, UN-managed system to enable both countries and companies to offset and trade carbon emissions.Supervisory Body of Article 6.4, will create essential standards covering carbon removal projects and methodology guidance.

Highlights of Important Events at CoP29

Taliban Authorities to Represent Afghanistan at UNFCCC for the First Time

i.A delegation from Afghanistan has been invited to the COP29 for the first time since the Taliban takeover in 2021.Afghanistan is ranked as the country sixth most vulnerable to climate change

ii.The Afghan delegates (members of the National Environmental Protection Agency (NEPA)) cannot participate in decision-making events and will have an observer status as it is not recognized as the official government of Afghanistan due to its repressive policies.

Saudi Arabia launches first carbon credit exchange at COP29:

Saudi Arabia, has launched its first carbon credit exchange at the COP 29 on 12th November 2024.

• It is managed by the Regional Voluntary Carbon Market Company (RVCMC), the platform which is designed to strengthen the voluntary carbon market as the country aims for economic diversification under its Vision 2030 plan.
• RVCMC is backed by Saudi Arabia’s Public Investment Fund (PIF) (80%) and the Saudi Tadawul Group (20%) and provides investment in renewables, including solar projects, to achieve carbon neutrality by 2060.

World’s top banks pledge USD120 billion aid for poorer countries:

i.The world’s largest multilateral development banks (MDBs) announced an ambitious new climate finance goal at COP29, pledging to increase funding for low- and middle-income countries to USD 120 billion annually by 2030.

• This will strengthen efforts to combat climate change, particularly in the most vulnerable regions.

ii.The target was increased from the USD 75 billion in 2023 and the USD 60.9 billion raised in 2022. An amount of USD 42 billion has been allocated specifically for adaptation efforts.

• The group of 10 multilateral development banks (MDBs) aim to provide an additional USD 65 billion from private investors.
• The group of 10 multilateral development banks reaffirmed the goal of limiting global warming to 1.5°C (2.7°F) above pre-industrial levels by 2050, reflecting a more than 60% increase in their commitment.

2024 on track to be warmest year on record, reports WMO at COP-29:

i.The World Meteorological Organisation (WMO) State of the Climate 2024 Update highlighted that

• 2015-2024 period will be the warmest ten years on record.
• 2024 is on track to become the hottest year on record, potentially the first year to surpass the 1.5°C temperature increase over the preindustrial average.
• The global temperature anomaly for January-October 2024 is 1.62°C, with October at 1.65°C above pre-industrial levels.
• October 2024 recorded the second-highest sea surface temperatures after the September 2023, particularly in tropical and subtropical regions.

Fossil emissions to hit record this year, India’s share to rise: Report

A new report from the Global Carbon Project revealed during the CoP29 ,Global fossil fuel emissions are expected to reach a record 37.4 billion tonnes in 2024, a 0.8% increase from 2023.

i.CO2 emissions are projected to rise from 40.6 billion tonnes in 2023 to 41.6 billion tonnes in 2024, making 2024 the hottest year ever recorded.

ii.India’s emissions are forecasted to rise by 4.6% in 2024, after a 6.1% surge in 2023, contributing 8% of global emissions.

Iii.Coal emissions are predicted to rise by 0.2%, oil by 0.9%, and gas by 2.4%.

First draft at Baku sets 2030 goal of USD 5 trillion for climate action:

The negotiators at COP29 presented a revised draft of the latest version of the ‘New Collective Quantified Goal on Climate Finance’ (NCQG) to limit global warming to below 2°C from pre-industrial levels.

• The draft notes that developing countries need an estimated USD 5–6.9 trillion per year until 2030 for their NDCs and around USD 4 trillion annually to invest in renewable energy to achieve net-zero emissions by 2050. A global shift to a low-carbon economy is expected to need investments of at least USD 4–6 trillion per year.

Corals in crises: Almost half of all species at risk of extinction, finds IUCN:

The latest global analysis by the International Union for Conservation of Nature (IUCN) has revealed that 44% of reef-building coral species are now at risk of extinction which has increased from 33% in 2008.

• Among these species, 56 are categorised as vulnerable (15%), 251 as endangered (67%) and 33 as critically endangered (9% ), including notable species such as the Staghorn coral (Acropora cervicornis) and Elkhorn coral (Acropora palmata).

EDMCs require climate investments of USD 2.3-2.5 trillion annually by 2030: Report

i.According to the third report of the Independent High-Level Expert Group on Climate Finance, Emerging Market and Developing Countries (EMDCs), excluding China, need USD 2.3-2.5 trillion annually for climate action by 2030.

Climate Investment Breakdown (USD 2.4 trillion by 2030):

• USD 1.6 trillion for clean energy transition
• USD 0.25 trillion each for adaptation & resilience, and loss & damage
• USD 0.3 trillion for natural capital & sustainable agriculture
• USD 0.04 trillion for a just transition

ii.By 2035, EMDCs (excluding China) need USD 3.1-3.5 trillion annually.

• Global investment needs : USD 6.3-6.7 trillion/year by 2030; USD 7-8.1 trillion/year by 2035.
• Advanced economies: USD 2.7-2.8 trillion/year by 2030; USD 2.6-3.1 trillion/year by 2035.

UNDP Launches 1.5° PACT Programme to Mobilize Financial Institutions:

i.UNDP’s Financial Centres for Sustainability (FC4S) launched its 1.5° Partnership for Action on Climate Transition (PACT) programme to mobilize financial institutions in providing support to Nationally Determined Contributions (NDCs) aligned with the 1.5°C target.

• The UNDP’s Financial Centres for Sustainability (FC4S) Network is a global network of 44 financial centres, working together to achieve the objectives set by the 2030 Agenda and the Paris Agreement. FC4S is hosted by UNDP’s Sustainable Finance Hub.

COP29: Baku Call launched on Climate Action for Peace, Relief, and Recovery:

i.The COP29 Presidency launched the Baku Call on Climate Action for Peace, Relief, and Recovery (BCCAP), a aimed at addressing the urgent need of climate change, conflict, and humanitarian needs.

• The Call was launched by Azerbaijani Minister of Foreign Affairs Jeyhun Bayramov at the High-level panel titled “Climate and Peace: Enabling Joint Action to Leave No One Behind” of inaugurating the COP29 Peace, Relief, and Recovery Day.
• This initiative responds to the growing adverse effects of climate change such as water scarcity, food insecurity, land degradation and human displacement .

UAE launches Alliance at COP29:

i.The United Arab Emirates (UAE) has launched the “Global Energy Efficiency Alliance” during COP29 with an aim to double global energy efficiency rates by 2030 and contribute to significant emission reductions.

• The initiative builds on the ‘UAE Consensus’ from COP28, to reduce carbon emissions and promote sustainable resource management.

UAE announces world’s first ChatGPT tool for agricultural community:

Mariam bin Mohammed Saeed Hareb Almheiri, head of the international affairs office in the UAE Presidential Court, has announced that the UAE is developing the world’s first ChatGPT tool for the agricultural community.

• It is called as “CHAG” (for Chat + Ag) and fully accessible, it will draw on 50+ years of research data and has come through the UAE’s expertise in the Artificial Intelligence (AI) revolution.

ADB increases climate finance after U.S., Japan :

The Asian Development Bank (ADB) raises its climate-related lending by USD 7.2 billion, supported by the first-ever sovereign guarantees for climate finance from the United States(US) (USD 1 billion) and Japan (USD 600 million).

• The ADB targets USD 100 billion in cumulative climate finance by 2030, with USD 9.8 billion lent in 2023.

Portable X-ray device, TB diagnostic platform donated to Azerbaijan Health Ministry:

Molbio Diagnostics has contributed a donation of their TB screening and diagnostic solution to the Ministry of Health of Azerbaijan to combat tuberculosis (TB) with a focus on climate change.

• The donation was facilitated by STOP TB Partnership, a Geneva, Switzerland-based organisation.
• The donated package includes the Prorad ATLAS Ultraportable X-ray and Truenat rapid molecular diagnostics platforms,and Truelux solar charging station.

India, Italy announces five-year strategic action plan :

India and Italy launched a five-year strategic action plan outlining specific initiatives in key sectors after talks between PM Modi and Italian PM Giorgia Meloni.

• The plan focuses on 10 key sectors, including defence, trade, clean energy, connectivity, economic ties, energy transition, and people-to-people exchanges.
• This was their 5th meeting in two years, with the last one held in June at the G7 summit in Puglia, Italy.

Only 1% methane emissions alerts to governments and companies have received responses: UNEP

i.According to the United Nations Environment Programme (UNEP) report launched at the COP29, only over 1% of governments and companies have responded to methane alter leaks from around the world.The Global Methane Pledge, launched at COP26 in November 2021, aims to reduce methane emissions by 30% by 2030.

• The report showed that so far, 20 countries have appointed dedicated focal points to collaborate directly with UNEP on Methane Alert and Response System (MARS),a satellite-driven notifications on very large methane emissions. .
• The top three countries that received the most alerts include Turkmenistan, US and Iran. India stood at the 12th spot, with 19 alters issued.

Over 1,700 fossil fuel lobbyists given access to COP29:

Over 1,700 fossil fuel lobbyists have gained access to COP29, surpassing almost every country delegation. With 1,773 registered participants, only Azerbaijan (2,229), Brazil (1,914), and Türkiye (1,862) have larger delegations.

• Among the lobbyists, 24 are from India, including 17 from Federation of Indian Chambers of Commerce and Industry (FICCI), 3 from Confederation of India Industry (CII) , and 4 from various NGOs.
• The International Emissions Trading Association (IETA) with 43 delegates) and World Business Council for Sustainable Development (WBCSD) with 27 delegates are among the top trade associations attending, representing the fossil fuel industry.

Note– Lobbyists are individuals or groups who try to influence decisions made by government officials or organizations, usually on behalf of a particular industry, cause, or interest.

Climate Club launches Global Matchmaking Platform at COP29:

i.United Nations Industrial Development Organization (UNIDO) and the Climate Club launched the Global Matchmaking Platform (GMP) to accelerate decarbonisation in heavy-emitting industries. The event highlighted a yearly funding gap of USD 125 billion needed to achieve net zero emissions.

• Its activities are also supported by the Climate Club interim Secretariat jointly hosted by the Organisation for Economic Co-operation and Development (OECD) and the International Energy Agency (IEA).
• Non-state parties included UNIDO, World Bank, Climate Investment Funds (CIF), and German Agency for International Cooperation (GIZ) who will act as delivery partners.

2025 UNFCCC COP 30 will be held in Belém, Brazil:

i.The 2025 UN Climate Change Conference (UNFCCC COP 30) will be held from 10th to 21st November 2025 in Belém, Brazil.

• It will include the 30th session of the Conference of the Parties (COP 30), the 20tth meeting of the COP serving as the Meeting of the Parties to the Kyoto Protocol (CMP 20), and the 7th meeting of the COP serving as the Meeting of the Parties to the Paris Agreement (CMA 7).
• 63rd session of the Subsidiary Body for Scientific and Technological Advice (SBSTA 63) and the Subsidiary Body for Implementation (SBI 63) will also be conducted.

About United Nations Framework Convention on Climate Change (UNFCCC)
Executive Secretary – Simon Stell
Headquarters– Bonn Germany
Founded – 1992
Members – 198