8 Key Outcomes from Baku’s UN COP 29, 2024
The fight
against climate change is fiercely on and BAKU was just another reminder that time is
running out! A two-week UN Climate summit (COP 29) just concluded in BAKU after
world leaders, investors and all sector- stakeholders meet to forge a
collective action and to underscore the urgency to scale up efforts against climate crisis. It
was small time of broad negotiations to set agreements that could strengthen
efforts while building on the achievements of the past climate commitments. Climate change is no longer a conspiracy theory,
it is an evident existential threat to the planet. The changing weather patterns
unfamiliar to farmers in my home village causing food shortage, deadly regular hurricanes
in the US, to unbearable heatwaves in Europe, disastrous bushfires in Australia,
increased climate displacement in India among many other devastating climate
related catastrophes are living evidences
that globe is at stake.
If
there was something clear in UNCOP 29, it is the recognition that global south
countries and their economies are at higher risks of climate crisis necessitating
discussions on how to step up financing for their climate policies. The summit
themed ‘Save today for tomorrow’ endeavoured to achieve climate adaptation and resilience,
innovative solutions to combat climate financing challenges, new determined contribution
and to finalize aims of Article 6 of
Paris Agreement. UN COP 29 negotiations and agreements sought to build on the
strides of COP 27 historic financing of global south, the USD 100B Loss and
Damage Fund and also the Cop28 ambition to fully transition from fossil and
fuel to clean energy.
After a two-week moment of intense negotiations, the following are the 8 vital outcomes that
came out of BAKU;
1) New
Climate Finance Goal.
Climate financing was the central focus of this
conference, as climate vulnerable nations escalated their worrying call for
increased support by developed countries. At the core of it, was the formerly known
as New Collective Quantified goal on climate Finance(NCQ) which was agreed upon
on COP 21 to be ready by year 2025. Finally, the agreement was decided, pledging
a triple financing of USD 300B up from USD 100B by 2035. This was disappointing
to the global south parties that aimed to secure $1.3Tr from developed countries.
But instead, negotiations settled on $1.3Tr by 2035. However, with reflection
of Donald Trump, the summit’s aim for increased climate financing was marred by
uncertainty owed to the reflection of Donald Trump, a climate change denier
hinting to withdraw the world’s biggest emitter from Paris Agreement.
2)Follow
–up of the Cop 28 global stocktake outcomes.
Tracking
of progress of the implementation of last year’s global stocktake outcome took centre
stage in the course of the summit. There were divisions among countries on how
and what should be focussed in the follow- up of last COP 28 global stocktake outcomes.
While COP 28 had established United Arabs Emirates dialogue on how to implement
and leaving other commitments to be discussed in future COPs, some parties were
determined that dialogues should focus
more on financing while some wanted the whole package of global stocktake, majorly
the commitment to transition clean energy from fossil fuel in order stagnate global
warming at 1.5. Also, the investment on clean energy was aimed to increase to
2tr for developing economies enable to transition to clean energy.
3)Clarity
on Article 6 of Paris Agreement.
One
of the key outcomes in COP 29 was the successful negotiations on carbon markets
as envisaged in the Article 6 of Paris agreement. Two achievements on these
were; the country to country carbon trading and Carbon credit mechanism known
as the Paris Agreement Credit Mechanism. In COP 29, there is clarity on how countries
will authorise the trade of carbon credits and how registries will work with
high emphasis on the environmental integrity. Also, the centralized carbon markets are conceivably
a positive news for the least developing countries as this set new flow of
funding and also opening opportunities for capacity building with an aim of
empowering their acumen in the market.
4) Enhancing
Transparency in Climate reporting.
Transparency
in climate reporting was highly touched in BAKU, and emphasis was made on how
transparent climate action progress and achievement would help strengthen
climate policies, identifying financing needs and opportunities. Further, parties expressed their appreciation for
completion of Enhanced Transparency Frameworks (ETFs), technical trainings and
capacity building conducted to developing countries.
5) National Adaptation plans for LDCs
As
climate action extends focus on climate adaptation, COP 29 did not stop. There was
big step in starting a support programme for developing countries to expedite their
National Adaptation plans. This is was further by discussion on the assessment
of progress to develop and implement National Adaptation Plans.
6) Inclusivity
in the climate action.
The
conference upgraded the voice of local communities and indigenous people in the
climate action. A bold step to adopt the BAKU work plan and extending the mandate
of Facilitative Working group, recognizing their efforts to foster cooperation
and collaborations between among indigenous people, local communities and
parties.
7 Gender Inclusivity in the Climate Action.
Recognizing
the need for gender equality and gender mainstreaming in the struggles against
climate change, countries settled on a decision to renew the Lima Work programme
and Climate Change for a period of 10 years. Also, parties’ resolved to develop
another gender action plan on gender for adoption in COP 30 next year in Brazil.
8)Empowering participation of civil societies, Youth and children in climate action.
The
conference was attended by leaders, nationals, activists, youths, philanthropy,
business leaders and international organizations. More than 55,000 people
attended UN COP 29 to discuss and share ideas and solutions to address the
climate crisis. The discussion on how to empower participation of all stakeholder
in action was not left out. Parties underscored the importance of Action
for Climate Empowerment that promote the involvement and participation
of stakeholders in particular; Civil societies, the Youth and Children.
In
sum, just as the previous international climate summits, UN COP 29 reemphasized
worry and underscored sense of urgency in salvaging the planet from grievous
threats posed by alarming climate crisis. Although negotiations and agreements sparked
divisions among parties and countries, there is one thing they all agreed on, ‘the
time is running out’ and populations
in the global south are higher risks of climate crisis necessitating increased financing from all sectors both
private and public for their climate national plans and policies. As the world
makes strides in the collective action, it is important that everybody
undertakes his or her share of responsibility in furthering climate action.
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