Key Outcomes on UNFCCC CoP 29

The 29th session of the Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) concluded with several important outcomes. It held in Baku, Azerbaijan, from November 11–22, 2024.

Increased Funding for Developing Countries

• Triple Finance Commitment: Developed countries committed to tripling climate finance for developing countries to $300 billion annually by 2035. This marks a significant increase from the previous goal of $100 billion.
• Baku Finance Goal: The Baku Finance Goal aims to channel $1.3 trillion of climate finance to developing countries by 2035, with developed countries taking the lead.

Operationalization of Key Mechanisms

• Loss and Damage Fund: The Loss and Damage Fund, designed to help vulnerable countries cope with climate-related disasters, became fully operational.
• Article 6 of the Paris Agreement: Article 6, which establishes rules for international carbon markets, was fully operationalized.

Enhanced Transparency and Accountability

• Baku Transparency Platform: The Baku Transparency Platform was launched to improve transparency in climate action and reporting.

These outcomes represent significant progress in addressing the climate crisis and support the global transition to a low-carbon future. However, much work remains to be done to ensure these commitments are fulfilled and to accelerate climate action.