UNFCCC COP 29

UNFCCC COP 29: Tripling Climate Finance and Deepening Global Climate Commitments

UPSC Prelims GS Paper 1 and Mains GS Paper 3 (Environment & Ecology – International Conventions, Climate Change Agreements, Global Initiatives).

The 29th session of the Conference of Parties (COP 29) to the United Nations Framework Convention on Climate Change (UNFCCC) was held in Baku, Azerbaijan, in November 2024. This landmark climate summit assembled representatives from nearly 200 nations, business leaders, civil society, and indigenous groups to address escalating climate challenges and implement past global commitments.

Key Outcomes and Decisions

• Tripling Climate Finance: COP 29 set a new commitment for developed nations to mobilize at least $300 billion per year for developing countries by 2035—tripling the earlier goal—with an overarching “Baku-Belem Roadmap” to scale up combined public and private climate finance to $1.3 trillion per year. This finance is targeted to support mitigation, adaptation, and resilience programs in climate-vulnerable countries.
• Advanced Carbon Market Rules: After years of debate, COP 29 finalized frameworks for carbon credit trading (Paris Agreement Article 6.2 for bilateral trading and Article 6.4 for a centralized UN carbon market). These agreements will allow for cross-border investment, clarity in environmental safeguards, and capacity-building for least developed countries.
• Adaptation Roadmap & Global Goal: The “Baku Adaptation Roadmap” and high-level dialogues were launched, reinforcing adaptation financing and technical support—especially for least developed and vulnerable countries. Work on adaptation indicators and monitoring was reaffirmed.
• Transparency and Accountability: The Enhanced Transparency Framework was strengthened with new standards for biennial reporting of government emission inventories, climate actions, and financing. Early submissions by pioneering countries set a new transparency benchmark.
• Mitigation and Energy Transition: Technical options to reduce emissions, particularly in urban areas, were advanced. However, progress on following up the COP28 promise of phasing out fossil fuels was delayed. The Mitigation Work Programme will present further topics for negotiation at the next COP.
• Recognizing Indigenous and Gender Issues: The Baku Workplan promotes integration of indigenous knowledge, with expanded rights for appeal and consent in carbon projects. The Lima Work Programme was renewed to promote gender-responsive climate action.

India’s Stand at COP 29

India advocated for climate finance predictability, greater flexibility and access for developing countries, and historical responsibility of developed nations. India also emphasized climate justice and the need for a balanced approach to mitigation and development.