Outcomes of COP29: what was it all about?

The 29th Conference of the Parties, COP 29, was held in Baku, Azerbaijan, from November 11 to November 22, 2024.

Here are its main outcomes:

New finance goals

• Countries agreed to mobilise at least US$ 300bn a year by 2035 for developing countries for climate action

• A larger target of $1.3 trillion a year by 2035 was also agreed to scale up all sources of finance, including private investments, to tackle climate change. The Baku to Bélem roadmap will be launched at COP30 and should provide details about how to reach the target (grants, loans, bilateral, multilateral funds, private funds). 

Singapore pledged to contribute up to US$500 million in concessional capital to the Financing Asia’s Transition Partnership (FAST-P), a blended finance initiative launched by the Monetary Authority of Singapore. This commitment aims to mobilize up to US$5 billion by leveraging additional funding from public, private, and philanthropic sources, thereby accelerating capital flows into green and transition projects across Asia.

Carbon Markets Rules

Carbon markets rules were finally adopted after 9 years! 

Countries agreed a set of rules to develop and trade carbon credits under the UN - both between countries and as part of an international carbon market.

Singapore played a pivotal role in these negotiations. It collaborated with the world's largest independent carbon crediting programs, Gold Standard and Verra, to develop an Article 6.2 Crediting Protocol. This initiative supports countries in utilizing carbon markets to achieve their Nationally Determined Contributions (NDCs) and sustainable development goals.

On the Mitigation front

Emission reductions came to a standstill: after key decisions at COP28 in Dubai (“transition away” from fossil fuels; triple renewable energy capacity by 2030), COP29 ended without agreement to implement these targets. Saudi Arabia was a major obstacle blocking any reference to fossil fuels. 

Just Transition Work Programme (JTWP)

Countries failed to reach an agreement on how to support workers and communities affected by the energy transition. Contentious issues included human and labour rights and the lack of finance. 

On the Adaptation Front

The Global Goal on Adaptation (GGA) made little progress. 

The goal which aims at enhancing resilience to climate change impacts has yet to be implemented. The main contentious issue being finance - or lack of. After the adoption of guidelines at COP28, there was no agreement at COP29 on a set of indicators to measure collective progress. 

Gender Work Programme

The Lima Work Programme (LWP) was extended for another 10 years, which allows the production of a gender-action programme every five years to define guidelines for gender-responsive climate action. The next one will be due in 2025. 

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Countries are now busy preparing for COP30 which will be held in Bélem, Brazil from November 10-21, 2025. National delegations will meet in Bonn, Germany from June 16-26, 2025 for interim negotiations.