$300 Billion Climate Finance
Rich countries agreed to pay $300 billion annually by 2035 to help developing nations adapt to climate impacts.
While It is an improvement – on the current contribution of $100 billion a year, some developing countries raised concerns about the sufficiency of the amount. Earlier in Azerbaijan, it had been agreed that the most vulnerable countries need $1.3 trillion a year to fight the climate battle.
Article 6 of the Paris Agreement
After nearly a decade of work, countries have agreed on the final building blocks that set out how carbon markets will operate under the Paris Agreement, making country-to-country trading and a carbon crediting mechanism fully operational. Countries agreed on standards for a centralized carbon market under the UN (Article 6.4 mechanism).
Adaptation
The COP decision on matters relating to the least developed countries (LDCs) contains a provision for the establishment of a support programme for the implementation of National Adaptation Plans (NAPs) for the LDCs. Parties extensively discussed the second five-year assessment of progress to formulate and implement NAPs, and will continue that in June 2025.
COP29 also launched the Baku Adaptation Road Map and Baku high-level dialogue on adaptation to enhance the implementation of the UAE Framework.
Campaigners become more vocal
At COP29, one noticeable shift was the more confrontational approach adopted by many environmental NGOs and activists. These NGOs play a vital role in supporting developing countries during complex negotiations like COP.
Throughout the talks, there was significant pressure from these groups to reject nearly any deal. This tension continued into the final plenary when opposition to the finance agreement was met with cheers from activists.
COP30
Brazil’s climate envoy, Ana Toni, where COP30 will be held next year, told AFP that they will not ‘shy away’ from calling for ‘a just transition to stop fossil fuels.'”
Marina Silva, the Brazilian minister of the environment and climate change, told COP29 that the talks will be the “COP of COPs” with “no more time to lose”.
“At COP30, our objective will be to do what is needed to keep 1.5C in reach” she said.