COP 29 | Baku, Azerbaijan | 11-22 November 2024

This year’s United Nations Climate Change Conference was held from 11-22 November 2024 in Baku, Azerbaijan. The Conference hosted the 29th Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change (COP 29), the 6th meeting of the COP serving as the Meeting of the Parties to the Paris Agreement (CMA 6), the 19th meeting of the COP serving as the Meeting of the Parties to the Kyoto Protocol (CMP 19), and the 61st meeting of the Subsidiary Body for Implementation and the Subsidiary Body for Scientific and Technological Advice (SBI 61 and SBSTA 61).

Dubbed as the “Finance COP”, COP 29’s main goal was to come up with the New Collective Quantified Goal on Climate Finance (NCQG). NCQG is a new global goal for climate finance mandated to be set above the floor of USD $100 billion prior to 2025. The result of the NCQG discussions is critical as it will likely have a direct impact on the updated Nationally Determined Contributions of Parties to be submitted by February 2025. The adopted decision gavelled 35 past the intended closing of COP 29, sets a new finance goal of at least $300 billion per year by 2035 for developing country Parties.

Aside from this, substantial decisions were made under the Article 6.2 and 6.4 agenda items, effectively operationalizing the market-based cooperative approaches of the Paris Agreement. Upon Under Article 6.2, bilateral carbon credit trades can now be reported and recognized based on set of guidelines. Article 6.4 adopted standards set by the Article 6.4 Supervisory Body on methodologies for assessment of activities and requirements for carbon removal. They also agreed on a process to transfer CDM credits from afforestation and reforestation activities and exempted LDCs and SIDS from paying the Share of Proceeds levy. COP 29 also extended the enhanced Lima Work Programme on gender for an additional 10 years and provided further guidance on indicators of the Global Goal on Adaptation and events under the Mitigation Work Programme.

More detailed daily updates from COP 29 can be downloaded on this page.