Kate Kyriakopoulou
The 29th Conference of Parties (COP29) has concluded, marking a pivotal moment in global climate action, with unprecedented commitments totaling over $400 billion in climate finance pledges. Another year has witnessed transformative shifts in how nations approach climate challenges, setting new benchmarks for international cooperation and environmental stewardship.
The 2024 COP29 in Baku reveals progress across multiple fronts and an ambitious agenda focusing on critical areas including climate finance reform, technological innovation, and support for vulnerable nations. However, besides some key achievements that emerged from the intensive two-week negotiations during COP29, there were persistent challenges unveiled that require continued attention from the global community.
Established at COP29, the New Collective Quantified Goal (NCQG) on climate finance is an ambitious framework that aims to mobilize external finance at a rate of €0.79 trillion annually by 2030, with the goal of scaling up to €1.02 trillion by 2035.
It is revealed that developing nations require substantial investment, estimated at €1.89 trillion annually by 2030, distributed across:
With regards to the private sector, the European Bank for Reconstruction and Development (EBRD) demonstrated remarkable efficiency by mobilizing over € 3 from the private sector for every €1 invested in green initiatives. The bank further demonstrated its commitment by providing € 6.5 billion in green financing in 2023.
In a significant step forward, Multilateral Development Banks (MDBs) have pledged important funding levels.
| Category | Commitment by 2030 |
| Low/Middle-Income Countries | €94.28 billion |
| Adaptation Programs | €42 billion |
| Private Sector Mobilization | €51.07 billion |
Nonetheless, bilateral climate finance from advanced economies, currently at €33.78 billion annually, needs to double or more to meet growing demands and emphasize enhanced policy dialog and mobilization of private finance through innovative mechanisms such as debt-for-nature swaps and green bonds.
With reference to the technical landscape at COP29, there were significant strides in renewable energy deployment and carbon capture technologies, revealing a comprehensive approach to technological innovation that builds upon the financial commitments discussed earlier.
Renewable Energy Initiatives
Azerbaijan claims an ambitious commitment to transform its energy landscape, targeting a 40% reduction in greenhouse gas emissions by 2050. The recent inauguration of the 230 MW Garadagh Solar PV Plant indicates a milestone in this transition.
Carbon Capture Developments
Around 480 lobbyists representing the carbon capture industry participated at COP29. The Intergovernmental Panel on Climate Change acknowledges carbon capture’s role in global decarbonization plans; however, successful implementation remains tricky, with underperforming projects outnumbered by successful ones.
Technology Transfer Agreements
The Technology Mechanism framework has managed progress in facilitating technology transfer between developed and developing nations, with the joint work program for 2023-2027 specifically addressing the technological gap in developing countries.
New partnerships were established through:
The Council of Engineers for Energy Transition (CEET) has launched six new issue briefs focusing on critical areas such as energy efficiency and power generation facility repurposing.
The implemented milestones at COP29 reveal onward movement in policy frameworks and monitoring mechanisms, as developments in national commitments and regional cooperation initiatives demonstrate considerable momentum in climate action implementation.
National Policy Adoptions
Several nations have strengthened their climate commitments through enhanced Nationally Determined Contributions (NDCs). The United Kingdom, Brazil, and the United Arab Emirates have set ambitious 2035 NDC targets, while Azerbaijan has committed to reducing greenhouse gas emissions by 40% by 2050.
In reference to the framework, nations are integrating:
| Policy Area | Implementation Focus |
| Renewable Energy | Clear targets in national strategies |
| Agriculture | Regenerative practices and sustainability |
| Chemical Industry | Lower GHG emission incentives |
| Urban Development | Climate-resilient infrastructure |
Regional Cooperation Frameworks
In terms of transboundary cooperation, particularly in water resource management, the Baku Dialog on Water for Climate Action has garnered support from nearly 50 countries, establishing an important platform for regional collaboration.
According to the framework it is emphasized:
Monitoring Mechanisms
We note the implementation of robust monitoring systems through the Enhanced Transparency Framework of the Paris Agreement. The European Union’s first Biennial Transparency Report (BTR) signals steps forward, outlining a pathway to achieve a 90% net greenhouse gas emissions reduction by 2040.
These monitoring mechanisms are supported by:
The COP29 Presidency’s commitment to developing integrated national policies that incentivize lower GHG emissions across sectors further strengthens the implementation of these mechanisms.
Supporting vulnerable nations and communities has been the focus of critical developments in climate adaptation and resilience at COP29. Unfortunately, there is a significant gap between current pledges and actual needs, with Loss and Damage funding requirements projected to reach € 455.67 billion annually by 2030.
Vulnerable Nations Support
The conflict-affected countries face unique challenges in climate adaptation, with more than half of the most vulnerable nations currently experiencing armed conflict. The Small Island Developing States (SIDS) address a matter of considerable gravity, where they have “repaid in debt financing 18 times more than they have received in climate financing”.
The current support framework includes:
Loss and Damage Solutions
The Loss and Damage Fund might have realized improvements, with initial pledges reaching €549.94 million; however, a substantial funding gap is apparent, as vulnerable low- and middle-income countries require between €128 and 937 billion in 2025 alone. The implementation framework prioritizes:
| Priority Area | Implementation Focus |
| Immediate Response | Disaster recovery and reconstruction |
| Prevention | Social protection systems enhancement |
| Technical Support | Santiago Network coordination |
| Local Access | Direct funding mechanisms |
Community-Based Programs
Indigenous people play once again a crucial role; they represent 5% of the global population but protect 80% of the world’s biodiversity. “Voices of Change” competition is a considerably successful community-based initiative focusing on:
A robust monitoring framework supports the implementation of these programs, with the UAE-Belém work program developing indicators to track adaptation and resilience progress through 2025.
COP29 stands as a watershed moment in global climate action, marked by inflated financial pledges and concrete policy frameworks. Having said that, it is evident that the New Collective Quantified Goal, which aims to mobilize €0.79 trillion annually by 2030, has had a transformative impact. Additionally, private sector engagement has improved, with the EBRD’s successful 3:1 private investment ratio setting a new standard for climate finance.
The summit’s technical achievements, particularly Azerbaijan’s commitment to 40% emissions reduction and renewable energy expansion, can show practical pathways toward decarbonization. Nonetheless, while carbon capture technologies received attention, their implementation requires more careful consideration and improved success rates.
The establishment of robust monitoring mechanisms and regional cooperation frameworks signals a mature approach to climate action implementation. Yet challenges persist, especially in supporting vulnerable nations. The stark reality of the €455.67 billion annual Loss and Damage funding gap by 2030 demands immediate attention from the global community.
Looking ahead, we see COP29’s achievements as stepping stones rather than final destinations. The comprehensive frameworks established for climate finance, technology transfer, and adaptation provide a solid foundation for future action. Success will depend on sustained commitment to these initiatives and the continued strengthening of international cooperation in addressing climate challenges.
Stay tuned and inspired for the latest insights and updates at EcoSkills while taking the opportunity to explore our training options to upskill your climate and business competence.
