Key takeaways from COP29

COP29, held in Baku, Azerbaijan, in November 2024, offered a critical platform for global leaders, policymakers, and experts to engage on solutions to the escalating climate crisis. While the conference brought forward some positive outcomes, it also underscored the significant challenges that remain in meeting the needs of the most vulnerable countries and communities impacted by climate change. Here are our key takeaways from COP29:

Climate finance: A mixed bag of commitment

Economically wealthier nations pledged at least $ 300 billion annually by 2035 to support vulnerable countries in their climate mitigation and adaptation efforts. This ambitious target, which aims to scale to $ 1.3 trillion through both public and private investments, marks a crucial step forward in global climate finance. However, despite these commitments, this amount still falls short of what is required to ensure low-carbon development in low-income countries and safeguard them from the growing impacts of climate change.

Carbon markets and renewable energy progress

One of the notable advancements made at COP29 was the progress in formalising carbon markets. With renewed commitments to scaling renewable energy investments, the international community has taken a critical step toward addressing the interconnected climate and energy crises. These efforts, however, will need to be significantly ramped up to meet global climate goals.

• Climate finance gap
  Closing the climate finance gap is crucial. A comprehensive approach that blends grants, concessional funding, and private capital is essential to drive scalable, sustainable climate action, especially in developing countries where the need is most urgent.

• Inclusive systems transformation
  Achieving a just and equitable transition will require creating inclusive systems that ensure marginalised communities are not left behind. The active participation of these communities is key, and it’s vital they not only contribute to but also benefit from climate initiatives.

• Clean cooking solutions
  Clean cooking was a prominent topic at COP29, receiving much-needed attention due to its links to carbon markets. This opens new opportunities for sustainable cooking solutions. The importance of ensuring quality and integrity in carbon projects was emphasised, alongside calls for enhanced investments in infrastructure and policies that make clean cooking solutions more accessible and affordable for those who need them most.

• Article 6: Carbon crediting and trade
  The agreement on Article 6 of the Paris Agreement is a breakthrough that paves the way for UN-approved carbon crediting and international trade of mitigation outcomes. This marks a significant step towards a more inclusive global carbon market. However, the text remains weak on ensuring transparency and independent oversight, which are essential to maintain the integrity of carbon credits.

• Alignment between carbon markets and local communities
  Ensuring that carbon market projects align with the needs and interests of local communities is essential. This alignment will not only help local stakeholders benefit but will also protect the integrity of carbon markets and ensure that climate solutions are genuinely inclusive.

COP29 highlighted the progress made but also reaffirmed the urgent need for more ambitious actions and innovative solutions. As the world continues to grapple with the climate crisis, it is clear that the path to a sustainable and inclusive future will require intensified efforts across all sectors.

The takeaways from COP29 underline the importance of continued collaboration, investment, and commitment to closing the gaps in climate finance, advancing equitable systems transformation, and scaling solutions that benefit both people and the planet.

At SNV, we remain committed to driving impactful, sustainable and locally - led solutions that contribute to the global effort to combat climate change. As we move forward, it is essential to build on the progress made at COP29 and address the remaining challenges with renewed determination and urgency.

Together, we can help shape a future where climate action is not only effective but also inclusive and just for all.