Billions Secured, Trillions in Sight: Finance Took Center Stage at COP29
Keeping you updated about what was achieved in Baku
Welcome to the tenth and final edition of our COP29 newsletter! As the historic climate conference concludes, we'll inform you of the latest updates, insights, and outcomes of the event.
Outcomes of COP29
Negotiations at COP29 were intense, requiring the conference to be extended by a day to finalize the draft agreements. Ultimately, COP29 achieved landmark outcomes, most notably the Baku Finance Goal (BFG), which commits $1.3 trillion annually in climate finance for developing countries by 2035. This includes a core target of $300 billion annually, tripling the previous $100 billion goal, with special provisions for Least Developed Countries (LDCs) and Small Island Developing States (SIDS). The summit also finalized Article 6 on carbon markets, expected to channel $1 trillion annually by 2050 and reduce the costs of national climate plans by $250 billion. These agreements represent significant progress in global climate finance and are essential for maintaining the 1.5°C temperature limit. Additionally, the Fund for Loss and Damage was operationalized, with disbursements scheduled to begin by 2025.
Global South's Angry Amid Fragile Financing Breakthrough
Developing countries voiced strong frustration at COP29, accusing wealthy nations of neglecting their historical responsibilities and sidelining immediate needs. While the Baku Finance Goal promised $1.3 trillion annually by 2035, critics highlighted vague timelines and inequitable mechanisms, leaving Least Developed Countries (LDCs) and Small Island Developing States (SIDS) at risk. Though operationalized, the Fund for Loss and Damage was deemed overdue and underfunded. Leaders also condemned the lack of a decisive fossil fuel phase-out, accusing developed nations of prioritizing their industries while shifting the burden onto poorer nations. These tensions set the stage for heated debates at COP30 in Brazil.
Other Outcomes
$7.3 billion was pledged during COP29 for climate projects, with contributions from the public and private sectors.
Methane reduction commitments made by over 50 countries, targeting emissions from organic waste.
The Adaptation Fund received $133 million in pledges to support resilience efforts.
Mexico committed to net-zero emissions by 2050, aligning all G20 nations with net-zero goals.
Fossil fuel influence hindered progress on phasing out coal and tripling renewable energy capacity.
Trump’s reelection raised concerns over U.S. climate contributions and global leadership.
The summit addressed trade barriers like the EU’s CBAM and potential U.S. tariffs, emphasizing their impact on developing nations.
Extreme weather impacts underscored the urgent need for accelerated global climate action.
Trends from COP
Our partners at Trend were recognized as the leading media outlet for their outstanding coverage of COP29 in Baku, achieving the highest citation rate in both Russian and English-language coverage. Independent research highlighted Trend's exceptional volume and quality of news reports, with a citation index of 13,098. Trend continues to deliver exclusive content and analysis, reaffirming its commitment to high professional standards and providing comprehensive insights into significant events like COP29.
For more details: Trend News Agency named top media outlet for COP29 reporting - int'l platform findings
COP29 in Numbers
COP29 hosted 555,000 participants from 200 countries, underscoring global engagement.
COP29 in Baku, Azerbaijan, has over 65,000 registered delegates, potentially the second-largest COP in history.
Average gender split: 60% male, 40% female, the most balanced COP to date.
Largest delegations: Azerbaijan (2,229), Brazil (1,914), Turkey (1,862), UAE (1,011), and China (969).
Climate finance target of USD 300 billion annually by 2035, with a broader goal of USD 1.3 trillion annually.
Loss and Damage Fund operationalized, but funding gaps remain against the USD 580 billion needed by 2030.
Article 6 agreements enable international carbon credit trading, a decade-long effort.
No agreement on fossil fuel phase-out, a major setback amid climate urgency.
If you have any questions about the contents of this newsletter or need advice or assistance at COP29, please don’t hesitate to contact us at eurasia@montfort.london, or our partners at Trend at news@trend.az.