The World Meteorological Organization’s State of the Climate 2024 report indicates that this year is set to become the warmest on record. Additionally, the UN Environment Programme’s Emissions Gap Report warns that conditions could deteriorate further, with temperatures projected to rise between 2.6°C and 3.1°C.
Despite some global leaders skipping the summit, controversies, proposed levies on high-carbon activities, protests, a COP29 website storm, lobbyists gaining access to climate talks, and various accusations, the conference maintained its focus on addressing climate emergencies, among other key issues
- Rules were agreed for creating, trading, and registering carbon credits after years of deadlock on Article 6 of the Paris Agreement.
- Major development banks pledged to increase funding ($120 billion by 2030) for poor and middle-income countries struggling with global warming.
- The Global Energy Storage and Grids Pledge was launched, with an aim to increase energy storage capacity sixfold and add 25 million kilometres of grid infrastructure by 2030.
- The Hydrogen Action Declaration put hydrogen on the agenda, with plans to boost green and clean production and utilization, and for international collaboration ahead of COP30.
- COP29 advanced the inclusion of indigenous peoples and local communities in climate action by adopting the Baku Workplan and renewing the mandate of the Facilitative Working Group of the Local Communities and Indigenous Peoples Platform.
- The Lima Work Programme on gender and climate change was extended for another 10 years, reaffirming the importance of gender equality.
- The International Energy Agency announced that global clean energy investment will surpass $2 trillion for the first time in 2024.
- Joe Biden announced initiatives to protect the Amazon rainforest, including a $10-billion fund and an additional $50 million for the Amazon Fund.
- The Alliance of Champions for Food Systems Transformation released an ACF Ministerial Statement and progress snapshots of key successes and future priorities.
Global statements and initiatives
- Australia’s climate change minister pledged US$32.5m to a global loss and damage fund to help vulnerable people repair damage from climate breakdown.
- The interim leader of Bangladesh, criticized “limitless consumption” and called for a culture without waste, fossil fuels, or personal profit.
- Brazil announced a new 2035 emissions reduction target, aiming to cut emissions by 59-67% from 2005 levels and achieve net zero by 2050.
- China launched the world’s largest open-sea offshore solar farm, connecting the first units of a 1 GW project off Dongying City’s coast.
- Colombia called for a global treaty on mining critical minerals for the energy transition.
- Colombia, New Zealand, and the UK joined the international Coalition on Phasing Out Fossil Fuel Incentives Including Subsidies.
- Germany, UK, and the Climate Investment Funds pledged $1.3 billion for green industries in the global south, with Canada set to contribute additional funds.
- Indonesia announced its plans to phase out coal-fired and fossil-fuelled power plants within 15 years and build over 75 GW of renewable energy capacity.
- Pakistan’s Prime Minister called for more funding to meet climate goals, emphasizing the need for grants instead of debt-inducing loans.
- Representatives from Vanuatu and Tuvalu criticized Australia’s gas industry expansion, urging it to stop new fossil fuel projects.
- Zimbabwe’s president stated that mining for minerals, (e.g., lithium, cobalt, and nickel) has sometimes caused human rights abuses, environmental degradation, and conflict.
UK’s contributions and announcements
- A YouGov poll showed that only 9% of British people believed COP29 would lead to significant climate action.
- In a letter to the government, Rt Rev Graham Usher and John Arnold called for higher taxes on major polluters.
- The Prime Minister announced £11.6bn pledge to developing countries at COP29; new initiatives including a £1 billion offshore wind contract and a financial mechanism to boost green energy and private investment; and set a bold 2035 target to reduce emissions by at least 81%.
- The Clean Industry Bonus was introduced, starting at £27 million per GW, to attract investments in Scotland, Wales, and the Northeast.
- Scottish Power announced a £1 billion contract with Siemens Gamesa for two East Anglia offshore wind farms, which will help to generate power for ~1 million homes and create >1,300 jobs.
- The CIF Capital Market Mechanism was launched on the London Stock Exchange, aiming to mobilize ~$75 billion in climate finance for developing nations over the next decade.
- The International Forest Unit acknowledged the vital role of REDD+ by pledging £3 million over the next 4 years to halt and reverse deforestation and forest degradation by 2030.
Climate action and future commitments – is it “too little, too late”?
At COP29, developing nations requested $1.3 trillion annually from rich countries to decarbonize and address climate impacts. The final deal pledged only $300 billion per year. By 2035, the target is $1.3 trillion annually, with $300 billion coming from grants and low-interest loans, and the rest from private investors and other sources.
This funding will play its role in supporting climate resilience and enabling a just energy transition. The supporting outcomes will pave the way for more efficient and transparent carbon markets, encouraging investments in decarbonization projects; ensuring women’s voices and leadership for climate strategies; and highlighting the essential role of indigenous people and local communities in combating climate change.
As COP29 concludes in Baku, Azerbaijan, we at Conrad Energy are pleased to see more progress made towards a sustainable future, and to hear some of the shared goals that align with our commitment to a cleaner, greener world. We believe that energy and technology plays a crucial role in addressing climate emergencies, and are excited about the path ahead and the opportunities to make a meaningful impact.
