UNFCCC COP-29 on Climate Change: A New Chapter in Global Action from Baku

• The 29th Conference of the Parties (COP-29) under the United Nations Framework Convention on Climate Change (UNFCCC) was held in Baku, Azerbaijan.
• The conference provides a global platform for countries to coordinate efforts, ensure financial and technical support, and enhance transparency and accountability in climate action.
• COP-29 resulted in several significant agreements and declarations that are expected to be milestones in global climate policy, financial targets, energy transition, carbon markets, and socio-cultural initiatives.

COP-29 Overview

• COP-29 set a new direction for global climate action.
• The conference’s goal was not only to reduce emissions but also to enhance cooperation between developed and developing countries in finance, technology, and policy, include local and indigenous communities, and strengthen the principle of climate justice.

Key Outcomes and Themes of COP-29

1. Climate Finance: New Collective Quantified Goal (NCQG)

• NCQG was recognized as a major achievement at COP-29.
• Proposed under Article 9 of the Paris Agreement (COP-21), it obliges developed countries to provide financial support to developing countries.
• Target: USD 300 billion per year by 2035.
• Previous goal: USD 100 billion per year by 2020, later extended to 2025.
• Funds are aimed at adaptation and mitigation activities, including clean energy projects, climate-resilient infrastructure, and climate justice initiatives.
• Important Note: The required global investment by 2030 is USD 6.3–6.7 trillion, indicating that NCQG remains relatively modest.

Carbon Markets and Article 6

• COP-29 finalized rules for Article 6 of the Paris Agreement.
• Article 6 provides a structured mechanism for international carbon markets.
• Objectives: streamline the trading of emission reduction projects and carbon credits, ensure transparency and accountability, and provide financial incentives for emission reductions.

Transparency and Enhanced Transparency Framework (ETF)

• The Enhanced Transparency Framework (ETF) was another major focus.
• Under ETF, countries submit Biennial Transparency Reports (BTRs).
• COP-29 marked the submission of the first BTRs.
• Baku Declaration and the Global Climate Transparency Platform were launched to enable data-driven decision-making and global accountability.

Adaptation and Mitigation

• Adaptation and mitigation were placed at the center of the global agenda.
• Baku Adaptation Roadmap and High-Level Adaptation Dialogues were initiated, strengthened under the UAE Framework for Global Climate Resilience.
• Mitigation efforts continue under the Sharm El-Sheikh Mitigation Goals and Implementation Work Programme.
• Objectives: reduce climate-related risks, enhance disaster preparedness, and accelerate energy transition.

Indigenous Peoples and Local Communities

• Participation of indigenous peoples and local communities received special focus.
• Baku Workplan was adopted.
• The Facilitative Working Group (FWG) of LCIPP was given new responsibilities.
• Originally established at COP-24, FWG has been revitalized to better integrate local knowledge and experiences into climate policy.

Gender and Climate Change

• The Enhanced Lima Work Programme was extended for the next 10 years.
• The program incorporates gender-sensitive approaches into climate action.
• Policies and projects will be designed to address women and gender diversity considerations.

Major Initiatives and Declarations Launched at COP-29

1. Methane Reduction from Organic Waste: Targets set for methane emission reduction across sectors (India not a signatory).

2. Global Energy Storage and Grid Resolution: Aim to reach 1,500 GW of energy storage by 2030, six times the 2022 level.

3. Hydrogen Declaration: Promote clean hydrogen production and use.

4. Climate Finance Action Fund (CFAF): Provides financial and technical support for climate projects in developing countries.

5. Global Matching Platform (GMP): Offers technical and financial solutions for decarbonization of high-emission industries.

Brief Information on UNFCCC(United Nations Framework Convention on Climate Change)

Headquarters: Bonn, Germany

Established: 1992, at the Rio de Janeiro Earth Summit; adopted in 1994

Significance: UNFCCC is the foundational convention for the Kyoto Protocol (1997) and the Paris Agreement (2015)

Other Rio Conventions: Convention on Biological Diversity (CBD) and United Nations Convention to Combat Desertification (UNCCD)

Key Challenges in Climate Negotiations

1. NCQG targets are insufficient compared to the required global investment by 2030 (USD 6.3–6.7 trillion).
2. Lack of consensus on the future share of fossil fuels in the energy mix.
3. Slow operationalization and inadequate financing of the Loss and Damage Fund (LDF).
4. Postponement of the next round of NDCs before COP-30.
5. Influence of fossil fuel industry lobbyists on negotiations.

Conclusion

To limit global temperature rise to 1.5°C:

• 42% emissions reduction by 2030 compared to 2019 levels.
• 57% emissions reduction by 2035.

Necessary Actions:

1. Expansion and robust implementation of NDCs.
2. Support through sector-specific commitments and investments.
3. Strong commitment to ‘Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC)’ and climate justice in climate diplomacy.

COP-29 made it clear that climate change is not only an environmental challenge but also deeply linked to global economic, social, and political stability. Addressing it effectively requires global cooperation, transparency, and shared responsibility as guiding principles.