COP29 – Week Two Summary and Final Outcome

With Donald Trump’s election to US President just a week before the UN Climate Summit began and the lack of attendance from key global leaders compared to recent years, the ability for Baku’s COP29 to make progress on key issues, such as a new climate finance goal, was in doubt.  

After week one of negotiations, there was positivity from a strong start with progress made on a UN-led carbon market. Yet, on the penultimate day, negotiations were still split on money and language around fossil fuels. Draft texts omitted reference to transition away from fossil fuels, a key outcome from Dubai’s COP28, and the target for developed countries to contribute to climate finance – which was left with an ‘X’.  

Although a final, albeit weak, agreement on climate finance was reached eventually, countries ultimately failed to reach an agreement on how to take forward the outcomes of last year’s global stocktake, including the key pledge to transition away from fossil fuels. Instead, the decision has been deferred to Brazil’s COP30. 

The second week of the conference also saw thematic days covering human development; food and agriculture; tourism, transport and urbanisation; nature and biodiversity, indigenous people, gender equality and oceans and coastal zones.  

At the closing of COP29, UN Climate Change Secretary Simon Stiell noted, “At COP28 the world agreed to triple renewables. At COP29 we tripled climate finance, and countries will work to mobilise much, much more. At COP28 the world agreed to boost climate resilience. COP29 will help finance real protections for those on the frontlines, especially the most vulnerable. COP29 also reached global agreement on carbon markets, after almost a decade of hard work, where several previous COPs were not able to get this done.  

No country got everything they wanted, and we leave Baku with a mountain of work to do.  The many other issues we need to progress may not be headlines but they are lifelines for billions of people. 

So this is no time for victory laps, we need to set our sights and redouble our efforts on the road to Belém. Even so, we've shown the UN Paris Agreement is delivering, but governments still need to pick up the pace.” 
 
Stiell further emphasised, “Let’s not forget, without this UN-convened global cooperation, we'd be headed towards 5 degrees of global warming.” 

He also reiterated the role of the updated Nationally Determined Contributions (NDCs 3.0) in keeping the 1.5°C warming limit within reach. Due, in February 2025, these new climate plans must cover all greenhouse gases and all sectors. Earlier in the Summit, the UK and Brazil shared their plans to accelerate climate action.  

The UN Environment Programme's (UNEP) Executive Director Inger Andersen’s closing statement echoed these sentiments, “COP29 has now secured a foundation on which we must now rapidly build. However, we must be clear, ambition and promises are only as good as the action and delivery that backs them up. We therefore need to see more transparent, inclusive progress on finance, on mitigation and on adaptation.” 

New Collective Quantified Goal 

COP29’s title ‘the finance COP’ is in question as the final New Collective Quantified Goal (NCQG) failed to live up to expectations.  

Early on Sunday morning, COP29 concluded in Baku with rich nations pledging to contribute at least $300 billion annually to help countries to protect their people and economies against climate disasters and to resolve geographical imbalances in the energy transition.  

The intense negotiations included a walkout by climate-vulnerable nations and last-minute objections. Developing nations who had sought $1.3tn called the agreement “insulting” and argued it did not give them the vital resources they required to truly address the complexities of the climate crisis.  

The NCQG will:  

• Triple finance to developing countries, from the previous goal of $100bn annually, to $300bn annually by 2035. 
• Secure efforts of all actors to work together to scale up finance to developing countries, from public and private sources, to the amount of $1.3tn per year by 2035. 

"This new finance goal is an insurance policy for humanity, amid worsening climate impacts hitting every country,” said Simon Stiell, Executive Secretary of UN Climate Change.  “But like any insurance policy – it only works – if premiums are paid in full, and on time. Promises must be kept, to protect billions of lives.” 

IRENA Director-General Francesco La Camera,  highlighted "Reaching an agreement at COP29 was essential to keep the 1.5°C global warming limit alive. Although the new financial aspiration falls short of what is needed to meet the Paris Agreement goals, it acknowledges the urgent need for intensified collective efforts to address geographical disparities in climate finance, with developed economies playing a more significant role."  

La Camera continued, "Given the constraints on public funding, it is crucial that resources outlined in the Baku Finance Goal are strategically deployed to overcome the barriers to the energy transition and catalyse private investment in emerging and developing economies. We are still off course, and we need ambitious new climate plans NDCs 3.0 on the way to Belém. IRENA remains committed to tirelessly do what it can to contribute to our global goal.” 

The NCQG text “calls on all actors to work together to enable the scaling up of financing to developing country Parties for climate action from all public and private sources to at least USD 1.3 trillion per year by 2035.”  It includes no clear percentage for how much of this financing should be grants or concessions rather than loans and emphasises the need for innovative sources of financing.  

The new agreement also encourages developing country Parties to make contributions, including through South–South cooperation, on a voluntary basis. 

Although the NCQG was the key headline to emerge from COP29, a number of outcomes were harnessed in the second week of the climate talks.  

Human Development Day  

COP’s first ever Human Development Day on 18 November included the launch of the Baku Initiative on Human Development for Climate Resilience, which seeks to address the intersection of climate resilience and human well-being through education, health, social protection, and equitable employment. 

The High-Level Meeting for the initiative was jointly organised by the COP29 Presidency, United Nations Educational, Scientific and Cultural Organisation (UNESCO), World Health Organisation, International Labour Organisation (ILO), the United Nations agency for children (UNICEF), the Asian Development Bank (ADB) and the Green Climate Fund (GCF), during which a joint statement was announced.  

Within the statement, it shows recognition from representatives of international organisations, multilateral development banks, and international climate and environmental funds that, “investments in human development not only build and enhance resilience to climate change but also fuel solutions to tackle it; emphasising the need to foster technological and community-based innovations and leverage collective expertise to create scalable solutions that address both the immediate and long-term impacts of climate change on human development.” 

Sustainable Cooling 

On the same day, the Ministerial Roundtable on Delivering the Global Cooling Pledge took place. Organised by the UNEP-led Cool Coalition and the United Arab Emirates COP28 Presidency, it follows the launch of the Global Cooling Pledge at COP28 to meet the rising demand for cooling with low-carbon options.  

"As greenhouse gases continue to rise, so do the intensification of climate impacts, with extreme heat high among them,” said Inger Andersen, Executive Director of UNEP. “This is why we need to increase access to cooling across the board, to protect human health, reduce inequality and poverty, and allow economies to function. This includes cold chains too, so that we can reduce the 12 per cent of food that is lost and the 25 per cent of vaccines that degrade due to lack of proper temperature management." 

At the Ministerial Roundtable the 2030 Global Cooling Pledge Implementation Strategy was adopted with a clear path to operationalise commitments and scale sustainable cooling solutions, those that are more energy efficient and reduce emissions.  

Accelerating Adaptation  

A High-Level Dialogue on National Adaptation Plans (NAPs) convened ministers from least developed countries (LDCs) and small island developing States (SIDS), financial experts and international donors to address the growing urgency of climate adaptation.  

Every country must submit their NAP by 2025, with discussions focused on innovative financing, technical support, and accelerated action to meet this deadline. The event concluded with a strong call to action to expedite NAPs and translate plans into tangible outcomes. 

UN Climate Change Executive Secretary Simon Stiell provided a strong reminder at the High-Level Dialogue, “National Adaptation Plans are more necessary than ever. They are truly vital. This year, we saw how every bit of preparation – every policy, every plan – is the difference between life and death for millions of people around the world.” 

Transforming Food and Agriculture 

On 19 November, the COP29 Presidency, with the UNEP-convened Climate and Clean Air Coalition (CCAC), launched the Reducing Methane from Organic Waste Declaration. Over 30 states were amongst initial signatories, who combined represent 47% of global methane emissions from organic waste, which includes food waste, declaring their commitment to set sectoral targets to reducing methane from organic waste within future NDCs. 

Additionally, the Presidency and FAO officially launched the Baku Harmoniya Climate Initiative for Farmers. Acknowledging the fundamental role of farmers as agents of climate action, the initiative provides a convening platform, helping to identify gaps and opportunities for future policymaking and support that recognise and empower farmers, villages and rural communities.    

Tourism in the Spotlight 

On the penultimate thematic day of the Summit, COP29 hosted the inaugural tourism day, alongside urbanisation and transport. During the day, the MAP Declaration for Resilient and Healthy Cities and the Declaration on Enhanced Climate Action in Tourism were launched.

The MAP Declaration addresses climate change challenges facing cities and calls for cross-sector collaboration to develop resilient and inclusive urban areas.Over 160 stakeholders, including countries and cities endorsed it upon launch.  

A number of ministers and other high-level representatives participated in the First Ministerial Meeting on Enhanced Climate Action in Tourism, with the initiative aiming to support the tourism sector in adopting sustainable practices and align with global climate goals.  

Zurab Pololikashvili, Secretary-General of the UN World Tourism Organisation, remarked, "According to the latest scientific research available, tourism currently accounts for an estimated 8.8% of global carbon emissions. We are committed to realising the sector's remarkable potential to drive transformative change. By prioritising innovation, decarbonisation and regeneration, we can make sure tourism plays a key role in global climate solutions. Beyond its role as an economic lifeline for communities and societies, tourism is uniquely positioned to be a powerful catalyst for sustainable, climate-resilient development.” 

Nature and Biodiversity  

On the final thematic day, conversations echoed those from the UN Biodiversity COP16, which concluded earlier this month. Climate action and biodiversity conservation must be aligned to achieve Paris Agreement Goals.  

Among discussions, the International Union for Conservation of Nature and Natural Resources (IUCN) and UNEP co-hosted a Global Leaders Roundtable. Leaders, including H.E. Marina Silva, Brazil’s Minister of the Environment and Climate Change, and Astrid Schomaker, Convention on Biological Diversity’s Executive Secretary, shared innovative strategies for financing and policy alignment, as well as public-private partnerships, in pursuit of the 2030 climate and biodiversity targets. 

Indigenous People  

Further, on 21 November, the Baku Workplan adopted and renewed the mandate of the Facilitative Working Group (FWG) of the Local Communities and Indigenous Peoples Platform (LCIPP), a constituted body established at COP24 in Katowice to further operationalise the LCIPP and facilitate the implementation of its three functions related to knowledge, capacity for engagement, and climate change policies and actions. 

The decision acknowledges the progress made by the FWG in fostering collaboration among Parties, Indigenous Peoples and local communities, and underscores the leadership of Indigenous Peoples and local communities in addressing the climate crisis. 

Implementation of the Baku Workplan will begin in 2025 with a priority-setting workshop involving the incoming FWG members and ensuring continuity. 

Gender Equality  

On the final thematic day, countries also agreed a decision on gender and climate change, extending the enhanced Lima Work Programme on Gender and Climate Change for another 10 years, reaffirming the importance of gender equality and advancing gender mainstreaming throughout the Convention on Climate Change.  
 
They also agreed to develop a new gender action plan for adoption at COP30, which will set the direction for concrete implementation. 

Oceans and Coastal Zones 

Finally, almost 50 countries endorsed the COP29 Declaration on Water for Climate Action, as well as non-state actors including World Wildlife Fund (WWF) and WaterAid.  

The declaration commits to taking integrated approaches to combat the causes and impacts of climate change on water basins and calls for the integration of water-related mitigation and adaptation measures in national climate policies, including NDCs and NAPs.