COP29 closing plenary: Final steps toward climate action UPDATED

The final plenary session of the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) took place on November 23 in Baku.

Mukhtar Babayev, President of COP29 and Azerbaijan’s Minister of Ecology and Natural Resources, noted the intense efforts over the past two weeks, Caliber.Az reports, citing local media.

He emphasized that no one wanted to leave Baku without achieving substantial progress on key issues and called for focused work to resolve remaining disagreements. Babayev highlighted that global attention was on COP29.

Brazilian Minister of Environment Marina Silva, speaking next, stressed that COP30, to be hosted by Brazil, must serve as a model for enhanced global cooperation. She underlined the urgency of reaching a final agreement at COP29, despite the challenges faced during negotiations. "Considering the crisis we are facing, such issues demand immediate resolution. Achieving this agreement depends solely on fostering solidarity among parties. Society expects us to move forward responsibly," she stated.

Key Achievements at COP29

The session approved the reports and protocols from COP29 discussions and adopted a resolution expressing gratitude to Azerbaijan for the exceptional organization of the conference.

Article 6 of the Paris Agreement Finalized

A milestone was reached with the unanimous approval of Article 6 of the Paris Agreement, concluding a decade of negotiations on integrated carbon markets. This achievement, a priority of the COP29 Presidency, was realized through extensive bilateral technical and political negotiations.

Article 6 facilitates transparent and reliable carbon markets, enabling countries to collaborate on achieving climate goals. This cooperation is projected to reduce costs for implementing Nationally Determined Contributions (NDCs) by up to $250 billion annually. These savings are expected to be reinvested into more ambitious climate actions, including phasing out coal plants, expanding wind energy, and afforestation.

Loss and Damage Fund Operationalized

The plenary session also marked a historic decision to fully operationalize the Loss and Damage Fund, a critical initiative for vulnerable developing nations, including small island, least-developed, and African countries.

While the fund's establishment was agreed upon at COP27 in Egypt, COP28 in the UAE initiated its activities. COP29 advanced these efforts by formalizing agreements with the World Bank and other stakeholders, appointing an executive director, and securing pledges exceeding $730 million. The fund is expected to begin project financing in 2025.

Enhanced Transparency and Climate Financing

A resolution was adopted to provide financial and technical support to developing countries for capacity building and the preparation of Biennial Transparency Reports under Article 13 of the Paris Agreement. A key initiative under COP29, the Baku Global Climate Transparency Platform, aims to foster inclusivity and transparency in climate reporting.

Additionally, a new collective quantitative target for climate financing was established, with developed countries pledging to mobilize at least $300 billion annually by 2035. This figure represents a significant increase from the previous target of $100 billion annually.

Other Key Resolutions

Several additional resolutions were approved, addressing issues such as gender and climate change, the Global Adaptation Goal, and the Sharm El-Sheikh mitigation ambitions and implementation program.

Looking Ahead

Simon Stiell, Executive Secretary of the UNFCCC, praised the significant achievements at COP29, including the tripling of climate finance targets and the historic agreement on a global carbon market. However, he underscored the need for continued efforts to meet climate goals.

Mukhtar Babayev thanked Azerbaijan’s President Ilham Aliyev for his leadership and support, as well as UN institutions, Azerbaijani state bodies, and COP29 volunteers for their contributions to the conference’s success.

The session concluded with statements from representatives of various countries, setting the stage for the next conference in Brazil.

21:15, November 23

The final plenary session of COP29 is now in progress, bringing together delegates for the 29th Conference of the Parties to the UN Framework Convention on Climate Change. 

One of the key developments ahead of today’s session was the release of a revised draft for a New Collective Quantitative Goal (NCQG) on climate finance, Caliber.Az reports.

The proposal sets an ambitious annual target of $300 billion by 2035, calling on developed nations to take the lead in financing climate initiatives for developing countries.

With key draft decisions and conclusions prepared, today’s plenary is poised to adopt critical measures that could redefine global climate finance and cooperation. Stay tuned as the world’s leaders finalize steps toward a sustainable future.