COP29 wraps up with focus on climate funding, adaptation, carbon market

Today is the final day of COP29 negotiations, centred on securing vital climate financing for mitigation, adaptation, and addressing loss and damage from climate change, says Nikki Reisch, Director of the Climate and Energy Programme at the Centre for International Environmental Law.

During a press conference at the event, she discussed the ongoing negotiations and highlighted the urgent need for funding to tackle climate challenges, Caliber.Az reports per local media.

“We have heard concerns about disagreements over positions. Therefore, today we will find out what steps we will take regarding the current state of the negotiations and what our expectations are,” Reisch said.

“Another key issue on the agenda is the carbon market outlined in Article 6 of the Paris Agreement, which requires action.”

Reisch's comments reflect the critical discussions underway as world leaders continue to navigate complex climate challenges.

Meanwhile, on the final day of its thematic agenda, the COP29 Presidency launched the Water for Climate Action programme, an integral part of its Action Agenda. The programme includes a declaration, endorsed by nearly 50 countries, which commits to adopting integrated approaches to address the climate change impacts on water basins.

This initiative seeks to foster regional and international cooperation, particularly by incorporating water-related mitigation and adaptation measures into national climate strategies, including Nationally Determined Contributions (NDCs) and National Adaptation Plans (NAPs).

Key to the programme’s success is the strengthening of scientific research on climate impacts on water resources, with signatories pledging to enhance data sharing and develop new basin-wide climate scenarios. Prominent non-state actors, including WWF, Water.org, and the Islamic Development Bank, have endorsed the declaration.

Additionally, the Baku Dialogue on Water for Climate Action was launched, promoting collaboration on water’s role in addressing climate change, biodiversity loss, pollution, and desertification. The event included high-level representatives from countries like the EU, Finland, Germany, and the United States.

COP29 President Mukhtar Babayev highlighted water’s central role in linking climate, biodiversity, and desertification crises, while UNEP Executive Director Inger Andersen stressed the urgent need to manage freshwater ecosystems amid escalating climate impacts.

By Aghakazim Guliyev