COP29 in review – Reform needed for our future
COP29 has come to an end after two weeks of discussions in Azerbaijan, drawing nearly 200 countries together with a primary focus on climate finance. While notable achievements were made – such as the operationalization of Article 6 of the Paris Agreement and progress on the Loss and Damage Fund – there is an urgent call for reform to ensure future COP conferences achieve the transformative action needed to address the climate crisis and ensure that the fight for our future is a successful one.
In this blog, we break down the key achievements, areas of concern, and recommendations for the future based on outcomes and our on-the-ground experience at COP29.
Key achievements
1. Climate Finance
- Increased Funding for Developing Countries: The annual finance goal will triple from $100 billion to $300 billion by 2035.
- Scaling Up Total Climate Finance: A commitment to mobilize $1.3 trillion per year from public and private sources by 2035.
This agreement, known as the New Collective Quantified Goal on Climate Finance (NCQG), was finalized after years of preparation and two weeks of intense negotiations, requiring unanimous consensus on every detail.
2. Operationalizing Article 6 of the Paris Agreement
Decisions were also made on the Paris Agreement Crediting Mechanism, (PACM) which covers both article 6.2 and 6.4 under the previously agreed Paris Agreement signed in 2016. Following talks at this edition, rules for the PACM were defined and agreed. As a result, the PACM is now ready to be operationalized.
- Country-to-Country Trading (Article 6.2): Clear rules were established for trading carbon credits between countries, including how trades are authorized and tracked in registries. Environmental integrity is safeguarded through transparent technical reviews.
- Centralized Carbon Market (Article 6.4): Standards were adopted for a global carbon crediting mechanism. This scheme is open to all countries, but is expected to mostly benefit developing and least-developed countries through finance flows and capacity-building support. Included within this scheme are robust safeguards for environmental and human rights, requiring informed consent from Indigenous Peoples for projects and providing avenues for appeals and complaints.
The UN carbon market is mandated to align with the latest scientific insights, ensuring integrity. The Supervisory Body responsible for the mechanism has a detailed work plan through 2025 to continue refining the system.
3. Global Methane Reduction Pact:
Countries agreed to cut methane emissions by 30% from 2020 levels by 2030, building on the Global Methane Pledge initiated at COP26. This pact focuses on high-emission sectors such as agriculture, waste management, and fossil fuel production, with major contributors such as the United States, China, and Mexico on board.
4. Loss and Damage Fund
This special fund created at COP27 to aid vulnerable developing nations severely impacted by climate change despite contributing little to global emissions took a big step at COP29. The fund aims to raise $100 billion annually to assist these nations in addressing climate-induced losses and support resilience-building efforts.
This money is much needed, with Earth.org estimating that climate change-related impacts, including flooding and sea level rises, are projected to cost Bangladesh around $10 billion annually by 2050, while Fiji faces a projected loss of up to 2.8% of GDP and Mozambique 2.5%.
Challenges and areas of concern
While there were notable achievements, several shortcomings underscored the need for significant reform.
Fossil Fuel influence
The participation of figures closely tied to the fossil fuels industry raised questions about the credibility of negotiations. As our CEO, Marion Verles, commented – “the future of our planet is worth more than the profits of fossil fuel related companies. The positives that emerged from COP29 are still far away from what is required to prevent further climate catastrophe".
Absence of key leaders
Many key figures such as leaders from the United States, Germany, and France were notably absent hindering progress on essential topics like climate finance and leaving some discussions unresolved.
Unclear financial mechanisms
While there were advancements in financial commitments, the specifics of mobilizing the requested $100 trillion annually remain unclear.
Emphasis on nuclear power
Over 20 countries, including the United States, France, and South Korea, committed to tripling nuclear capacity by 2050. While reducing fossil fuels dependency is critical, we advocate the prioritizing renewable energy solutions over nuclear power to achieve a truly sustainable transition.
Recommendations for the future of COP
As advocates for bold and urgent climate action, we align with the recommendations outlined in an open letter sent by a coalition of scientists, advocates, and policy leaders to key figures at the United Nations and UNFCCC. These proposals highlight the structural changes necessary to ensure future COP conferences can deliver the scale and speed of action required to address the climate crisis.
1. Clear selection criteria for host countries
COP host nations must demonstrate a strong commitment to climate leadership, particularly by phasing out fossil fuels. This ensures that negotiations take place in environments aligned with the mission of advancing climate solutions, free from undue influence by fossil fuel industries.
2. More frequent, solution-focused meetings
The letter calls for more frequent gatherings between major COP sessions to focus on actionable solutions. This would create opportunities to review progress, address gaps, and ensure ongoing alignment with emerging scientific insights.
3. Mechanisms for accountability
One of the most critical recommendations is the establishment of robust mechanisms to hold countries accountable for failing to act or meet their targets. These mechanisms could include transparent reporting systems and penalties for non-compliance, ensuring commitments translate into measurable outcomes.
4. A permanent scientific advisory board
To integrate the latest scientific findings into decision-making, the letter suggests creating a permanent advisory group. This body would provide unbiased, evidence-based recommendations to guide policies and ensure that negotiations remain grounded in current climate science.
5. Strengthened multilateralism
Lastly the importance of fostering deeper international collaboration. Future COPs must prioritize multilateral agreements that accelerate collective action and restore trust among nations. Only through coordinated efforts can the global community address the magnitude of the climate crisis.
These recommendations, combined with structural reforms, offer a pathway for COP to evolve into a platform capable of driving transformative change. We urge the UNFCCC and all stakeholders to take these recommendations seriously and act decisively to ensure that COP30 and beyond rise to meet the challenge of our times.
Our experience at COP29
On a positive note, COP29 marked a significant milestone for SustianCERT as we were approved as a verifier for the Global Carbon Council—a testament to our commitment to driving climate action. Our CEO, Marion Verles, participated in a panel discussion entitled “Decarbonizing food value chains” while Nadine Planzer, our Director of Business Development for Environmental Markets was present virtually for another event “Digital MRV to Simplify, Streamline and Accelerate the Markets”. We were proud to be part of the conversations held at such a high-profile event and contribute with the knowledge and learnings we have developed as a player in both carbon markets and value chains decarbonization.
Conclusion
COP29 achieved meaningful progress but fell short of delivering the systemic change required to avert climate catastrophe. As we look ahead to COP30, there is an urgent need for reforms to accelerate action, ensure accountability, and prioritize solutions that put the planet over profit. We urge all stakeholders to embrace these recommendations and work collectively to meet the scale of the climate challenge.
Our future depends on it.