COP29, a major international meeting, was held in Baku, the capital of Azerbaijan, in 2024. There, world leaders reassessed their pledges to fight climate change and looked for new ways to address the issue. The two-week meeting ended on Sunday, November 24, two days later than planned, after heated discussions. 
COP29, often known as the "Finance COP," was a historic meeting that was heavily centred on sustainable investment plans and financial processes. As the gap between rich and developing countries widened and clarity was needed for goals and implementations, this year's conference was held. Baku hosted the summit, which was also criticised because of Azerbaijan's record on human rights, its lack of democracy, and its reliance on fossil fuels for economic growth. 
Discussions are expected to continue at COP30 and the Bonn Inter-Sessional in June, when remaining worries from COP29 will resurface. It is anticipated that these meetings would improve international collaboration and produce better results. 

CDP Hosted Several Events at COP29 
CDP hosted important events centred on climate financing and bolstering national climate action plans as part of COP29, which was held in Baku, Azerbaijan. Among these were the “Effective Action” session, which sought to expedite the implementation of Nationally Determined Contributions (NDCs); the “Accountability and Implementation Dialogue,” which emphasised the significance of international cooperation; and the “Financing Climate Solutions” session, which strengthened cooperation between the public and private sectors. 
The UNFCCC Global Climate Action, the Institutional Investors Group on Climate Change (IIGCC), CDP, and the UN Climate Change High-Level Champions team all contributed to the organisation of the “Financing Climate Solutions” conference. Enhancing public-private partnerships to provide scalable climate finance in poor nations was the goal of this session. 
The World Business Council for Sustainable Development (WBCSD), CDP, CEBDS, ISO, and the University of Exeter organised the “Effective Action” conference. Prior to COP30, it investigated how partnerships, data, and standards might be more effectively used to assist the deployment of NDCs. 
The World Resources Institute (WRI), the UN Climate Change High-Level Champions team, and CDP hosted the “Accountability and Implementation Dialogue,” which looked at how international collaboration may spur climate action and close the gap between global pledges and local consequences. 
COP29 offered a crucial forum for bolstering the viability of climate financing and action plans through these partnerships. By bringing together professionals from many fields, CDP helped to create the conditions needed to take tangible action towards climate goals.

CDP and GRI Signed a Collaboration Agreement 
In order to improve and expedite environmental reporting, CDP and GRI signed a “Memorandum of Understanding” (MoU) during the COP29 Climate Change Conference in Baku, formally establishing their collaboration. Through this partnership, CDP and GRI hope to improve capacity in this area and streamline reporting procedures for businesses. The objective is to use environmental reporting standards to make more comparable data accessible. The two organisations will improve technical alignment as part of the partnership by mapping and evaluating the compliance of GRI's criteria for biodiversity, water, and climate change with CDP's corporate questionnaire. 

EFRAG and CDP Declare a Comprehensive Partnership 
A thorough decision to align and assure interoperability between the European Sustainability Reporting Standards (ESRS) and CDP was announced by the European Financial Reporting Advisory Group (EFRAG) and CDP during COP29. The ESRS E1 climate standard and CDP’s questionnaire showed a high degree of congruence, according to joint mapping efforts by EFRAG and CDP. organisations will gain from this 
relationship in two ways: organisations reporting to CDP will better satisfy ESRS E1 obligations, and those submitting ESRS E1 reports will find it easier to complete CDP reports. 
A vital instrument for obtaining ESRS-compliant data, CDP is currently used by 90% of firms listed on European stock markets to disclose environmental data. Prior to the 2025 CDP reporting cycle, an in-depth mapping study emphasising alignment will be released. In addition, CDP has declared its intention to show how answers to its survey comply with ESRS regulations. 

Finance COP Concludes with a $300 Billion Financing Agreement 
Adoption of the New Collective Quantified Climate Finance Goal (NCQG), which seeks to create a climate finance infrastructure in line with the objectives of the Paris Agreement, was one of the main results of COP29. By 2035, it is anticipated that yearly funding for developing nations would have reached at least $1.3 trillion under this objective. Nonetheless, confusion has been brought about by the absence of a defined financial source plan and unclear methods. The lack of specific strategies is still a worry, even if rising contributions from the public and commercial sectors was underlined. 
This led to the creation of a new program called “The Roadmap from Baku to Belém,” which aims to raise $300 billion for developing countries by 2035 from a variety of public, private, and international sources. The $100 billion yearly commitment set in 2009 and continued until 2025 is still insufficient, although this amount is a substantial improvement. 
Parties were found to be deeply divided throughout the climate funding discussions. The $1.3 trillion yearly fund that developing nations requested was at least $600 billion from public sources. On the other hand, Western countries supported burden-sharing and the inclusion of affluent, high-emission countries such as Saudi Arabia and China among donor states, while proposing more modest objectives.
Serious consequences are anticipated if nothing is done. Delaying action on climate change, for example, could cost the world economy $178 trillion by 2070. However, by 2030, climate action might increase global GDP by 15% to 18% through savings and co-benefits (Deloitte, 2022). Deloitte Research Reveals Inaction On Climate Change Could Cost The World’s Economy US$178 Trillion By 2070 

Global Carbon Credit Mechanism 
According to Article 6.4 of the Paris Agreement, a quick step towards regulating carbon markets was made on the first day of the summit. The Supervisory Body, which is in charge of carrying out Article 6.4, unilaterally approved two important standards: 1) criteria for methodology and 2) protocols for carbon removal operations. The Conference of the Parties (CMA) would typically need to approve these criteria after extensive deliberations among the member nations. 
Taking a fresh tack this year, the Supervisory Body asked for the standards’ immediate acceptance without lengthy deliberations. This approach was criticised for its lack of inclusion and openness, even if its goal was to speed up adoption. Despite being viewed as a procedural innovation to expedite the process, the action was critiqued for being too hurried. Concerns over the fair and efficient operation of carbon markets were raised by the lack of comprehensive agreements. 
Thus, following years of impasse over Article 6, COP29 marked a turning point with the implementation of mechanisms for carbon credit trading under Articles 6.2 and 6.4 of the Paris Agreement. While Article 6.2 governs international trade in carbon credits, Article 6.4 seeks to create a centralised carbon market 
supervised by the UN. One tonne of CO2 that has been taken out of the atmosphere or decreased is represented by each carbon credit. However, the market value of carbon markets fell by 50% due to a lack of transparency and a decline in confidence, which resulted in large financial losses for businesses. 
COP29 came to a consensus on more stringent guidelines for the carbon trading system and credit issuance criteria in order to solve these issues. Establishing a trustworthy carbon credit system by 2025 is the aim. Under the new system, high-emitting nations will be able to buy carbon credits from emission reduction projects in developing nations, such programs for renewable energy, afforestation, and rainforest preservation. Their goal of reducing emissions will be aided by these credits. 
➔ The text of Article 6.2 on carbon markets is available here. 
➔ The text of Article 6.4 on carbon markets is available here. 

Developments of the Loss and Damage Fund 
One of the main results of COP29 was the operationalisation of the Loss and Damage Fund, which was decided to be formally introduced at COP28 in Dubai in December 2023. Over $700 million in financial promises were obtained from industrialised countries throughout this process, and by 2025, the fund is expected to start funding projects. With an emphasis on the least developed countries most impacted by climate change, the fund seeks to make up for past losses and provide solutions to lessen future harm.
Discussions stressed that the fund should allocate funds for proactive and preventative actions in addition to post-disaster recovery assistance. 
Proposals to levy new taxes on high-emission industries including fossil fuels, aviation, and marine transportation are part of ongoing discussions over the fund's funding strategy. Regretfully, COP29 failed to make any notable forward on implementation plans, distribution methods, or financial objectives. However, it is anticipated that the Loss and Damage Fund's operationalisation would represent a major advancement in the fight for climate justice, especially for tiny island states and the least developed nations. 

The GGA, or Global Goal on Adaptation 
The Paris Agreement created the Global Goal on Adaptation (GGA), which serves as a framework to lessen vulnerabilities, particularly in vulnerable nations, and increase global resilience against the negative effects of climate change. With financial assistance, this objective aims to fortify these integrated efforts and take a more successful adaption strategy. 
An early structure for GGA was established at COP28, and COP29 expanded upon it. In order to track adaption levels and evaluate nations' progress towards resilience targets, efforts were initiated to create indicators for evaluating success under GGA. Nevertheless, there are still difficulties in putting these indicators into practice and adjusting them to the unique circumstances of any nation. While affluent nations stress the need for flexibility and inclusion in the process, developing nations are calling for firmer and more transparent financial obligations. 
The necessity of increasing financial resources for climate adaption was brought to light by COP29. Other sectors that saw advancements included ecosystem-based adaptation, infrastructure strengthening, and early warning systems. 

Weak COP29 Commitments to Mitigation Despite a Continued Dependency on Fossil Fuels 
COP29 failed to reinforce emission reduction pledges required to meet the Paris Agreement's 1.5°C warming objective. The resolution of important issues was hampered by discussions over implementation and funding. The fact that countries that produce fossil fuels hosted the meeting for the third year in a row drew criticism as well. 
The meeting did not significantly advance the implementation of the COP28 promises, which included a phase-out of fossil fuels gradually and a ten-year doubling of renewable energy capacity. An agreement to gradually reduce the use of coal, oil, and natural gas was made during COP29. On a full phase-out of these fuels, however, no agreement was reached. 
Strategies to reduce emissions have made renewable energy a key component, with calls to treble the world's renewable energy capacity by 2030. At COP30, more explicit pledges on fossil fuels are anticipated to be discussed.

Crucial Promises and Objectives 
All nations are required to publish their revised Nationally Determined Contributions (NDCs) under the Paris Agreement by 2025. It is anticipated that these agreements would include more thorough and tangible steps to meet the 1.5°C goal. With several nations updating their commitments and proposing more aggressive objectives, NDCs will continue to be a major subject in climate negotiations in the coming year: 
With an emphasis on investing in renewable energy sources and phase-out coal, the European Union reiterated its ambition to cutting emissions by 55% by 2030 and reaching net zero by 2050. 
The US wants to cut emissions by 50–52% from 2005 levels by 2030, with the help of more funding for renewable energy initiatives. 
China promised to take additional measures to lessen its dependency on coal and to reach carbon neutrality by 2060, with carbon emissions peaking before 2030. 
With its 2070 net zero ambition, India raised the scope of its Solar Energy Mission objectives. In comparison with 1990 levels, the United Kingdom pledged to cut emissions by 81% by 2035. 
There were heated discussions over previous emissions and roles in climate action at the summit. Developing nations underlined that in order to fulfil their reduction objectives, they want more financial and technical assistance. Several leaders emphasised the idea of "common but differentiated responsibilities" (CBDR), which holds that wealthy countries have to bear more of the burden. 
Emerging economies that prioritised foreign support for a fair transition, such as South Africa and Indonesia, published their national energy transition plans. 

Gender Equality and Climate Change 
The improved Lima Work Program on Gender was extended for a further ten years after nations found a consensus on gender and climate change. This ruling guarantees gender equality is mainstreamed in climate action and reinforces its significance. At COP30, the parties also decided to create a new gender action plan with specific implementation measures. 

The Position of Türkiye 
At the 29th Conference of the Parties (COP29), which took place in Baku, the capital of Azerbaijan, Türkiye announced its Long-Term Climate Strategy (LTS).
By 2030, Türkiye wants to reduce emissions by an extra 100 million tonnes and raise the proportion of renewable energy to 50%. By 2050, the nation intends to raise its nuclear energy capacity to 20 GW and its wind and solar energy capacity from 31 GW to 120 GW. 
However, given that fossil fuels account for 72% of the greenhouse gas emissions from Türkiye's energy sector, the country came under fire for not including a coal phase-out objective in its climate plan. 
Türkiye is still one of the five European nations that has not committed to phasing out coal consumption, despite 23 other European nations having done so. It seems improbable that it will reach its 2053 net-zero goal without phase-out of coal. 
By declining to join the TeraMed platform, an international partnership aiming at boosting investments in renewable energy in Mediterranean nations, Türkiye also lost out on a significant opportunity. This choice has been viewed as a lost opportunity to properly utilise Turkey's substantial potential for renewable energy. 
The absence of a coal exit strategy and doubts about enough funding clouded Türkiye's position at COP29, despite its strong climate ambitions. This emphasises the necessity of increased cooperation and more tangible measures on a national and worldwide scale. Türkiye is anticipated to take more serious action to address the climate catastrophe by emphasising energy efficiency and renewable resources over nuclear energy, which carries hazards associated with waste management, high prices, and growing reliance on outside sources. 
The Long-Term Climate Strategy (LTS) paper for Türkiye is available here. 

Announcement of the Green Digital Action Declaration 
The publication of the “Green Digital Action Declaration,” which highlighted the potential of digitalisation to improve climate resilience and boost sustainable technologies, was a significant milestone in the fight against climate change. The significance of providing underdeveloped and disadvantaged countries with access to technology was further underlined by this program. The statement, which was introduced as part of the Green Digital Action initiative at COP28, offered a plan that demonstrated how digital technologies might hasten climate action. 

Proclamation to Cut Organic Waste Methane Emissions Acknowledged 
One of the main priority items at COP29 was lowering methane emissions from organic waste. Nearly half of the world's methane emissions from organic waste come from over 30 nations who signed the “Declaration on Reducing Methane Emissions from Organic Waste.” This program intends to reduce methane emissions in the waste management industry by 1 million metric tonnes annually, building on earlier initiatives like the Global Methane Pledge, which aims to reduce global methane emissions by 30% by 2030 (Food Waste Solutions).

Global Political Dynamics 
Strong worldwide geopolitical factors shaped COP29. Countries' capacity to establish and carry out ambitious climate commitments was severely hampered by the energy crisis, persistent regional wars, and supply chain disruptions. Because of their growing debt loads and economic challenges, developing countries in particular found it difficult to negotiate. 
Countries such as Saudi Arabia and other OPEC members that rely on fossil fuels for their economic growth have opposed demands for the gradual phase-out of fossil fuels. On the other hand, nations like China and the G77 emphasised the significance of expanding technology and financial transfers to poor nations. 
Notwithstanding these obstacles, COP29 reached an agreement on a plan to raise $1.3 trillion a year in climate funding by 2035. The fact that no legally enforceable promises were made to phase out fossil fuels, however, emphasises the continued need for more collaboration in the fight against climate change. 
The stark differences between wealthy and poor nations were once again brought to light during COP29. Although efforts were made to lessen these differences, especially in terms of financial and technical assistance, basic problems like burden-sharing and equality have not been addressed. It is imperative to elevate the voices of the nations most impacted by climate change and centre negotiations around their concerns as the countdown to COP30 in Belém, Brazil, continues. 
At COP29, trade tensions and conflicting interests were a major point of discussion. Developing countries demanded that these concerns be on the table, claiming that expensive trade policies imposed by more developed economies were impeding their economic transitions and green growth. 
A major target of criticism was the European Union's Carbon Border Adjustment Mechanism (CBAM), which was scheduled to go into force in 2026. In a similar vein, worries were expressed about possible all-inclusive import duties in the event of a Trump presidency. The secretariat agreed that future summits will examine trade-related themes in more detail. 

The chance to make progress in COP30, which will take place in Belém, Brazil, next year, is presented by the unsolved concerns from COP29. In order to assess mitigation efforts and resolve implementation gaps, COP30 will be crucial.