Submitted by ncckmc on
The 2024 UN Climate Change Conference (COP29) took place from November 11–24, 2024 in Baku, Azerbaijan. The key achievements of the conference are:
- Triple finance to developing countries, from the previous goal of USD 100 billion annually, to USD 300 billion 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 USD 1.3 trillion per year by 2035
- Agreed on the final building blocks that set out how carbon markets will operate under the Paris Agreement, making country-to-country trading and a carbon crediting mechanism fully operational
- Provided clarity on how countries will authorize the trade of carbon credits and how registries tracking this will operate. And there is now reassurance that environmental integrity will be ensured up front through technical reviews in a transparent process
- Agreed standards for a centralized carbon market under the UN (Article 6.4 mechanism) known as the Paris Agreement Crediting Mechanism, is underpinned by mandatory checks for projects against strong environmental and human rights protections, including safeguards that ensure a project can’t go ahead without explicit, informed agreement from Indigenous Peoples
- Parties expressed their appreciation for the timely completion of the Enhanced Transparency Framework (ETF) reporting tools, the technical trainings, the support provided to developing countries for reporting under the ETF that took place in 2024, and the successful launch of the review process
- Extensively discussed the second five-year assessment of progress to formulate and implement NAPs
- Launched the Baku Adaptation Road Map and Baku high-level dialogue on adaptation to enhance the implementation of the UAE Framework.
- 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
- Reemphasized the critical importance of empowering all stakeholders to engage in climate action; in particular under Action for Climate Empowerment (ACE)
Source: https://unfccc.int/news/cop29-un-climate-conference-agrees-to-triple-fin...