The key takeaways from COP29
By Claudia Elwaw & Damian Kelly
COP29, the 29th Conference of the Parties to the UN Framework Convention on Climate Change (UNFCCC), took place in Baku, Azerbaijan, from November 30 to December 12. It was a critical global event which focused on advancing the objectives of the Paris Agreement, particularly on mobilising climate finance, enhancing national climate action plans, and tackling global emissions. The Pacific Islands, despite contributing minimally to global emissions, remain among the most vulnerable regions in the world to climate change impacts (UNFCCC, 2024), so we’ve summarised the key takeaways from COP29 and how they impact Pacific nations.
Climate Finance Commitment
Member parties finally moved forward on their commitment to mobilise $300 billion annually by 2035 for climate action in developing countries (UNFCCC, 2024). This deal aligns with the broader Paris Agreement goal of enhancing support for nations facing the most severe climate impacts. However, the Pacific and other vulnerable regions still faces a funding gap, as the needed financial flows are estimated to reach $1.3 trillion annually by 2035 to meet the adaptation and mitigation needs of developing countries (The Guardian, 2024).
The $300 billion annual climate finance goal from COP29 could support key projects like coastal protection (Pacific Climate Change Portal, 2024). However, concerns remain that these funds may not meet the region’s needs, and Pacific leaders will continue to push for more targeted support (Pacific Adaptation to Climate Change, 2024).The level of funding importantly fails to recognise the unique position of Pacific Island states due to their geography and political fragmentation.
National Climate Action Plans (NDCs)
Several countries either updated or presented ambitious Nationally Determined Contributions (NDCs) to reduce emissions and transition to a low-carbon economy. NDCs are voluntary reductions in carbon emissions made by members to the UNFCCC.
For the Pacific, these NDCs are crucial as they signal global action that impacts the region’s climate resilience. However, Pacific nations will continue to push for stronger commitments from high-emitting nations to ensure that global targets are met and that financing for adaptation and mitigation is increased to meet the needs of vulnerable regions (Pacific Islands Forum Secretariat, 2024).
International Carbon Markets
COP29 advanced the rules for carbon markets under Article 6, enabling emissions trading. However, the Pacific must ensure that the benefits of carbon markets reach local communities and ecosystems. This includes maintaining the integrity of carbon offset initiatives and ensuring that the needs of vulnerable Pacific communities and nature-based solutions are safeguarded (Greenpeace International, 2024). Relevantly, the trade in carbon has increasingly been regulated across the globe.
Fossil Fuel Transition
At COP29, the transition away from fossil fuels, crucial for the 1.5°C target, lacked a clear commitment and will be revisited at COP30 (The New York Times, 2024). Unfortunately, temperature records for 2024 indicate the 1.5C target has already been missed. For Pacific nations, vulnerable to fossil fuel-driven impacts like extreme weather and rising seas, this was a missed opportunity. The Pacific will continue to push for stronger fossil fuel phase-out commitments (Oxfam, 2024).
Loss and Damage
The issue of loss and damage, which refers to the financial support needed to address the irreparable impacts of climate change, remains a priority for the Pacific. Many Pacific nations are already experiencing the loss of land, livelihoods, and cultural heritage due to climate impacts, and COP29 did not resolve this issue to the extent that Pacific nations had hoped. The Pacific will continue to advocate for a robust and accessible loss and damage fund to support those who are bearing the brunt of climate change (World Bank, 2024).
Private Sector Engagement
COP29 emphasised the private sector's role in driving climate action, particularly through investments in green technologies and renewable energy, which could benefit the Pacific (The Guardian, 2024). The challenge will be ensuring these investments address the region's specific needs, such as sustainable development and job creation.
In conclusion
COP29 made progress on climate finance, carbon markets, and action plans, but the Pacific still faces challenges in securing necessary support. While the $300 billion goal is a step forward, Pacific nations will continue to push for stronger commitments on adaptation, loss and damage, and fossil fuel phase-out. As COP30 approaches, the Pacific will remain a strong advocate for greater global climate action (UNFCCC, 2024; Pacific Islands Forum Secretariat, 2024).
Reference List:
Greenpeace International. (2024). COP29: Private sector's role in Pacific climate solutions. Greenpeace International. Retrieved from https://www.greenpeace.org
Oxfam. (2024). Pacific islands at the forefront: Ensuring loss and damage finance at COP29. Oxfam International. Retrieved from https://www.oxfam.org
Pacific Adaptation to Climate Change (PACC). (2024). Adapting to a changing climate in the Pacific: Key outcomes from COP29. PACC. Retrieved from https://www.pacificadaptation.org
Pacific Climate Change Portal. (2024). COP29: What the outcomes mean for the Pacific region. Pacific Climate Change Portal. Retrieved from https://www.pacificclimatechange.net
Pacific Islands Forum Secretariat. (2024). Pacific Island nations and COP29: Ensuring climate finance and adaptation action. Pacific Islands Forum. Retrieved from https://www.forumsec.org
The Guardian. (2024, December 12). COP29 outcomes and implications for global climate finance. The Guardian. Retrieved from https://www.theguardian.com/environment/cop29
The New York Times. (2024, December 13). COP29: A turning point for Pacific nations on climate finance. The New York Times. Retrieved from https://www.nytimes.com
UNFCCC. (2024, December). COP29: Key outcomes. United Nations Framework Convention on Climate Change. Retrieved from https://unfccc.int/cop29
World Bank. (2024). Pacific climate resilience: Key challenges and opportunities at COP29. World Bank. Retrieved from https://www.worldbank.org/en/news/feature/2024
