COP29, held in Baku, Azerbaijan, achieved several significant outcomes.
Significant Outcomes:
- Tripling Public Finance for Developing Countries:
A breakthrough agreement was reached to increase public finance for developing countries from $100 billion annually to $300 billion annually by 2035. This aims to support their efforts in combating climate change.
- Scaling Up Total Climate Finance:
Efforts were made to mobilize a total of $1.3 trillion per year by 2035 from both public and private sources to assist developing countries.
- Carbon Market Agreement:
A long-standing issue, the agreement on carbon markets under Article 6 of the Paris Agreement, was finally reached.5 This could potentially unlock significant financial flows and accelerate emissions reductions.
- Loss and Damage Fund Operationalization:
The Loss and Damage Fund, established at COP27, became fully operational. This fund will provide financial assistance to vulnerable countries impacted by climate change.
- Enhanced transparency and reporting:
Progress was made in improving transparency and reporting on climate actions through Biennial Transparency Reports (BTRs).
