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COP29 held in Azerbaijan reached a consensus on the climate financing agreement on the 24th. (Photo: COP29's facebook)
The two-week United Nations Climate Change Conference (COP29) has officially concluded, with significant attention focused on climate financing. After intense debates, an agreement to increase climate financing was reached, though many countries remain dissatisfied with the outcome.
In addition to the financing agreement, what other key developments took place at this year's summit?
Highlight 1: countries walk out during financing discussions
The climate financing agreement, known as the New Collective Quantified Goal (NCQG), was finalized on the morning of Nov. 24, Azerbaijan time, two days later than originally expected. The most hotly debated issue was the amount of funding from developed nations to support developing countries in combating climate change.
The final agreement raised the amount from the current $100 billion annually to $300 billion. Many developing countries expressed disappointment with the agreement, arguing that the funding was insufficient to meet the needs of climate-vulnerable nations. At one point, dozens of countries walked out of the negotiations, but a consensus was ultimately reached, which also included the acceptance of private investments as a means to partially meet the proposed target of $1.3 trillion.
Many developing countries were disappointed with the agreement's outcome, even walking out of the negotiations. (Photo: UNclimatechange/Vugar Ibadov)
Highlight 2: Article 6.4 of Paris Agreement passed
The summit also solidified the UN's role in the global carbon market. Article 6.4 of the Paris Agreement was officially passed on the evening of Nov. 23, Azerbaijan time, during a plenary session. This will establish a high-quality and transparent carbon credit trading market under the UN framework. The passage of this article helped address concerns over the rushed approval process that had been criticized at the beginning of the summit.
Taiwan's experts generally believe that, with this market mechanism in place, non-UN members like Taiwan may also have opportunities to participate in the international market. Environment Minister Chi-Ming Peng stated that the article's focus on global carbon pricing and carbon markets is closely tied to Taiwan's Nationally Determined Contribution (NDC) targets, and Taiwan hopes to earn carbon credits by assisting its allies in reducing emissions.
Highlight 3: no discussion on fossil fuel transition
Key decisions from the previous COP28, such as commitments to transition away from fossil fuels and increasing renewable energy capacity by twofold by 2030, were barely discussed this year, and even disappeared from official documents. Instead, the importance of transitional fuels was emphasized, with details on this issue postponed until 2025.
Before the plenary session, Saudi Arabia made it clear that it would not accept any mention of fossil fuels, which is believed to be the reason these terms were omitted. The two goals set by COP28 to double renewable energy capacity by 2030—namely increasing storage capacity to 1,500 GW and expanding power grids by 25,000 kilometers—were also removed from this year's agreement.
Highlight 4: COP30 in Brazil to Focus on new NDC targets
The COP30 will take place from November 10-21, 2025, in Belém, Brazil. As countries are expected to submit new Nationally Determined Contribution (NDC) targets by February 2025, COP30 is seen as a critical meeting for increasing global emission reduction goals.
The Brazilian government has announced an $800 million investment to host COP30. As Brazil is home to one of the world's largest tropical rainforests, discussions are expected to focus on environmental protection and biodiversity. And as a developing country, climate financing, the impact of climate change on society, and the role of climate adaptation will also be key areas of concern at COP30.
Brazil is set to host COP30 next year, with discussions expected to focus on environmental protection and biodiversity. (Photo: UNclimatechange/Vugar Ibadov)
Source: Bloomberg、Reuters(1)、(2)、Climate Home News(1)、(2)
