KEY CLIMATE ACHIEVEMENTS AMID GLOBAL CHALLENGES

COP29 makes strides on carbon markets, transparency, and adaptation, though climate funding, the centrepiece of agreements that deliver progress across all climate pillars, remains a major hurdle

- ABDULAZIZ KHATTAK

THE 29th United Nations Climate Change Conference (COP29), held in Baku, Azerbaijan, concluded with significant advancements despite challenges in securing desired climate funding.

While the outcome was not perfect, the complexity of the negotiations was evident, with no country achieving all of its objectives. The conference highlighted the difficult balancing act of addressing the diverse needs and priorities of nations, leaving a considerable amount of work to be done as global efforts to tackle climate change continue to unfold.

Hosted from November 11 to 22, 2024, and presided over by Azerbaijan's Minister of Ecology and Natural Resources, Mukhtar Bahadur Babayev, COP29 brought together world leaders, civil society, businesses, and various stakeholders to address pressing climate issues, achieving milestones on carbon markets, transparency, gender equality, and youth involvement.

Although climate finance remained a key point of contention, the conference made notable strides in other areas.

Simon Stiell, Executive Secretary of the UNFCCC, acknowledged that while the outcome was not perfect, the progress made was substantial.

"No country got everything they wanted, and we leave Baku with a mountain of work still to do," he said, underscoring the complexity of the negotiations.

One of the conference's most significant achievements was the establishment of the Baku Finance Goal (BFG), a new framework committing developed countries to mobilise $1.3 trillion annually in climate finance for developing nations.

This includes a target of at least $300 billion per year by 2035. While this was a step forward, developing nations continue to push for further commitments and timely financial assistance.