Highlights of COP 29: Transforming Ambitions into Action

- by Navoneela Chakraborty, Senior Research Associate, The Celestial Earth

The 29th Conference of Parties (COP 29) to the UNFCCC took place in Baku, Azerbaijan, from November 11 to 22, 2024. Against the backdrop of escalating climate challenges, global leaders, policymakers, and climate advocates have gathered to frame and implement transformative strategies for a sustainable future. The summit acknowledged the urgency of collective action to combat the worldwide climate crisis.  

Key outcomes of COP 29 

1. Climate finance: COP 29 marked significant progress in mobilizing climate finance. The decision was made to triple the public finance in developing countries to combat climate change. The target is to secure an amount of USD 1.3 trillion per year by 2035 from public and private sources to fund climate finance in developing countries. Further, the Loss and Damage Fund agreed upon at COP 28 was operationalized, with hosting and trustee agreements signed.  

2. Article 6 Carbon Markets: A breakthrough agreement was reached in COP 29 on implementing Article 6.4 of the Paris Agreement. It establishes reliable and transparent carbon markets, enabling nations to collaborate effectively in achieving their climate targets. This initiative is projected to significantly lower the cost of implementing national climate commitments (NDCs).  

3. Energy Transitions: Discussions also emphasized transitioning from fossil fuels to renewable energy. Key advancements in clean energy included Uganda and Standard Chartered joining the Powering Past Coal Alliance, ADB’s Energy Transition Mechanism progressing with a pilot project in Kazakhstan, and the Clean Energy Transition Partnership launching its Clean Energy Action Plan to enhance international support for renewable energy initiatives, among others.  

4. Adaptation: COP 29 made significant progress on adaptation, including establishing a support program for National Adaptation Plans (NAPs) for LDCs and launching the Baku Adaptation Road Map to enhance the UAE Framework. It also prioritized indigenous people and local communities through the Baku Workplan and renewed the mandate of the Facilitative Working Group to elevate their leadership in addressing climate challenges. 

5. Gender and Climate Change: COP 29 also advocated mainstream gender equality to work for a climate-conscious future and extended the enhanced Lima Work Programme on Gender and Climate Change for 10 years. Also, a new gender action plan has been decided to be developed for adoption at COP 30. 

6. Stakeholder Participation from diverse backgrounds: COP 29 welcomed over 55,000 participants from civil society, businesses, and other stakeholders, emphasizing inclusive engagement under Action for Climate Empowerment (ACE). For the first time, even children actively participated in the Youth-led Climate Forum, with four young moderators and speakers advocating for intergenerational collaboration in climate action.  

India’s Role at COP 29 

India reinforced its commitment to climate action in COP 29 through key initiatives: 

1. Updated NDCs: India reiterated its targets, including reducing emissions intensity by 45% by 2030 and achieving 50% renewable energy capacity. 

2. Mission LiFE: India advocated for the global adoption of sustainable consumption practices, emphasizing individual and collective action. 

3. Green Hydrogen: India's efforts to lead the global green hydrogen economy were highlighted, positioning it as a critical player in energy transitions 

Furthermore, India took a stance in several side events, including the following:  

1. Integrating Disaster Resilient Infrastructure into Adaptation Strategies: India highlighted its leadership in promoting disaster-resilient infrastructure, showcasing initiatives like IRIS to support climate adaptation and sustainable infrastructure development globally. 

2. LeadIT Member Meet: India underscored the importance of partnerships for low-carbon industrial transitions, emphasizing hydrogen-based solutions and carbon capture technologies as key areas for collaboration with LeadIT members. 

3. India-Sweden Industry Transition Partnership (ITP): India reaffirmed its commitment to the India-Sweden ITP, emphasizing industrial decarbonization and linking efforts with Brazil-UK initiatives for achieving global climate targets. 

4. Unlocking Investments for Resilient Infrastructure in SIDS: India emphasized its role in supporting SIDS through IRIS and regional cooperation platforms like SAGAR and FIPIC, aiming to align climate finance with the unique needs of vulnerable nations. 

5. Energy Transitions for the Global South: as a founding member of the ISA, India advocated for scaling solar energy adoption to address energy security and accelerate the Global South's transition to renewable energy. 

6. LeadIT Summit 2024: India showcased its advancements in industrial decarbonization, stressing the need for just transitions and innovation to align heavy industry with the Paris Agreement. 

7. Solarizing Communities through Women-Led Climate Action: India highlighted its achievements in renewable energy expansion and emphasized empowering women as central to advancing climate action and building community resilience. 

Conclusion 

COP 29 in Baku marked a critical step in advancing global climate action, with significant progress on finance, adaptation, energy transitions, and stakeholder inclusion. India's active role and leadership across various initiatives reinforced its commitment to building a sustainable, equitable, and climate-resilient future.