COP29, held in Baku, Azerbaijan, focused on climate finance and carbon markets. Key outcomes included a new global climate finance target of $1.3 trillion annually by 2035, with $300 billion specifically for developing countries. The conference also made progress on Article 6, establishing a global architecture for carbon markets. However, there was no significant advancement on phasing out fossil fuels. The summit emphasized the need for ambitious and investable nationally determined contributions (NDCs) and highlighted the ongoing challenge of translating financial commitments into real-world actions.
Source: https://www.weforum.org/stories/2024/11/cop29-key-takeaways-nature-climate-stories-news/
COP29 – Key Takeaways