27 June 2024 - Ahead of COP29 in November, CISL’s new policy briefing sets out what to expect from the negotiations, the elements needed for a successful outcome, and how the private sector can help to push the international climate agenda forward. These insights will be invaluable for businesses planning to engage with COP29, as well as policymakers seeking to understand the dynamics at play this year.
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The 29th COP (COP29) is set to be hosted by Azerbaijan in November 2024, and the Azerbaijani Presidency has a lot on its agenda. This policy briefing explores the key topics that will be dealt with at COP29, including:
- New Collective Quantified Goal on Climate Finance: agreeing a new commitment to provide annual climate finance to developing countries, replacing a previous goal of $100 billion per annum set in 2009 and met in 2023.
- Nationally Determined Contributions (NDCs): encouraging countries to commit to more ambitious and robust 2035 climate change targets and plans, due to be submitted by February 2025.
- Adaptation: developing more specifics on how countries will deliver on the Global Goal on Adaptation – ie putting in place measures to measure, cope with and minimise the unavoidable impacts of climate change.
- Article 6: pushing forward thorny discussions around Article 6 to build a robust and well-regulated international carbon market.
In the context of growing political debate internationally alongside ever-rising temperatures, this year’s COP will be more important than ever for bridging divides and getting the world back on track to keep warming below 1.5°C. The UNFCCC COP is central to tackling climate change as the only forum which brings together all countries in the world to discuss and collaborate on climate action.
The private sector is key to the implementation of the outcomes, both on a global and a national level. Businesses can take on the mantle through corporate climate commitments and investments and by advocating a stronger policy and regulatory environment from governments to enable a just transition. The finance sector also has a key role to play in ensuring private finance is helping deliver collective climate goals.
This briefing sets out what to expect from the negotiations, the topics which will be most important, the elements needed for a successful outcome, and how the private sector can help to push the international climate agenda forward. These insights will be invaluable for businesses planning to engage with COP29, as well as policymakers and those in the environmental space seeking to understand the dynamics at play this year.
Citing this report
University of Cambridge Institute for Sustainability Leadership (CISL). (2024). Finance, climate action plans and carbon markets: What to expect from COP29. Cambridge, UK: Cambridge Institute for Sustainability Leadership.
