Climate Negotiations at COP29

The 29th Conference of the Parties (COP29) to the UNFCCC was held in Baku, Azerbaijan, from November 11-24, 2024 (extended by two days).

• Nearly 200 countries participated, negotiating crucial agreements on climate finance, adaptation, and mitigation.

Key Highlights

• New Collective Quantified Goal (NCQG): Committed to tripling climate finance for developing countries to USD 300 billion annually by 2035, with plans to scale total finance (public and private sources) to USD 1.3 trillion annually.
• Carbon Market Mechanisms under the Paris Agreement:
  • Article 6.2: Enables bilateral agreements between countries for trading carbon credits with mutual flexibility.
  • Article 6.4: Establishes a UN-managed centralized carbon emissions offset and ....