The latest iteration of the United Nations annual climate summit wrapped up on Nov. 24, two days after it was originally scheduled to end and two weeks after over 55,000 global delegates and climate negotiators congregated in Baku, Azerbaijan, with the aim of reaching a consensus on how to best tackle climate change.
After several contentious debates and negotiations, COP29 concluded with an agreement to implement Article 6 of the Paris Agreement and a $300 billion annual finance deal to support developing nations most impacted by climate change. While the former was lauded for boosting the carbon market and encouraging collaboration among countries to achieve their climate targets, the latter was criticized by environmental groups and developing nations alike and labeled as a “failure” and a “setback for climate action.”
Though the final COP29 deal was announced last month, planning and goal setting for the annual climate summit began early this year.
COP29 president-delegate Mukhtar Babayev was appointed to preside over the summit in January and unveiled his climate action themes and goals for the summit over the summer. He followed it up shortly by an “Action Agenda” in the early fall that laid out climate finance funds, investments and trading platforms that promoted sustainability and clean energy.
However, Babayev’s agenda lacked any direct mention of transitioning away from fossil fuels — a goal outlined in the final COP28 agreement last year.
Take a look at ESG Dive’s coverage on COP29 below.
