Key discussions and decisions shaping global climate action

COP stands for the 'Conference of Parties' - a term used in international relations for committees established to guide the implementation of treaties. There are COPs for various international agreements, however the acronym is most associated with climate action, particularly the meetings organised under the United Nations Framework Convention on Climate Change (UNFCCC) and is the conference we will be exploring in this newsletter!

Signed by 154 countries in 1992, the UNFCCC commits signatories to address the human impact of climate change - hosting annual meetings since then. Politicians, diplomats and government representatives will be the most visible attendees at the conference, however, a wide range of stakeholders attend the conference. Attendee agendas and priorities are not always aligned, with some receiving criticism in previous years.

COP29 will be hosted in Baku, Azerbaijan from 11th - 22nd November. This summit will be pivotal for global climate action, providing a platform to advance efforts set forth at previous COPs.

Looking Back: Key Takeaways from COP28 in Dubai

COP28 was held, last year in Dubai, bringing together 85,000 participants. including 150 Heads of State and a diverse range of stakeholders including representatives of national delegations, civil society, businesses, indigenous people, youth, philanthropy and international organisations.

COP28 was particularly significant as it marked the first 'global stocktake' of the world's endeavours to address climate change under the Paris Agreement, however this revealed insufficient progress across critical climate areas - from strengthening resilience to a changing climate, to reducing greenhouse gas emissions, providing financial and technological support to vulnerable nations. In response, countries committed to intensifying efforts across all these areas.

• COP28 opened with a landmark agreement to operationalise a new fund for loss and damage, securing over $600 million to support vulnerable countries impacted by climate change.

• Countries established targets for the Global Goal on Adaptation (GGA), setting a global framework to improve resilience across key areas like water, food, and health.

• Emphasised the urgent need to link climate action with nature conservation, urging nations to incorporate environmental protection and biodiversity in their climate strategies.

• COP28 concluded with a significant agreement 'signalling the beginning of the end' for fossil fuels. The stocktake recognised the science that indicates global greenhouse gas emissions need to be cut 43% by 2030, compared to 2019 levels, to limit global warming to 1.5°C.

COP28, in Dubai, marked a significant moment in climate action - featuring the first inclusion of 'transitioning away from fossil fuels'. Advancing the progress made at COP28 will be a priority during COP29.

The Paris Agreement and Its Role

Above, we have mentioned the Paris Agreement - but what does this actually mean?

The Paris Agreement is a legally binding international treaty focused on addressing climate change, adopted by 196 countries during COP21, in Paris, in 2015. Its primary goal is to limit global temperature increase to well below 2°C above pre-industrial levels and strive for the 1.5°C limit to prevent the most catastrophic effects of climate change. The UN's Intergovernmental Panel of Climate Change (IPCC) has stated that passing the 1.5°C target could lead to more frequent and intense climate-related disasters, including severe heatwaves, droughts and floods.

To achieve this, greenhouse gas emissions must peak by 2025 and drop by 43% by 2030. The Paris Agreement stands out in global climate efforts as it unites all anticipating parties under a common framework to mitigate climate impacts, build resilience, and support each other in this transition.

Key Discussions at COP29

A New Climate Finance Target:

COP29 aims to set a new global finance target for 2025 and beyond, expanding the $100 billion annual commitment already in place. Under the Paris Agreement 2015, countries pledged a new financial target in 2024, the specifics of which remain uncertain. At COP29, negotiations will address both the scale and accessibility of funding, and encourage private sector contributions.

Increased Ambition for National Climate Plans:

With a deadline of February 10, 2025, countries must set new, higher commitments in their Nationally Determined Contributions (NDCs). NDCs are national plans formed under the Paris Agreement, detailing each countries strategy for reducing greenhouse gas emissions and adapting to the impact of climate change.

The NDC deadline marks the beginning of a new cycle for the Paris Ratchet mechanism, within the Paris Agreement - which requires nations to submit increasingly ambitious climate commitments every 5 years. COP29 is an opportunity for nations to submit new ambitious targets for their national climate plans.

Strengthening the Loss and Damage Fund:

The COP28 summit in Dubai marked a breakthrough with the establishment of a Loss and Damage Fund, which will provide financial support to countries most vulnerable to the irreversible impacts of climate change, such as loss of coastal areas and destruction from extreme weather events. Hosted by the World Bank, the fund's policies will be directed by a governing board, setting the stage for implementation.

COP29 will seek to advance the Loss and Damage Fund, approving progress made over the year, including the appointment of the Philippines as the host of its board and collaboration with the World Bank. This fund will also strengthen the Warsaw International Mechanism and enhance coordination with the newly created Loss and Damage Fund and the Santiago Network.

Advancing National Adaptation Plans (NAPs):

COP29 will encourage nations to develop and implement National Adaptation Plans by 2025, aiming for visible progress by 2030. Key discussions will address funding for adaptation efforts and incorporating adaptation into broader climate finance goals.

Connecting Climate, Nature, Land, and Cities:

This year marks a “triple COP” with COP29 (climate), COP16 (biodiversity), and COP16 (desertification) taking place, allowing leaders to address climate, biodiversity, and land degradation together.

Showing progress towards existing commitments:

The outcome of COP28 included ambitious global commitments to phase out fossil fuels, triple renewable energy efficiency, enhance low-carbon transportation, and build resilient food systems. COP29 is an opportunity for nations to present actions, report on milestones, and provide data on achievements so far towards global climate goals.