The 29th session of the Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) took place from November 11 to 22, 2024 in Azerbaijan. This decision was made during the plenary session of COP28, which took place in Dubai on December 11, 2023. The UNFCCC is a legally binding international agreement established at the Earth Summit in Rio de Janeiro in June 1992, aimed at preventing dangerous human interference with the climate system. The COP refers to the highest decision-making body responsible for overseeing the implementation of the provisions of the Framework Convention on Climate Change. The parties to the Convention are 198 countries. Unless the parties decide otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn, and the COP30 will be held in Belém, Brazil in 2025 (UNFCC.int, 2024).
During COP29, commitments were made by numerous countries and organizations. Specifically, the COP Joint Declaration on Ceasefire was signed by 132 countries and 1,200 organizations (COP29.az, 2024). Additionally, declarations were adopted on hydrogen, environmentally sustainable digital solutions, and methane emission reduction. These commitments are aimed at implementing climate change mitigation measures in areas such as tourism, water resource conservation, energy storage, and the development of eco-friendly digital solutions.
The Baku Roadmap for Adaptation to Global Climate Change was adopted at COP29. This will ensure the annual discussion of climate change adaptation in developing countries at all COP conferences. The adoption of the 10-year updated Lima Work Programme on Gender is also significant. The program encourages greater involvement of women in climate change negotiations (Goldberg, 2025).
At COP29, the primary focus was on financing measures to combat climate change. The conference was attended by representatives from 198 countries, with a total of 76,000 participants, including 80 heads of state, presidents, vice presidents, and prime ministers. As a result, the previous climate financing target was tripled, increasing it to 300 billion USD annually for developing countries by 2035. This will replace the annual $100 billion target that developed countries had previously agreed to provide to developing countries. It was also noted that COP29 called for the mobilization of 1.3 trillion USD annually by 2035 from public and private sources, as well as voluntary contributions from developing countries within the framework of South-South cooperation (UNCTAD.org, 2024).
This so-called New Collective Quantified Goal on Climate Finance (NCQG) was agreed upon after two weeks of intense negotiations and several years of preparatory work, during which all countries were required to unanimously agree on all the details of the agreement. This new financial target serves as an “insurance policy” for humanity in light of the worsening impacts of climate change affecting all nations (Carbonbrief.org, 2024). However, like any insurance, it only works if the contributions are made in full and on time. This agreement will enable the continued large-scale growth of clean energy and will help all countries benefit from its significant advantages: job creation, strengthened growth, and the reduction in the cost of clean energy for all.
According to the forecasts of the International Energy Agency, in 2024, global investments in clean energy will exceed 2 trillion USD for the first time (IEA.org, 2024). The new financial goal of COP29 builds on significant progress in the practical implementation of climate change mitigation measures agreed upon at COP27, during which the launch of the first-of-its-kind Loss and Damage Fund was announced. It also builds on COP28, where a global agreement was reached for a swift and just transition away from fossil fuels in energy systems, a threefold increase in renewable energy capacity, and the strengthening of climate resilience.
The climate finance agreement at COP29 was reached against the backdrop that next year, all countries are required to submit more ambitious Nationally Determined Contributions (NDCs). These new climate plans must encompass all greenhouse gases and economic sectors in order to keep the goal of limiting the global average temperature rise to 1.5°C above pre-industrial levels within reach.
The activation of the Loss and Damage Fund at COP29, which is set to provide financial assistance to countries impacted by climate-related disasters, represents a significant milestone. With disbursements scheduled to commence in 2025, this fund aims to offer much-needed support to vulnerable nations facing the adverse effects of climate change. However, the current commitments of 700 million dollars fall far short of the annual needs estimated by UNCTAD, which amount to 150 billion dollars (UNCTAD.org, 2024). Moving forward, the focus must shift to mobilizing resources and building confidence in the Fund’s capacity to provide meaningful support to vulnerable countries. Innovative financing and broader donor participation will be crucial for its long-term success.
Additionally, new standards were established at the conference to enhance transparency and accountability in climate change financing. The development of climate reporting based on the principles of transparency has made significant progress at the conference in Baku, creating a stronger evidence base for the progressive enhancement of climate policy and helping to identify the needs and opportunities for climate financing. To date, 13 Parties have submitted their first Biennial Transparency Reports (BTRs), which are to be submitted by all Parties by the end of the year. Thus, Andorra, Azerbaijan, the European Union, Germany, Guyana, Japan, Kazakhstan, the Maldives, the Netherlands, Panama, Singapore, Spain, and Türkiye have taken the lead in the process of climate reporting based on transparency principles, setting an example for other countries (Carbonbrief.org, 2024).
One of the key outcomes of COP 29 was the successful conclusion of the long negotiations on Article 6.4 of the Paris Agreement, which aims to establish reliable and transparent carbon markets, an agreement that was missed at previous COPs. These markets are expected to reduce the costs associated with NDCs by up to 250 billion USD annually. Financial flows could reach 1 trillion USD by 2050, supporting climate-related initiatives in developing countries (De Catelle, 2024). The corresponding decisions will help countries implement their climate strategies more swiftly and cost-effectively, accelerating progress in halving global emissions this decade, as demanded by science. As a result, trade between countries and the carbon credit mechanism will be able to operate fully.
Establishing reliable and transparent carbon markets is good news for developing countries, which will benefit from new financial flows. It is particularly good news for the least developed countries, which will receive support to strengthen their capacity to “anchor” themselves in the market. This mechanism, known as the Paris Agreement Crediting Mechanism, relies on mandatory project assessments to ensure compliance with stringent environmental and human rights safeguards. This includes measures ensuring that projects cannot proceed without indigenous people’s explicit and informed consent. The mechanism also allows any affected party to challenge decisions or file complaints. The text agreed upon for Article 6.4 includes a clear mandate to align the UN carbon market with scientific data. It requires the Supervisory Body, responsible for creating and launching this market, to incorporate the best available scientific data throughout its work. The work on carbon markets is not concluded in Baku. The Supervisory Body, which is establishing the new carbon crediting mechanism, has received a long “to-do list” for 2025 from the Parties and will continue to report to them (Moosmann, et al., 2024).
The COP29 decision on trade between countries (Article 6.2) provides clarity on how countries will authorize carbon credit trading and how the registries reflecting these transactions will operate. Additionally, there is now an understanding that the initial accounting of environmental factors will be ensured through technical reviews within a transparent process (Valdre and Barbara, 2024).
Within the framework of the Organization of Turkic States (OTS), a new partnership was initiated aimed at accelerating action on climate change and innovation. This initiative brings together member states to promote sustainable practices and green technologies. Additionally, the OTS Forum on Climate-Resilient Villages was presented, with the goal of sharing knowledge and resources to create rural communities that are resilient to climate change. It was noted that COP29 contributed to strengthening the commitment of Central Asian countries to the principles of “Green” energy and sustainable development. Among the key achievements was the strategic partnership between Azerbaijan, Kazakhstan, and Uzbekistan in the development and transfer of “green” energy. The Caspian Sea Clean Energy Cable project is aimed at exporting renewable energy to Europe, thereby enhancing regional energy security. Furthermore, the “Climate-Smart Cities” Forum of The United Nations Special Program for the Economies of Central Asia (SPECA) was established with the goal of promoting the concept of “smart” cities across Central Asia and supporting the achievement of regional climate goals. At Azerbaijan’s proposal, the Central Asia Regional Economic Cooperation (CAREC) Partnership on Climate, Innovation, and Trade was signed, aimed at integrating climate goals and trade to ensure sustainable development (Newscentralasia.net, 2025).
As part of the 29th session of COP29, a joint session titled “Preventing Glacier Melting in Central and Western Asia” was held. Glacier melting contributes to migration, leads to setbacks in agriculture, and hinders the overall economic development of the region. Following the discussions, the ministers of Central Asian countries and the UN signed a joint Declaration on “Partnership in Climate Change, Glaciers, and Transboundary Cooperation”. The implementation of the “From Glaciers to Farms” (G2F) program was also discussed, with funding provided by the Green Climate Fund and the Asian Development Bank (ADB). Given the growing impacts of water scarcity and climate change in the region, the G2F program holds particular significance in alignment with the national interests of the region. The signed declaration encourages the exchange of information and experiences, the development of early warning systems, and the implementation of climate-resilient solutions. This declaration is viewed as an important step toward strengthening efforts to protect glaciers and combat climate change in the Central and Western Asia region (Centralasiaclimateportal.org, 2024).
In conclusion, the outcomes of COP29 have marked a significant step forward in global climate action, particularly for the Central Asian region, where the adoption of innovative partnerships and initiatives highlights the region’s commitment to sustainable development and green transformation. The Baku Roadmap for Adaptation, the New Collective Quantified Goal on Climate Finance, and the establishment of transparent carbon markets are pivotal in advancing climate resilience and fostering financial support for developing nations. Notably, the Central Asian countries have demonstrated a united front in addressing region-specific challenges, such as glacier melting and water scarcity, through collaborative efforts under the frameworks of the Organization of Turkic States and the Central Asia Regional Economic Cooperation. While progress has been made, the successful implementation of these commitments will require sustained financial investments, regional cooperation, and the continuous integration of climate-conscious policies at both national and international levels. The momentum generated at COP29 sets a clear pathway for future actions, with Central Asia playing a key role in the global green transition.
References
Carbonbrief.org (2024). COP29: Key outcomes agreed at the UN Climate Talks in Baku. Retrieved from https://www.carbonbrief.org/cop29-key-outcomes-agreed-at-the-un-climate-talks-in-baku/. Accessed on 22.02.2025.
Centralasiaclimateportal.org (2024). COP29 hosts panel discussion on preventing glacier melting in Central Asia and West Asia and Glacier to Farm (G2F) programme. Retrieved from https://centralasiaclimateportal.org/cop29-hosts-panel-discussion-on-preventing-glacier-melting-in-central-and-west-asia-and-glacier-to-farm-g2f-programme/. Accessed on 22.02.2025.
COP29.az (2024). COP Truce: A call for global unity to address climate and conflict. Retrieved from https://cop29.az/en/media-hub/news/cop-truce-a-call-for-global-unity-to-address-climate-and-conflict. Accessed on 22.02.2025.
De Catelle, William (2024). COP29: A global carbon market in the making. Retrieved from https://www.whitecase.com/insight-alert/cop-29-global-carbon-market-making. Accessed on 22.02.2025.
Goldberg, Matti (2025). Key COP29 outcomes. Retrieved from https://www.woodwellclimate.org/key-cop29-outcomes/. Accessed on 22.02.2025.
Moosmann, Fallasch, Felix and Jung, Hannes (2024). Issues at stake at the COP29 UN Climate Change Conference in Baku. Retrieved from https://www.europarl.europa.eu/RegData/etudes/STUD/2024/754220/IPOL_STU(2024)754220_EN.pdf. Accessed on 22.02.2025.
Newscentralasia.net (2025). Azerbaijan’s Green Diplomacy: COP29 Results and Future Commitments. Retrieved from https://www.newscentralasia.net/2025/02/05/zelonaya-diplomatiya-azerbaydzhana-rezultaty-cop29-i-budushchiye-obyazatelstva/. Accessed on 22.02.2025.
UNCTAD.org (2024). Key takeaways from COP29 and the road ahead for developing countries. Retrieved from https://unctad.org/news/key-takeaways-cop29-and-road-ahead-developing-countries. Accessed on 22.02.2025.
UNFCC.int (2024). UN Climate Change Conference Baku-November 2024. Retrieved from https://unfccc.int/cop29. Accessed on 22.02.2025.
Valdre, Pim and Barbara, Laia (2024). Climate Finance, Carbon Markets and More: 4 Key Takeaways from COP29. Retrieved from https://www.weforum.org/stories/2024/11/cop29-4-key-takeaways/. Accessed on 22.02.2025.
Note: The views expressed in this blog are the author’s own and do not necessarily reflect the Institute’s editorial policy.