On November 23, the closing plenary session of the 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29) took place in Baku, Azerbaijan. The event brought weeks of intensive negotiations to a conclusion, with numerous significant decisions aimed at addressing global climate challenges.

“No one wanted to leave Baku without achieving meaningful results for our planet,” said Mukhtar Babayev, Azerbaijan’s Minister of Ecology and Natural Resources and COP29 President. He urged all parties to continue bridging differences and focus on actionable climate solutions.

One of the session’s highlights was the finalization of Article 6 of the Paris Agreement, which establishes transparent carbon markets to facilitate cooperation among nations. “This breakthrough unlocks immense investment potential in renewables and environmental conservation projects, especially for developing nations,” Babayev noted. The decisions under Article 6 aim to cut emissions efficiently while ensuring environmental integrity.

The operationalization of the Loss and Damage Fund, a crucial mechanism for supporting vulnerable countries, was another historic milestone. Agreements with the World Bank and the Philippines as the host country pave the way for its implementation. Starting in 2025, the fund will finance projects addressing the impacts of climate change, with over $730 million pledged.

In a move to escalate global climate ambition, COP29 set a new climate finance target: mobilizing $300 billion annually by 2035. This goal builds on the previous $100 billion commitment, calling for contributions from both developed and developing nations. COP29 also saw the establishment of the Baku Global Climate Transparency Platform to enhance accountability in climate action.

UNFCCC Executive Secretary Simon Stiell praised COP29’s achievements but reminded attendees of the work ahead. “The tripling of the climate finance target and agreements on carbon markets are major steps forward,” he stated, emphasizing the importance of these decisions for the most climate-vulnerable regions.

COP29 concluded with speeches from international representatives and a resolution expressing gratitude to Azerbaijan for its leadership and the successful organization of the conference. “Azerbaijan has set a new benchmark for climate diplomacy,” Babayev said, thanking President Ilham Aliyev for his unwavering support.

Source: AZƏRTAC