COP29 Dispatch - November 20, 2024

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HIGHLIGHTS FROM NEGOTIATIONS IN THE PAST 24 HOURS

Top line:?The COP29 Presidency held a stocktaking plenary November 20, with ministerial pairs providing progress updates on finance, mitigation, adaptation, and carbon markets. Discussions on just transition await further political guidance. Ministerial consultations conducted by Brazil and the United Kingdom to ensure ambition and balance across all COP29 outcomes also began November 20.?

New draft texts are anticipated to be released between midnight and early morning on November 21. Following this, the COP29 Presidency will allow Parties time to review the new texts, before convening in a single setting to gauge reactions and set out next steps. Thursday will see COP29 begin to move towards the end phase.?

In more detail:??

1. On the?New Collective Quantified Goal (NCQG)?on climate finance, consulting ministers reported that there continues to be divergence on many areas. Notably on the quantum, developing countries are asking for U.S. $1.3 trillion annually in mobilization, though proposals for a smaller quantum for only provision, or bilateral public finance, were put forward as well (U.S. $900 billion, U.S. $600 billion, or U.S. $440 billion). Other Parties point out that the mandate of the goal is to be from a floor of U.S. $100 billion.??

2. On?mitigation,?consulting Ministers explored opportunities for outcomes from COP29 based on three questions: 1) What could constitute mitigation outcomes on enhancing implementation through action and support? 2) What critical messages on mitigation should come out of Baku? and 3) should those messages be in the?Mitigation Work Programme decision or elsewhere??The ministers also reported that all Parties confirmed their commitment to communicate new nationally determined contributions (NDCs) in 2025 and reaffirmed their willingness for a strong outcome on mitigation in Baku.?

3. On the?global goal on adaptation (GGA), consulting Ministers reported that Parties have reached a broad consensus on the importance of elevating adaptation to the level of urgency that it requires and the need to improve adaptation finance, which is currently insufficient in quantity and scope. Parties also agree that they need to advance on GGA indicators, but there continues to be divergence on: the inclusion of indicators for means of implementation; transformational adaptation (including its definition and applicability); and whether to include the GGA as a permanent agenda item.?

4. On?carbon markets, consulting Ministers reported that Parties are divided on whether the Article 6.2 international registry should be able to transfer and hold units, or whether it is meant to serve as a purely accounting registry. There was a suggestion to explore a dual-layer registry system with an accounting basic function and an additional transaction function for Parties requesting it.? ?

5. On the annual?global stocktake dialogue—a dialogue that aims “to facilitate the sharing of lessons learned on how the GST outcomes are informing the preparation of Parties’ next NDCs” that took place in June 2024— Parties could not resolve whether to adopt a purely procedural conclusion or to include substantive messages. Co-facilitators will determine whether to submit the?latest text?with options and compilation of views to the Presidency for consultations.??

6. Parties continued to discuss compromise options and bridging proposals for a?draft?decision text for the?United Arab Emirates Dialogue on implementing the global stocktake outcomes.??

7. Discussions on?refining the global stocktake?continued on the basis of?draft decision text.??

8. Parties decided to revisit consideration of guidance on features of nationally determined contributions (NDCs) in 2026. ?

9. Technical discussion closed on the?GGA.?Draft text will be forwarded to the Presidency for consideration late November 20 or early November 21.??

HIGHLIGHTS FROM OUTSIDE THE NEGOTIATIONS?

10. Yesterday the?UN Secretary General made a statement at the G20, calling for a successful COP29 outcome that builds trust and incentivizes the preparation of ambitious nationally determined contributions in 2025. The?G20 Leaders’ Declaration?pledged support to the COP29 Presidency and looked forward to successful result of the NCQG. It also reaffirmed the first global stocktake outcome, in particular tripling renewable energy and doubling energy efficiency.??

The UK announced the?Global Clean Power Alliance?at the G20 on November 19. Brazil, Australia, Barbados, Canada, Chile, Colombia, France, Germany, Morocco, Norway, Tanzania, and the African Union signed onto the alliance as founding partners, with the USA and European Union serving as partners. The alliance aims to ensure countries meet global stocktake commitments to triple renewable energy capacity and double the global rate of energy efficiency improvements.?

11. The third annual?Ministerial Meeting on Urbanization and Climate Change?focused on aligning urbanization with goals on sustainable development and climate, leveraging development banks for climate resilient infrastructure, and ways to address the global housing crisis.??

12. The Pacific Islands Forum endorsed Australia’s bid to host COP31 at the?resumed High-Level Segment?(HLS), which concluded November 20.??

13. On urbanization and transport climate action day, UN-Habitat?convened a Ministerial Dialogue?on Urbanisation and Climate Change and the International Transport Forum (ITF) issued a report?on how the third round of Nationally Determined Contributions (NDCs) can set more effective emission reduction targets for the transportation sector.???

14. COP29 launched the Declaration on Enhanced Action in Tourism,?which calls for Parties to accelerate climate action in the tourism sector?and to promote sustainable practices within the industry.??

15. In the context of a just transition to low-carbon fuels, a call to action to ensure?78,000 African seafarers are not left behind encourages governments to invest in skills and infrastructure; a study by the Environmental Defense Fund also?finds that the cost of aviation e-fuels can be 50% cheaper than most estimates.?

ANTICIPATED ANNOUNCEMENTS AND UPCOMING EVENTS?

16. November 21 is Indigenous Peoples / Gender Equality / Nature and Biodiversity / Oceans and Coastal Zones Day.??

17. The Presidency will host a high-level event on gender in transparency and a high-level meeting on water to launch the?COP29 Declaration on Water for Climate Action.?

18. Marrakech Partnership Action Event – Ocean & Coastal Zones: “Ocean Breakthroughs: Towards Resilient economies and societies” | 21 November | 11:00 – 12:30 AZT | Nazimi |?See details?for online participation.?

19. Integrity Council for the Voluntary Carbon Market (ICVCM) – “Advancing sustainable development and nature-positive outcomes through high-integrity voluntary carbon markets” | 21 November 2024 | 15:00 – 15:45 AZT | Forest Pavilion, Blue Zone |?See details for online participation.?

20. Marrakech Partnership Implementation Lab – Ocean & Coastal Zones Action: “Ocean Breakthroughs for 1.5°C: Scaling ambition in NDCs”| 21 November | 15:30-17:00 | Mugham |?See details?for online participation.

Contact Us

C2ES President Nathaniel Keohane and Vice President for International Strategies Kaveh Guilanpour are available for media comment and interviews. To arrange an interview contact: Nora Zacharski, [email protected],+1-612-246-9868.