COP29 Dispatch - November 21, 2024

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HIGHLIGHTS FROM NEGOTIATIONS IN THE PAST 24 HOURS

Top line:?The COP29 Presidency released a slate of draft texts early on November 21, covering the major areas for resolution, including on?finance ,?just transitions ,?mitigation , implementing the?global stocktake outcomes , and?adaptation . Updated texts were also released on?carbon ?markets ,?response measures , and?gender .??

The COP29 Presidency invited Parties to react to these texts at a ‘Qurultay’ stocktaking plenary session. All Parties expressed deep concern on the state of the texts, with many urging the Presidency to ensure balance in the text and present a workable path forward. The deepest divergence between Parties remain on:?

• The quantum, donor base and structure of the NCQG?

• How to take forward the outcomes of the COP28 global stocktake?

• What COP29 will say on reducing greenhouse gas emissions?

• Whether and how means of implementation should be incorporated into the outcome of the global goal on adaptation.?

Negotiations on an outcome on carbon markets (Article 6) seem to be making progress toward a consensus.?

The Presidency spent much of the day in bilateral consultations with the various negotiating groups, and continued late into Thursday night.?

New texts are expected on November 22, with some suggestions that this will not be before the evening.?

In more detail:???

1. The?latest text ?on the New Collective Quantified Goal (NCQG) on climate finance, while slimmed from 25 pages to 10, contains divergent positions on key issues with no clear bridging language. Crucially, no proposals were placed in the text for quantum, including the call for a U.S. $1.3 trillion mobilization goal called for by developing country Parties.??

2. On the?global goal on adaptation (GGA) ,?Parties still need to reach consensus on: whether to include agreeing to a standing agenda item on the GGA; the establishment of an IPCC task force on adaptation; the Baku Adaptation Roadmap; means of implementation regarding the GGA framework; and inclusion of continued work on transformational adaptation. On the GGA indicators, Parties must reach consensus on a proposal for a list of 100 indicators and a review of the GGA framework after the conclusion of the second global stocktake.?

3. There seems to be positive movement toward convergence on carbon markets under Article 6 of the Paris Agreement:?

• The bridging proposal?for a dual-layer international registry system ?appears in the current version of the Article 6.2 text, with an accounting basic function and an additional transaction function for Parties requesting it.? ?
• A potential?time limit for a Party to authorize the international transfer of mitigation contribution units —that is, Article 6.4 emissions reduction already issued—has been left for the Subsidiary Body to discuss with a view toward adoption by Parties at COP30.?

4. The?new text ?on?“Implementing the outcomes of the first global stocktake”?contains four options setting out the scope of the UAE Dialogue that reflect division between a focus on finance versus a broader consideration of all outcomes from the global stocktake. There is also an option to extend the UAE Dialogue until 2029, rather than conclude in 2028.???

5. Parties meeting today were unable to reach convergence on any text for a decision recognizing the report for the annual global stocktake dialogue that took place in June 2024. Despite several bridging proposals and calls for additional time, the co-facilitators will convey the discussions to the Presidency for further guidance.?

6. A?new text?largely recognizes the work of the?Sharm el-Sheikh Mitigation Ambition and Implementation Work Programme (MWP)?from 2024. It maintains two approaches to noting the key findings from the annual MWP summary. Other than recalling decision 1/CMA.5, there are no clear references to the outcomes of the global stocktake nor linking the new nationally determined contributions due in 2025 to the work of the MWP.??

7. The?new text ?on the?just transition work programme?reflects continued divergence on whether to include a link to the global stocktake outcome, both in the preamble and in integrating outcomes in future work. On future work, Parties must consider three options, one of which is a no text option. Technical level negotiations continued late into Thursday night.?

8. On gender, Presidency consultations with Parties are ongoing. The?new text ?encourages Parties, public and private entities to strengthen the gender responsiveness of climate finance to implement the enhanced Lima Work Programme on Gender (eLWPG) and removes contentious language related to diversity. Based on the text, Parties had yet to reach consensus on whether to invite the Conference of Parties serving as the meeting of Parties to the Paris Agreement (CMA) to adopt the eLWPG.?

9.?Response measures?negotiations continued late into the night on Thursday.?

HIGHLIGHTS FROM OUTSIDE THE NEGOTIATIONS?

10. On November 20, Mexico indicated that it is working towards a?new net-zero target ?by 2050. At G20 forum, Indonesia indicated it was optimistic it could reach?net zero emissions before 2050 —a decade earlier than previously targeted. Indonesian President Prabowo Subianto also said Indonesia plans to retire all coal and fossil-fuel-fired power plants and to build 75 gigawatts of renewable power plants within the next 15 years.?

11.?Indonesia plans to retire all coal-fired power plants within the next 15 years , advancing an earlier target of 2056, President Prabowo Subianto said today.

12.?Oceans and Coastal Zones?

• In recognition of November 21 as Oceans and Coastal Zones Day, the COP29 Baku Ocean Declaration was signed. It urges all countries, relevant organizations, and companies?to prioritize ocean-based actions that advance shared priorities across the climate, biodiversity, and desertification at COPs . This includes fostering international collaboration and scaling up public and private funding.? ?
• Jointly hosted with the UN Environment Programme (UNEP), a high-level Presidency event launched the Baku Dialogue on Water for Climate Action,?which calls on Parties to enact policies protecting water and freshwater ecosystems ? ?
• The 2030 Coastal Tourism Breakthrough report was launched. It offers a?framework to facilitate financial investments that deliver mitigation and adaptation outcomes in coastal ecosystems .?? ?
• Private sector shipping coalitions, NGOs, and regional ocean initiatives have launched?the 2030 Marine Biodiversity and Ocean Health Breakthrough and Roadmap ?towards just, equitable, and resilient zero-emission shipping sector.?

ANTICIPATED ANNOUNCEMENTS AND UPCOMING EVENTS?

• COP29 Presidency is expected to publish the text of outstanding items on the final day of negotiations, following consultation with Parties.?

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.