COP29 Dispatch - November 23, 2024

HIGHLIGHTS FROM NEGOTIATIONS IN THE PAST 24 HOURS

The COP29 Presidency continued consultations with Parties late on November 22 and into the early hours of November 23, aiming to move to consensus on the remaining crunch issues: the New Collective Quantified Goal on climate finance (NCQG); what COP29 will say on raising mitigation ambition; and following up on the outcomes of the COP28 global stocktake?(GST).?

The Presidency resumed consultations early on November 23. As the day progressed, it became clear that there are still major fault lines between Parties:?

• On the NCQG, while donor countries have upped their offer to provide and mobilize finance for developing countries to U.S. $300 billion per annum by 2035, developing countries are asking for U.S. $500 billion.? Aside from the quantum, the least developed countries and small island developing states are demanding regional allocation floors in the NCGQ. They walked out of a meeting of Heads of Delegation convened by the COP29 Presidency on the NCQG, stating that the latest (unpublished) Presidency proposal is unacceptable as a basis for reaching agreement. This triggered the meeting to be suspended.?
• On the UAE dialogue to implement the outcomes from the COP28 GST, the latest (unpublished) COP29 Presidency proposal reportedly has significantly weakened references to following up on mitigation, in particular on the energy transition.?

As of 21:30 on November 23, it remained unclear when and how the COP29 Presidency will re-convene Parties to engage on these two issues.??

In positive news,?COP29 adopted the outstanding guidance needed to fully operationalize Article 6 of the Paris Agreement relating to carbon markets. More specifically,?

• On?Article 6.2, which sets the accounting rules for ‘cooperative approaches,’ Parties agreed a dual-layer international registry system with an accounting basic function and an additional transaction function (with holding and transferring accounts) for Parties requesting it. Parties also decided: the timing for applying corresponding adjustments upon host Party authorization of internationally transferred mitigation outcomes (ITMOs); the levels and elements that this authorization would have to contain; and reporting elements and procedures for Parties, including the resolution of inconsistencies before any international transfer can occur and the role of the Article 6 review team.

• On?Article 6.4, the Paris Agreement Crediting Mechanism (PACM), Parties agreed to allow the transfer of credits issued by afforestation and reforestation activities under the Kyoto Protocol’s Clean Development Mechanism (CDM) to the PACM if they align with the?Article 6.4 methodology?and?removals?standards adopted at COP.?

?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.