COP29: Finance, Action, and Ambition in Baku

As COP29 unfolded in Azerbaijan, the urgency for global climate action has never been more evident. From finance to carbon markets, here are the key takeaways from our in-house COP watcher Natasha Jacobs, who has a full blog at our EnviroStrat website:

?? Finance Front and Center

As you may have heard in the headlines last night, after over 30 hours of deadlocked talks, negotiators reached a finance deal late over the weekend, agreeing to raise the contributions by rich nations to $300bn a year by 2035. While welcomed by western leaders, representatives from developing nations and NGOs have shown their disappointment, and in some cases anger with the deal, calling it 'abysmally poor', in comparison to the $1.3tn that was requested, though this remains a target.?$700m has also been pledged for Loss and Damage — a drop in the $580bn needed — and wealthy nations are urged to step up in the name of justice.?New Zealand announced a NZ$10 million (US$5.845 m) contribution to the Loss and Damage Fund this year.?

?? Carbon Markets: Progress on Article 6

Diplomats agreed on global rules for carbon credit trading, after years of deadlocked negotiations. This includes a new UN-managed market (Article 6.4), which aims to curb double-counting and uphold human rights standards—a big step, but implementation will be key.

???? NZ at the Table

New Zealand's role in carbon markets is promising, yet critics question its rollback on domestic climate policies. The focus on adaptation over emissions reduction leaves questions about how targets will truly be met at home. New Zealand is in fact currently reviewing its NDC, and has opened up rounds of consultation and feedback, so now is a great opportunity to have your voice heard.?

?? Warnings from the Top

UN Chief António Guterres declared this year’s climate disasters a “masterclass in human destruction,” urging nations to accelerate contributions to Loss and Damage funds.

?? Ambitious Goals

The UK announced a new NDC (Nationally Determined Contribution), targeting a cut of 81% of 1990 emissions by 2035 (as recommended by the Climate Change Committee). ?The cut will be met by decarbonising the electricity sector, as well additional policies encouraging greener transport options and switching to electric heat pumps for heating (currently gas boilers/ central heating are in most homes).

? More Than Talk?

The conference saw pledges for innovative nuclear tech, methane reduction, and calls for agricultural emission pricing, but implementation and accountability remain sticking points. 27 countries, including the 21 Pacific Island nations, have urged China and the OECD to introduce a GHG emission price for agri-food systems. This could reduce national emissions by up to 3%, with the idea being that at least 20% of the revenue generated to be channelled into the Loss and Damage Fund. ?

Race for 31: Australia and Turkey are in a standoff to host COP31, to be held in 2026. ?