2024 Baku Climate Change Conference Outcomes

Summary of the 2024 Baku Climate Change Conference: 11-22 November 2024

• The Baku Climate Change Conference concluded with a milestone agreement on climate finance.
• Parties established a new collective quantified goal (NCQG) on climate finance.
• All actors are called to collaborate and increase financing for climate action in developing countries.
• A minimum of USD 1.3 trillion per year should be provided by 2035.
• At least USD 300 billion per year should be allocated for climate action in developing countries.
• Funding should come from varied sources: public, private, bilateral, and multilateral.
• Developed countries should take the lead in providing funding.
• Developing countries are encouraged to contribute voluntarily.
• Parties agreed to pursue efforts to at least triple annual outflows from key climate funds from 2022 levels by 2030.
• Acknowledged is the necessity for public, grant-based resources and highly concessional finance: for adaptation and loss and damage response.
• The resources are needed especially for vulnerable entities, like LDCs and SIDS.
• Negotiations towards the definition of the new goal were tense.
• Developed countries advocated for expanding the contributor base.
• Developing countries requested a larger quantum and specific targets for public finance provision and finance mobilization.
• LDCs and SIDS requested allocation floors for their groups.
• An outcome included the operationalization of the market-based cooperative implementation of the Paris Agreement (Articles 6.2 and 6.4).
• Parties have worked towards the establishment of carbon markets to ensure effective mitigation and compliance with safeguards and reporting.
• A properly performed market-based cooperative implementation would further the Paris Agreement goals in a cost-efficient manner.
• Parties extended the work programme on gender.
• Further guidance was provided for defining indicators to assess progress toward the Global Goal on Adaptation (GGA).
• Arrangements were adopted with the new Loss and Damage Fund; the mandate of the working group facilitating the implementation of the Local Communities and Indigenous Peoples Platform was extended.
• Agreement was not reached on issues including the dialogue implementation of the Global Stocktake (GST) outcomes.
• There was no agreement on the just transition work programme; the review of the progress, effectiveness, and performance of the Adaptation Committee; or functions review of the Standing Committee on Finance.
• The Climate Change Conference occurred from 11-22 November 2024 in Baku, Azerbaijan.
• The conference included the COP 29 for the UNFCCC, CMP 19, CMA 6, SBSTA 61, and SBI 61.
• A total of 66,778 people registered for attendance, comprised of delegates from parties, observers, media members, and support and Secretariat staff.
• There were 3,975 participants online, including 157 delegates and 3,818 observers.

A Brief History of the UNFCCC, the Kyoto Protocol, and the Paris Agreement

• International efforts regarding climate change began with the UNFCCC's adoption in 1992.
• Established is the basic legal framework for international climate cooperation.
• The aim is to stabilize greenhouse gas (GHG) concentrations in the atmosphere to avoid dangerous interference with the climate system.
• The Convention entered into force on 21 March 1994 and has 197 parties.
• To boost the effectiveness of the UNFCCC, the Kyoto Protocol was adopted in December 1997.
• It commits industrialized countries and economies in transition to achieve quantified emission reduction targets for six GHGs.
• The Kyoto Protocol entered into force on 16 February 2005 and has 192 parties.
• Its first commitment period was from 2008 to 2012, followed by the second commitment period, 2013-2020.
• In December 2015, the Paris Agreement was adopted.
• Aims include limiting the global average temperature increase to well below 2°C above pre-industrial levels and pursuing efforts to limit it to 1.5°C.
• It aims to increase parties' ability to adapt to adverse climate change impacts and align financial flows with low GHG emissions and climate resilience.
• Each party must communicate successively more ambitious NDCs at five-year intervals.
• As decided in Glasgow (2021), each NDC will last ten years, but will be updated every five years.
• Includes the Enhanced Transparency Framework (ETF) for national reporting by all parties.
• Progress toward implementing the Agreement is reviewed every five years through a GST.
• The Paris Agreement entered into force on 4 November 2016 and has 193 parties.

Recent Highlights

• Katowice Climate Change Conference (2018): Decisions were adopted to facilitate the interpretation and implementation of the Paris Agreement.
• Decisions involved the mitigation section of NDCs, adaptation communications, ETF, GST, and financial transparency.
• Work regarding Article 6 was unresolved, parties scheduled the matter for 2019.
• The COP could not determine if it will "welcome" or "note" the IPCC's Special Report on 1.5°C of Global Warning.
• Chile/Madrid Climate Change Conference (2019): The Santiago Network was established to catalyze technical support on loss and damage.
• They adopted the enhanced five-year Lima Work Programme and its Gender Action Plan (GAP) . Parties adopted cover decisions for the COP, CMP, and CMA.
• Agreement was impossible on many issues, particularly Article 6 and long-term finance.
• Glasgow Climate Change Conference (2021): Parties completed the outstanding Paris Agreement rulebook issues.
• A work programme and guidelines were settled regarding Article 6.
• Parties agreed on the reporting format under the ETF.
• Parties adopted a series of three cover decisions including, for the first time, a reference to phasing down unabated coal power and phasing out inefficient fossil fuel subsidies.
• Established were work programmes on the GGA.
• Established was discussion on urgently scaling up mitigation ambition and implementation in the critical decade.
• A dialogue was created on loss and damage funding; a process for defining a new collective quantified goal on climate finance was established; an annual dialogue on ocean-based climate action launched.
• Sharm El-Sheikh Climate Change Conference (2022): Parties formally recognized the necessity for finance in responding to loss and damage associated with the adverse effects of climate change.
• A fund and funding arrangements were built for that purpose, details to be worked out in 2023.
• Key elements leading to this agreement were MWP operationalization and GGA framework initiation.
• Parties adopted two cover decisions: a work programme was created on just transition to discuss pathways for Paris Agreement goals. Launched was a dialogue to improve understanding of the scope of Article 2.1(c) of the Paris Agreement and its complementarity with Article 9.
• Dubai Climate Change Conference (2023): The major outcome was the first GST conclusion under the Paris Agreement.
• Parties are encouraged to ensure next NDCs are 1.5°C-aligned, with ambitious, economy-wide emission reduction targets.
• Coverage include all GHGs, sectors, and categories.
• The decision calls for parties to contribute to global efforts on tripling renewable energy capacity and doubling the global average annual rate of energy efficiency improvements by 2030.
• It also mentioned transitioning away from fossil fuels in energy systems.

Report of the Meetings

• Baku Climate Change Conference opened on Monday, 11 November.
• COP 28 President Sultan Al Jaber called on all able parties to contribute to the capitalization of the Loss and Damage Fund and urged the delivery of a robust NCQG on climate finance.
• COP 29 President Mukhtar Babayev emphasized that it is an "unmissable moment" and to deliver a fair and ambitious NCQG as a strong signal to financial markets.
• UNFCCC Executive Secretary Simon Stiell stressed that "climate finance is not charity," but the self-interest of all as two-thirds of the world's nations face inability to afford to cut emissions.
• Heads of State and Government delivered high-level statements on Tuesday, 12 November, and Wednesday, 13 November.
• Ministers provided statements on Wednesday, 20 November.
• During the first week, negotiations mainly occurred under the Subsidiary Bodies (SBs).
• Conclusions were adopted and draft texts forwarded to the governing bodies during the SBs' closing plenary, on Saturday, 16 November.
• Agreement was unattainable on several issues under the SBs, agreement was achieved under the governing bodies regarding these issues.

Procedural Matters

• Draft rules of procedure were agreed to be used, except draft rule 42 on voting.
• Agendas: During the opening plenary on Monday, 11 November, agendas were debated.
• Eventually, the agendas of the COP, CMP, CMA, SBI, and SBSTA were adopted, but without specified items, no consensus was reached on the issues.
• Election of officers: During the closing plenary, Adonia Ayebare (Uganda) was elected as the new SBSTA Chair and Julia Gardiner (Australia) as the new SBI Chair.
• Venue and timing for future sessions: Discussed in Presidency consultations.
• COP 28 was indicated to show need to avoid overshooting the 1.5°C goal, COP 29 needs to align with means of implementation.
• The central goal for COP 30 to have sufficiently ambitious NDCs in place to reach the 1.5°C goal.
• Brazil to conclude a Host Country Agreement.
• All listed observers were agreed to be admitted, names were changed on lists of organizations (FCC/CP/2024/2).
• The COP, CMP, and CMA adopted the report (FCCC/CP/2024/10-FCCC/KP/CMP/2024/6-FCCC/PA/CMA/2024/16).
• The Co-Chairs of the Ocean and Climate Change Dialogue reported on the outcomes of the dialogue. The COP, CMP, and CMA took note of reports of SBSTA 60, SBSTA 61, SBI 60, and SBI 61.

Finance

• COP decided prior to 2025, the CMA shall set an NCQG from a floor of USD 100 billion per year.
• It should consider the needs and priorities of developing countries.
• CMA 3 set out the arrangements for work on setting the NCQG.
• Discussions were based on documents including the high-level ministerial dialogue and the report from the ad hoc work program.

New collective quantified goal

• Structure, quantum, and contributor base were a focus of the Australian and Chris Bowen co-chaired ministry.
• Work was transparency arrangements to track finance.
• Consensus was not achieved on the political level regarding structure, quantum, and contributor base.
• Developed countries demanded a publicly provided and mobilized finance.
• Investment was rejected by developing countries because of high costs, diseconomies of scale, rating, and hindrances.
• Developing countries called for USD 1.3 trillion of provided and mobilized finance by 2030.
• The ALLIANCE OF SMALL ISLAND STATES (AOSIS) and the LDCs wanted a financial floor for SIDS and LDCs.
• AILAC called for regional allocation floors.
• Developed countries gave informally figures of USD 200-300 billion to text, there was no inclusion.
• Developed countries demanded expansion to other countries.
• Voluntary provision of climate finance was characterized by China and others as "fundamentally different."
• G-77/CHINA said developed countries obligation was to provide for developing.
• Cuba regretted developed countries commitment lack and said the decision reinforces resource colonialism," and not sufficient to implement ambitious NDCs.
• India objected the decision, calling it an"unfortunate incident" as she underscored should advance, provide, affect countries and its "highly problematic' to encourage voluntary from developing."
• Bolivia supportedIndia and rejected the decision, he lamented countries expand fossil fuels and President Babayev said this is recorded.
• The LDC goal did not represent leadership as said by Nigeria who stated parties should decide and not Nigeria.
• The LDCs deplored the lack of ambition in LDC needs, and exclusion if loss and damage, and floors left out, SIDS exclusion being "heavy."
• Pakistan leaves with mixed feelings, identifies NCQG critical gaps from climate debt.
• The EU said putting up more, adaptation, base and bank were climate finance new era that was increasing.

Final Outcomes

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A summary of the 2024 Baku Climate Change Conference, held from November 11-22. The conference concluded with agreements on climate finance. Parties agreed to a new quantified goal, urging collaboration and increased financing for climate action in developing countries.