COP29 Explained: What Was Agreed?

These past few weeks, the 29^th iteration of the UN Climate Change Conference of the Parties (COP29) has dominated the environment and sustainability agenda as countries from across the planet convened in Baku, Azerbaijan, to make decisions on climate change.

This year’s pivotal event saw nations agree $300bn a year funding for developing countries, evaluate progress since previous COPs, and chart a course forward in unified global climate action. This unfolded against the backdrop of stark climate warnings, which includes concerns that 2024 is like to be the hottest year on record. 

Understanding the key takeaways from the conference is vitally important for businesses, as these agreements are likely to impact legislation and government initiatives in the future across the planet.

What Was Agreed at COP29?

There are a number of key agreements and major takeaways from COP29, that all businesses need to be aware of. 

Climate Finance Goals

One of the primary focuses of COP29 was the establishment of a new climate finance goal to replace the previous $100 billion annual target, which many have viewed as woefully insufficient. Developed nations agreed to help channel $300 billion per year into developing countries by 2035.

• Reaction: Developing countries voiced heavy disappointment, arguing this figure falls short of what is needed, which they have estimated at over $1 trillion annually. The lack of specificity in funding mechanisms remains a critical concern. Negotiators managed to agree on a loose call to raise $1.3tn each year from a number of different sources, including private investment, by 2035.

Global Goal on Adaptation

Progress was made on the Global Goal on Adaptation, a framework from the Paris Agreement, designed to increase capacity and resilience. Discussions at COP29 provided a clearer action plan, with an emphasis on sharing knowledge and building capacity for vulnerable nations. 

• Reaction: The details remain contentious, as countries disagree on how to measure progress. Unlike mitigation efforts, which can be quantified by reductions in greenhouse gases, adaptation outcomes are much harder to standardise because they lack local contexts, vulnerabilities and priorities. The lack of metrics creates uncertainty about accountability and progress over time.

Fossil Fuel Transition

The transition away from fossil fuels was also a key topic of discussion. COP29 affirmed the commitments made in COP28 last year, with increased investment in renewables and energy efficiency. Another thing to bear in mind is that an analysis showed that Azerbaijan, COP29’s host nation, is actually planning to increase their fossil fuel output whilst pushing for other countries to decrease theirs. 

• Reaction: A proposed acceleration of targets faced heavy resistance from major fossil-fuel producing nations, highlighting the fragmentation of global priorities.

Nature & Biodiversity

Solutions for nature and biodiversity took centre stage, with commitments to protect ecosystems and implement sustainable practices. By far the standout initiative was the global commitment to plant 1 trillion trees by 2030. This is an ambitious step towards offsetting emissions and restoring biodiversity.

• Reaction: Although it was lauded for its ambition, this target was criticised over its practicality and unintended consequences. Environmentalists warned that excessive large-scale tree planting could lead to ecological harm if it prioritises monoculture plantations over diverse, native forests.

As a business, we understand the importance of trees to our planet and ecosystem. This is why we have been utilising the Treefo feature to plant trees in collaboration with our chosen review platform, Feefo.

Achievements & Limitations of COP29

Achievements of COP29

The reaffirmation of fossil fuel transition goals ensures continued pressure on polluting industries. Businesses seeking to reduce their carbon footprint in industries such as oil and gas, manufacturing or construction should double their environmental efforts where possible as we are likely to see a stronger push in response to these agreements. 

Investing in courses such as the IEMA Pathways to Net Zero is absolutely essential to ensuring that employees have all the knowledge, skills and tools to measure and reduce carbon emissions throughout the supply chain.

An enhanced focus on adaptation acknowledged the urgent needs of vulnerable nations facing climate impacts. Developing countries often suffer the worst of the effects of climate change, with extreme weather conditions being exacerbated by increasing temperatures.

Finally, the new switch to thematic days (Energy Transition, Health and Development etc.) across the conference allowed industries and experts to cross pollinate and come up with innovative ideas as opposed to being separated and unable to engage in discussions with one another.

Limitations of COP29

The finance gap remains a significant hurdle, with the agreed target falling short of expectations and divides on how this can be resolved. 

Resistance from key stakeholders limited progress in certain areas also. Most notably phaseout timelines for fossil fuels, with the Azerbaijan ‘s president, Ilham Aliyev, remarking that his country’s oil and gas were “a gift of god”.

What Does the Future Look Like After COP29?

As a whole the negotiations in Baku, Azerbaijan reflected 12 months of both progress and persistent divides.

COP summits have been labelled as ‘no longer fit for purpose’ by leading climate policy experts, including the former UN Climate Chief, Christina Figueres and the well-known climate scientist, Johan Rockström. The criticism was levelled after the aforementioned criticisms of COP29’s choice of location and it was found that over 1,700 fossil fuel lobbyists had access to COP28.

Countries will need to update their nationally determined contributions (NDCs) by early next year, reflecting the agreements made in Baku. The pressure will be on to ensure commitments are met and actions align with the urgency demanded by the climate crisis.

Environmental Training for Organisations

Businesses will need to be agile and proactive to ensure they can keep up with changes in environmental legislation, and the best way to do that is through the right training. 

We have IEMA courses suitable for all levels of an organisation, from frontline worker training through the IEMA Sustainability Skills for the Workforce course, right up to senior environmental experts through the IEMA Certificate in Environmental Management. Browse our full IEMA catalogue below, to find the best fit for your organisation.