COP29. Results of the first week
The International and Comparative Law Research Center summarizes the results of the first week of the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) COP29 in Baku, where it participates as an observer to the UNFCCC.
This year, most of the work of the Conference is focused on the financial tracks of the negotiation process, and the attention of the global community is riveted to the negotiations on agreeing on a New Collective Quantified Goal (NСQG). The subject of active discussion remains the coordination of the donor countries. Developed countries advocate its expansion, while developing countries insist on the leading role of the developed countries in mobilizing climate financing.
We can already talk about one of the main successes of COP29. The parties approved regulatory documents necessary to launch the Mechanism in accordance with paragraph 4 of Article 6 of the Paris Agreement: a standard for development and assessment methodologies for climate projects and a standard on CO2 removal requirements. Previously, these documents were developed and adopted by the Supervisory Body operating under this article. The parties agreed on a decision on the first day of COP29, although they had been working on regulation for a long time and tried to agree at COP27 and COP28.
The Board of the new Loss and Damage Fund, which was launched at COP28 in Dubai, announced that the Fund is fully ready to accept сontributions, and their receipt from donor countries is expected in 2025. Despite this, developing countries and international officials talk about insufficient funding (planned contributions will amount to $720 million, whereas for the effective operation of the Fund, according to various estimates, up to $400 billion is needed).
In addition, during the first week of the Conference (10-16 November), a new UNEP report on methane “An Eye on Methane 2024” was presented, Türkiye presented a long-term strategy for low-emission development (LT-LEDS), Brazil updated its NDC and set a target to reduce emissions by 59-67% by 2035.
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