20 Nov COP29 Climate Discussions: The priorities before the deadline
COP29 climate discussions are reaching their conclusion with the hosts due to announce an update on the current negotiations as the summit pursues an agreement on new goals for various climate-related challenges, including climate finance. The summit talks will end this Friday, but ongoing discussions on the next steps are inevitable. So, what are the key areas that require attention on these final days of COP29?
Delivering draft texts
Representatives spent considerable time trying to agree on deals on multiple issues, from finance and carbon markets to the future of fossil fuels and mitigating rising temperatures. The priority items have been passed to ministers to apply political pressures to ensure these agreements can proceed. The next steps will be whittling the draft texts into a final document capable of being adopted by the time the summit concludes.
Climate Finance Goal
The primary aim of COP29 is to agree on a new target for how much money should be allocated to developing nations to support them in adapting to climate-associated impacts and transitioning towards a clean energy future. The original goal of $100 billion per year is ending in 2025. According to industry representatives, the new goal must be closer to $1 trillion by 2030. The focus of the negotiations is defining the structure of a new target, determining what counts as climate finance and who needs to pay in. This needs to be confirmed before groups can start discussing the actual size of the target. Specific issues on finance include discussions on whether countries like China should be considered richer donors and determining how finance is provided in terms of grants or loans.
The Fossil Fuel Challenge
Countries have struggled to agree on the best solution to progress on the deal at the last Summit, to transition from fossil fuels. European countries want to ensure commitment to tackling fossil fuels is prioritised through any deals at COP29 to reinforce the importance of this challenge. Other nations have a slightly different take on prioritising this in new deals. Most delegates expect ‘fossil fuels’ to be embedded in future reports.
Carbon Markets
There have been discussions in Baku concerning a deal on the quality standard that would manage a global market for carbon credits, but more work is needed to monitor trades and disclosure rules. If an agreement is made, market experts anticipate a UN-driven market that could fund billions of dollars in projects capable of reducing emissions from specific carbon projects, like reforestation. Assessment of the finer details is considerable due to concerns that, without enforced regulations, carbon credits may not deliver the benefits claimed.
The conclusion of the climate summit
From experience, COPs often extend beyond the deadlines. As the climate summit nears conclusion, delegates are prioritising the delivery of the proposed deal. Once complete, every nation will commence an extensive approval process.
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