The central concern this year was how to finance climate action. After negotiations, a new global target for developed countries to raise at least $300bn (£240bn) a year for developing countries by 2035 was decided. This replaces the previous goal of $100bn (£80bn) per year. A long-term goal to increase climate finance flows to $1.3tn (£1.04tn) by 2035 was also set.
The international community agreed upon long-term goals that protect climate action
Where this money comes from remains unclear, as there is not a decisive obligation for developed nations to provide money. Instead, they can mobilise it from Multilateral Development Banks and other private sources - this has the potential to lead to manipulation and inaction.
This resulted in a walk out by representatives of the Alliance of Small Island States (AOSIS) who felt that developed nations were not doing enough. Pressure was also heightened by last-minute objections by India and a number of other countries who were against the new goals. Although criticised, the new financial goal will allow voluntary inputs from developing nations, such as China, who have not previously provided climate finance. This reflects China's growing presence on the global stage.
COP29 saw an absence of many major world leaders with only 80 Heads of State attending. This compares to 154 that attended COP28. UK Prime Minister, Keir Starmer launched the UK's Nationally Determined Contributions. This aims to cut UK emission to 81% below 1990 levels by 2035. The UK also became a new member of a coalition of international governments who are aiming to phase out fossil-fuel subsidies.
A key take-away from COP29 was the agreement on carbon trading under Article 6 of the Paris Agreement, nearly a decade after it was first signed. The now-completed article will ensure mandatory sustainable development tools. These will safeguard environmental and human rights, ensure transparency on information from countries reporting on their activities, and further checks and balances placed on the carbon market.
COP29 involved negotiation, conflict, and division over how to best approach climate goals. Many developing nations remained feeling left behind and ignored. Despite these challenges a new goal was agreed upon - the international community agreed upon long-term goals that protect climate action against governments that threaten to overrule it.