Conference of the Parties (COP 29)

The 29th session of the Conference of the Parties (COP 29) under the UNFCCC held in Baku, Azerbaijan, in November 2024.

It follows COP 28 in Dubai and focuses on implementing the Global Stocktake (GST) outcomes and accelerating progress under the Paris Agreement.

Historical Evolution of COP and Climate Agreements

UNFCCC (1992 – Rio Earth Summit)

• Created a global framework to address climate change.
• Introduced CBDR-RC principle: Developed nations bear greater responsibility.
• COP established as the annual decision-making platform.

Kyoto Protocol (1997)

• First legally binding treaty for emission cuts (2008–2012).
• Developed countries had targets; developing ones were exempt.
• Introduced CDM, Emissions Trading, Joint Implementation.
• Ineffective due to U.S. withdrawal and lack of enforcement.

Paris Agreement (2015 – COP 21)

• Universal agreement for all countries to contribute climate actions.
• Target: Keep global temperature rise “well below 2°C,” aim for 1.5°C.
• Key mechanisms:
  • NDCs (voluntary national climate plans)
  • Global Stocktake (every 5 years)
  • $100B climate finance per year from developed nations
• Non-binding, but peer pressure and reviews drive compliance.

COP 28 (Dubai, 2023)

• Held the first Global Stocktake (GST-1).
• Launched Loss and Damage Fund.
• Introduced goal to triple renewable energy capacity by 2030.
• Called for fossil fuel phase-out, but with no timeline.

What is the Global Stocktake (GST)?

• A review of global progress under the Paris Agreement, conducted every 5 years.
• Stages:
  1. Data collection (2021–22)
  2. Technical assessment (2022–23)
  3. Political discussions (COP 28)

Key Findings of GST-1:

• World is off-track: Likely 2.7°C temperature rise by 2100.
• Climate finance gaps persist.
• Fossil fuel industry expanding.
• NDCs need significant strengthening before 2025.

COP 29 (Baku, Azerbaijan – 2024)

Key Discussions:

1. Climate Finance

• Developed nations failed to meet the $100B goal (due by 2020).
• Developing countries, including India, demanded $1 trillion/year by 2030.
• Proposed new mechanisms:
  • BICFIT – Integrating climate finance with trade.
  • CFAF – Voluntary contributions from fossil fuel nations.
  • MDBs pledged $120B/year by 2030 for LMICs.

2. Fossil Fuel Transition

• Debates on legally binding phase-out deadlines.
• Oil exporters resisted phase-outs.
• India and China called for Just Transition, protecting jobs and development.
• New pledges:
  • Global Energy Storage and Grids Pledge – 1,500 GW target.
  • Green Energy Corridors – To link clean energy to communities.

3. Carbon Markets and Greenwashing

• Article 6 of Paris Agreement debated.
• New Carbon Market Transparency Guidelines adopted.
• Efforts to prevent greenwashing and fraudulent offset claims.

4. Loss and Damage Fund (LDF)

• Operationalized in COP 28, but funding remained a concern.
• Dispute between voluntary vs. mandatory contributions.
• India urged fossil fuel firms to contribute.

5. Adaptation and Resilience

• Baku Declaration on Water for Climate Action.
• Adaptation Accelerator Hub launched by G7.
• Progress reported on protecting 2 billion people from climate shocks.

Major Challenges at COP 29

Challenge	Description
Climate Finance Deadlock	Disagreements on the new NCQG
Fossil Fuel Resistance	No binding phase-out due to energy security concerns
US-China Tensions	Geopolitical uncertainty affects leadership
Weak Carbon Market Oversight	Risks of greenwashing and poor enforcement
Reporting and Transparency	Many nations failed to provide accurate data

India’s Role and Strategic Priorities

Climate Equity & CBDR-RC

• Stressed differentiated responsibility of developed vs. developing nations.
• Opposed uniform targets; backed fairness in carbon markets.

Finance Push

• Called for $1T climate finance by 2030.
• Promoted:
  • Sovereign Green Bonds
  • Blended finance for adaptation

Renewable Energy Leadership

• Showcased:
  • Solar and Wind leadership
  • Green Hydrogen
• Strengthened International Solar Alliance (ISA) efforts.

Just Transition

• Advocated gradual fossil fuel reduction with proper support.
• Focus on jobs, energy access, and fairness.

Adaptation Focus

• Supported Baku Declaration on Water.
• Backed resilience programs in agriculture and water sectors.

Conclusion

COP 29 made modest progress on renewable energy, adaptation, and carbon market regulation. However, climate finance and fossil fuel phase-out remain unresolved. India emerged as a climate justice leader, advocating for equity, fair finance, and a just transition.

The next conference, COP 30 in Brazil (2025), will be critical to meeting the 1.5°C goal of the Paris Agreement.